Document:

Salaried Supplemental Benefit Plan

 Exhibit 10.8 
 CLEARWATER PAPER CORPORATION 
 SALARIED SUPPLEMENTAL BENEFIT PLAN 
 Effective January 1, 2005 
 Amended and
Restated as of December 16, 2008 

 CLEARWATER PAPER CORPORATION 
 SALARIED SUPPLEMENTAL BENEFIT PLAN 
 Effective January 1, 2005 
 Amended and Restated as of December 16, 2008 
 SECTION 1.
INTRODUCTION. 
 (a) The Clearwater Paper Corporation Salaried Supplemental Benefit Plan (the “Plan”) is a restatement and
continuation of the Potlatch Forest Products Corporation Supplemental Benefit Plan II, which was established by Potlatch Forest Products Corporation effective January 1, 2005. The purposes of the Plan are: 
 (i) to supplement benefits provided under the Retirement Plan to the extent such benefits are reduced due to the limits of section 401(a)(17) or 415 of
the Code; 
 (ii) to provide retirement benefits that take into account deferred Incentive Plan awards; 
 (iii) to provide retirement benefits to certain executives calculated as if they received a standard bonus award under the Incentive Plan; and

 (iv) to supplement benefits provided under the 401(k) Plan to the extent that a participant’s allocations of Company Contributions or
Allocable Forfeitures are reduced due to the limits of section 401(a)(17), 401(k)(3), 401(m) or 415 of the Code or because the participant has deferred an Incentive Plan award. 
 (b) Pursuant to the Employee Matters Agreement by and between Potlatch Corporation and Clearwater Paper Corporation (the “EMA”), all accrued
benefit liabilities under this Plan with respect to “Potlatch Employees” (as defined in the EMA) have been transferred to and assumed by the Potlatch Corporation Salaried Supplemental Benefit Plan II. 
 (c) Pursuant to the EMA, all accrued benefit liabilities under the Potlatch Corporation Salaried Employees’ Supplemental Benefit Plan (the
“Prior Plan”) with respect to “Clearwater Employees” (as defined in the EMA) have been transferred to and assumed by this Plan. Certain provisions applicable to such transferred benefits are set forth in Addendum A. The
benefits described in Addendum A are intended to be “grandfathered” from the application of section 409A of the Code. 
 (d)
Notwithstanding the foregoing, any benefits that accrued under the Prior Plan with respect to Clearwater Employees before January 1, 2005 but that were unvested after December 31, 2004 and any benefits that accrued under the Prior Plan
after December 31, 2004 are deemed to have accrued under this Plan and all such accruals are governed by the terms and conditions of this Plan as it may be amended from time to time. 
  

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 (e) This Plan is intended to be a deferred compensation plan, for the benefit of a select group of
management or highly compensated employees of Clearwater Paper Corporation and its affiliates (the “Corporation”). The Corporation intends that the existence of a trust, if any, will not alter the characterization of the Plan as
“unfunded” for purposes of ERISA, and will not be construed to provide income to the Participants under the Plan prior to actual payment of the vested accrued benefits hereunder. The Plan is intended to comply with the requirements of
section 409A of the Code. 
 (f) Capitalized terms used in the Plan (other than those defined in Section 2 hereof) shall have the same
meanings given to such terms in the Retirement Plan or the 401(k) Plan, as the context may require. 
 SECTION 2. DEFINITIONS. 
 (a) “Actuarial Equivalent” shall mean “actuarial equivalent” as defined in the Retirement Plan. 
 (b) “Affiliate” means any other entity which would be treated as a single employer with Potlatch under Section 414(b) or
(c) of the Code, provided that, for purposes of determining whether a Separation from Service has occurred, in applying such Sections and in accordance with the rules of Treasury Regulations Section 1.409A-1(h)(3), the language “at
least 50 percent” shall be used instead of “at least 80 percent.” 
 (c) “Board of Directors” or
“Board” shall mean the Board of Directors of the Corporation. 
 (d) “Change of Control” shall mean

 (i) Upon consummation of a merger or consolidation involving the Corporation (a “Business Combination”), in each
case, unless, following such Business Combination, 
 (A) all or substantially all of the individuals and entities who were
the beneficial owners, respectively, of the then outstanding shares of common stock of the Corporation (the “Outstanding Common Stock”) and the then outstanding voting securities of the Corporation entitled to vote generally in the
election of directors (the “Outstanding Voting Securities”) immediately prior to such Business Combination beneficially own, directly or indirectly, more than 50% of, respectively, the then outstanding shares of common stock and the
combined voting power of the then outstanding voting securities entitled to vote generally in the election of directors of the corporation or other entity resulting from such Business Combination (including, without limitation, a corporation or
other entity which as a result of such transaction owns the Corporation either directly or through one or more subsidiaries), 
 (B) no individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as 

  

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amended (the “Exchange Act)) (a “Person”) (excluding any corporation or other entity resulting from such Business Combination or any employee
benefit plan (or related trust) sponsored or maintained by the Corporation or any of its subsidiaries or such other corporation or other entity resulting from such Business Combination) beneficially owns, directly or indirectly, 30% or more of,
respectively, the then outstanding shares of common stock or common equity of the corporation or other entity resulting from such Business Combination or the combined voting power of the then outstanding voting securities of such corporation or
other entity except to the extent that such ownership is based on the beneficial ownership, directly or indirectly, of Outstanding Common Stock or Outstanding Voting Securities immediately prior to the Business Combination, and 
 (C) at least a majority of the members of the board of directors or similar governing body of the corporation or other entity resulting
from such Business Combination were members of the Board at the time of the execution of the initial agreement, or of the action of the Board, providing for such Business Combination; or 
 (ii) On the date that individuals who, as of 11:59 p.m. (Pacific) on the date of the Distribution, constitute the Board of Directors (the
“Incumbent Board”) cease for any reason to constitute at least a majority of the Board of Directors; provided, however, that any individual who becomes a member of the Board on or subsequent to the day immediately following the date of the
Distribution whose election, or nomination for election by the Corporation’s stockholders, was approved by a vote of at least a majority of the members of the Board then comprising the Incumbent Board shall be considered as though such
individual were a member of the Incumbent Board, but excluding, for purposes of this proviso, any such individual whose appointment to the Board occurs as a result of an actual or threatened election contest with respect to the election or removal
of a member or members of the Board, an actual or threatened solicitation of proxies or consents or any other actual or threatened action by, or on behalf of, any Person other than the Incumbent Board; or 
 (iii) Upon the acquisition on or after the date of the Distribution by any Person of beneficial ownership (within the meaning of Rule
13d-3 promulgated under the Exchange Act) of 30% or more of either 
 (A) the then Outstanding Common Stock, or 

(B) the combined voting power of the Outstanding Voting Securities; 
 provided, however, that the following acquisitions shall not be deemed to be covered by this paragraph (iii): 
 (I) any acquisition of Outstanding Common Stock or Outstanding Voting Securities by the Corporation, 
  

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 (II) any acquisition of Outstanding Common Stock or Outstanding Voting Securities by any employee
benefit plan (or related trust) sponsored or maintained by the Corporation, or 
 (III) any acquisition of Outstanding Common Stock or
Outstanding Voting Securities by any corporation pursuant to a transaction which complies with clauses (A), (B) and (C) of Section 2(d)(i); or 
 (iv) Upon the consummation of the sale, lease or exchange of all or substantially all of the assets of the Corporation; or 
 (v) Upon the approval by the stockholders of the Corporation of a complete liquidation or dissolution of the Corporation. 
 (e) “Code” shall mean the Internal Revenue Code of 1986, as amended. 
 (f) “Committee” shall mean the Compensation Committee of the Board of Directors. 
 (g) “Corporation” shall mean Clearwater Paper Corporation. 
 (h) “Distribution” shall mean the distribution by Potlatch Corporation to its stockholders of all of the outstanding shares of the
common stock of Clearwater Paper Corporation then owned by Potlatch Corporation, pursuant to the Separation and Distribution Agreement between Potlatch Corporation and Clearwater Paper Corporation. 
 (i) “ERISA” shall mean the Employee Retirement Income Security Act of 1974, as amended. 
 (j) “401(k) Plan” shall mean the Clearwater Paper Salaried 401(k) Plan. 
 (k) “Identification Date” means each December 31. 
 (l) “Incentive Plan” means the Potlatch Corporation Management Performance Award Plan and Management Performance Award Plan II, the Clearwater Paper Corporation Annual Incentive Plan or any successor
plan. 
 (m) “Key Employee” means a Participant who, on an Identification Date, is: 
 (i) An officer (a person holding the title of Vice President or higher, the Corporate Secretary, the Corporate Treasurer, the Controller,
or other person designated as an officer by the Corporation or an Affiliate in its sole discretion) of the Corporation or an Affiliate having annual compensation greater than the 

  

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compensation limit in section 416(i)(1)(A)(i) of the Code, provided that no more than fifty officers of the Corporation and its Affiliates shall be
determined to be Key Employees as of any Identification Date; 
 (ii) A five percent owner of the Corporation; or 

(iii) A one percent owner of the Corporation having annual compensation from the Corporation and its Affiliates of more than $150,000.

 If a Participant is identified as a Key Employee on an Identification Date, then such Participant shall be considered a Key Employee for
purposes of the Plan during the period beginning on the first April 1 following the Identification Date and ending on the next March 31. 
 (n) “Plan” shall mean this Clearwater Paper Corporation Salaried Supplemental Benefit Plan. 
 (o) “Prior
Plan” shall mean the Potlatch Corporation Salaried Employees’ Supplemental Benefit Plan. 
 (p) “Retirement
Plan” shall mean the Clearwater Paper Salaried Retirement Plan. 
 (q) “Separation from Service” or
“Separates from Service” shall mean termination of an Employee’s service as an Employee consistent with Section 409A of the Code and the regulations promulgated thereunder. For purposes of the Plan, “Separation from
Service” generally means termination of an Employee’s employment as a common-law employee of the Corporation and each Affiliate of the Corporation. A Separation from Service will not be deemed to have occurred if an Employee continues to
provide services to the Corporation or an Affiliate in a capacity other than as an employee and if the former employee is providing a level of bona fide services that is fifty percent (50%) or more of the average level of services rendered,
during the immediately preceding thirty-six (36) months of employment with the Corporation or Affiliate; provided, however, that a Separation from Service will be deemed to have occurred if it is reasonably anticipated that an Employee’s
service with the Corporation and its Affiliates will terminate after a certain date or the level of bona fide services that the Employee will perform after such date (whether as an employee or another capacity) will permanently reduce to a rate that
is less than twenty percent (20%) of the bona fide level of services rendered, on average, during the immediately preceding thirty-six (36) months (or if employed by the Corporation and its Affiliates less than thirty-six (36) months,
such lesser period). However, the employment relationship is treated as continuing intact while the individual is on military leave, sick leave, or other bona fide leave of absence if the period of such leave does not exceed six months, or if
longer, so long as the individual’s right to reemployment with the service recipient is provided either by statute or by contract. If the period of leave exceeds six months and the individual’s right to reemployment is not provided either
by statute or by contract, the employment relationship is deemed to terminate on the first date immediately following such six-month period. 
  

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 SECTION 3. ELIGIBILITY AND PARTICIPATION. 
 Participation in the Plan shall be limited to: 
 (a) All participants in the Retirement Plan whose benefits thereunder are reduced due to the limits of section 401(a)(17) of the Code (limiting the amount of compensation that may be taken into account under the Retirement Plan) or section
415 of the Code (limiting the annual benefits payable under the Retirement Plan); 
 (b) All participants in the Retirement Plan who are
credited with deferred Incentive Plan awards; 
 (c) All participants in the Retirement Plan who otherwise participate in the Incentive Plan,
who are officers of the Corporation and who are required by company policy to retire no later than the Normal Retirement Date; and 
 (d) All
participants in the 401(k) Plan whose allocations of the Company Contributions or Allocable Forfeitures are reduced because the participant has deferred an Incentive Plan award or because of the limits of one or more of the following sections of the
Code: 
 (i) section 401(a)(17) (limiting the amount of compensation that may be taken into account under the 401(k) Plan);

 (ii) section 401(k)(3) (limiting participants’ Deferred Contributions to the 401(k) Plan); 
 (iii) section 401(m) (limiting participants’ Non-deferred Contributions and matching Company Contributions under the 401(k) Plan); or

 (iv) section 415 (limiting overall annual allocations under the 401(k) Plan). 
 Any Employee with whom the Corporation has entered into a contract that provides benefits equivalent to any of the benefits described in this Plan shall
not be eligible to participate in or receive benefits under this Plan to the extent of such equivalent benefits. 
 SECTION 4. AMOUNT OF PLAN
BENEFITS. 
 A Participant’s Plan Benefit shall consist of (to the extent applicable to the Participant) (i) the Retirement Plan
Supplemental Benefit and (ii) the 401(k) Plan Supplemental Benefit. All Plan Benefits shall accrue as of the last day of each Plan Year or as of the date, if earlier, on which the Participant Separates from Service. 
 (a) Retirement Plan Supplemental Benefit. A Participant’s Retirement Plan Supplemental Benefit shall be the amount determined under
Subsection (i) below minus the amount determined under Subsection (ii). 
  

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 (i) All Participants. A Participant’s Retirement Plan Supplemental Benefit
shall be the difference between 
 (A) the actual vested benefits payable under the Retirement Plan to the Participant and his
or her joint annuitant (if any) and 
 (B) the vested benefits that would be payable under the Retirement Plan if (i) the
limitations imposed by sections 401(a)(17) and 415 of the Code did not apply, (ii) any deferred Incentive Plan award credited to the Participant had been paid to the Participant in the year it was deferred and (iii) any benefits payable
under Appendix F of the Retirement Plan were not included. 
 In the case of any Participant who is an officer of the Corporation and who is
required by the corporate mandatory retirement policy to retire no later than the mandatory retirement date, the Retirement Plan Supplemental Benefit also shall include the difference, if any, between the amount determined in Subsection (B) and
the vested benefits that would be payable under the Retirement Plan if modified as in Subsection (B) above and also modified so that the Incentive Plan awards credited to the Participant (both deferred and not deferred) which were recognized by
the Retirement Plan in the Participant’s Final Average Earnings had been 100% of the Standard Bonus (as defined in the Incentive Plan, considering for this purpose, only those years during which the Participant was an officer of the corporation
and was required to retire not later than the mandatory retirement date under the corporate mandatory retirement policy; provided, however, that for individuals who retire in an Award Year beginning on or after January 1, 2007, the Standard
Bonus will be used to calculate Final Average Earnings only with respect to periods prior to January 1, 2007. 
 (ii)
Prior Plan Offsets. A Participant’s Retirement Plan Supplemental Benefit shall be reduced by the Participant’s retirement plan supplemental benefit accrued under the Prior Plan. 
 (b) 401(k) Plan Supplemental Benefit. A Participant’s 401(k) Plan Supplemental Benefit shall be the vested amount credited to a bookkeeping
account established pursuant to this Section 4(b). As of the last day of each Plan Year commencing after December 31, 2004, each Participant whose allocations for such Plan Year under the 401(k) Plan are reduced as described in
Section 3(d) above and who has made the maximum Participating Deferred and Participating Non-deferred Contributions permitted under the 401(k) Plan for such Plan Year shall have an amount credited to such bookkeeping account. The amount so
credited shall be the difference between the amount of Company Contributions and Allocable Forfeitures actually allocated to the Participant under the 401(k) Plan for such Plan Year and the amount of Company Contributions and Allocable Forfeitures
that would have been allocated to the Participant under the 401(k) Plan for such Plan Year if the Participant had made Participating Contributions equal to six percent of the Participant’s Earnings (determined without regarding to section
401(a)(17) of the Code and without regard to the deferral of any Incentive Plan award otherwise payable). 
  

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 Through December 31 of the Plan Year preceding the Plan Year in which payment of the
Participant’s entire 401(k) Plan Supplemental Benefit is made, the amount credited to such bookkeeping account shall be credited with earnings and losses based on the following: 
 (i) For periods prior to January 1, 2009, earnings shall be calculated using an interest rate equal to 70% of the higher of the
following averages, compounded annually: (i) the prime rate charged by the major commercial banks as of the first business day of each month (as reported in an official publication of the Federal Reserve System) or (ii) the average monthly
long-term rate of A-rated corporate bonds (as published in Moody’s Bond Record). 
 (ii) For periods on and after
January 1, 2009 and prior to the date determined under Section 4(b)(iii), earnings shall be calculated using an interest rate equal to 120% of the long-term applicable federal rate, with quarterly compounding, as published under
Section 1274(d) of the Code for the first month of each calendar quarter. 
 (iii) Effective as soon as practicable after
January 1, 2009 as determined by the Committee or its delegate, for Participant groups identified by the Committee, earnings and losses shall be calculated by reference to the rate of return on one or more of the investment alternatives that
are available under the 401(k) Plan and which are designated by the Committee as available under this Plan. Each Participant may select (in ten percent (10%) increments) which investment alternative(s) will be used for this purpose with respect
to his or her bookkeeping account, and the alternative(s) selected need not be the same as the Participant has selected under the 401(k) Plan, but any such selection will apply only prospectively. The Committee shall determine how frequently such
selections may be changed. 
 The Participant shall become vested in the Participant’s 401(k) Plan Supplemental Benefit upon the
earliest of completion of two Years of Vesting Service, attainment of age 65 while an Employee, death while an Employee or Total and Permanent Disability. 
 SECTION 5. DISTRIBUTIONS OF PLAN BENEFITS. 
 Distributions of Plan benefits shall be made after the Participant Separates
from Service pursuant to the following procedures. Notwithstanding the foregoing, distributions of certain benefits that were transferred to this Plan from the Prior Plan shall be governed solely by the provisions of Addendum A rather than
this Section 5. 
 (a) Retirement Plan Supplemental Benefit. The Retirement Plan Supplemental Benefits shall be distributed
beginning no later than ninety (90) days following the Participant’s attainment of age 55 or Separation from Service, whichever is later (the “Beginning Date”). If the Participant’s benefit is less than or equal to $50,000
(calculated as an Actuarial Equivalent lump sum of the amount payable at Normal Retirement) on the Beginning Date, the Participant’s benefit shall be paid in a lump sum. 

  

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If the Participant’s benefit is greater than $50,000 (calculated as an Actuarial Equivalent lump sum of the amount payable at Normal Retirement) on the
Beginning Date, the Participant’s benefit shall be paid in the form of an annuity. The Participant may elect the form of annuity payment from the forms available under the Retirement Plan, excluding the Social Security Adjustment option, not
more than thirty days after the Beginning Date. A Participant’s Retirement Plan Supplemental Benefit which is paid in the form of annuity shall be subject to the same actuarial adjustments for form of payment applicable to Retirement Plan
benefits. If a Participant’s Retirement Plan Supplemental Benefit is payable before the Participant is first eligible to receive benefits under the Retirement Plan, the Retirement Plan Supplemental Benefit will be calculated to be the Actual
Equivalent of the amount payable at Normal Retirement. 
 If the Participant fails to make an annuity election pursuant to this
Section 5(a), the vested Retirement Supplemental Benefit shall be distributed in the form of Joint & Survivor 50% Annuity or Single Life Annuity if the Participant is unmarried. 
 (b) 401(k) Plan Supplemental Benefit. By the later of (i) January 31st of the calendar year immediately following the first calendar year in which the Participant first accrues a benefit under this Plan (or if earlier, thirty
(30) days after first becoming eligible to participate in the Clearwater Paper Corporation Management Deferred Compensation Plan or any successor plan), or (ii) December 31, 2008, each Participant shall elect to receive distribution
of the Participant’s vested 401(k) Plan Supplemental Benefit in ten or fewer annual installments or in a lump sum beginning in the Plan Year (but no later than March 15th of such Plan Year) following the Plan Year in which the Participant Separates from Service by filing the prescribed form with the Corporation. This election shall be irrevocable. Distribution will be made in
accordance with the Participant’s election except as provided below. The amount of any annual installment shall be determined by dividing the amount credited to the Participant’s bookkeeping account as of the last day of the Plan Year
preceding the date of distribution of such installment by the total number of installments elected by the participant less the number of installments already paid. For purposes of the Plan, installment payments shall be treated as a single
distribution under section 409A of the Code. All annual installment payments shall be payable no later than March 15th of the payment year.

 If the Participant fails to make an election pursuant to this Section 5(b),
the vested 401(k) Plan Supplemental Benefit shall be distributed in a lump sum in the Plan Year (but no later than March 15th of such Plan
Year) following the Plan Year in which the Participant Separates from Service. 
 If a Participant dies before the Participant’s 401(k)
Plan Supplemental Benefit has been completely distributed, such remaining benefit shall be distributed in a lump sum as soon as practicable thereafter to the person who is or would be the Participant’s Beneficiary under the 401(k) Plan.

 Notwithstanding the foregoing, a lump sum distribution shall be made in the Committee’s (or its delegate’s) discretion to clear
out a small balance held for the benefit of the Participant (or his or her Beneficiary) provided that the Committee’s (or its 

  

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delegate’s) decision is evidenced in writing prior to the date of the distribution, the distribution is not greater than the applicable dollar amount
under Section 402(g)(1)(B) of the Code and the payment results in the termination of all benefits due under the plan and all other “account balance plans” treated as a single nonqualified deferred compensation plan with this Plan
under Treasury Regulation Section 1.409A-1(c)(2). 
 To the extent that no bookkeeping account has previously been established for a
Participant and if the amount to be credited to the Participant’s account is less than $1,000 in a Plan year, then no 401(k) Plan Supplement Benefit bookkeeping account shall be established for the Participant in such Plan Year and the deferred
amount shall be distributed to the Participant in cash not later than the end of the Plan Year following the Plan Year in which such amount was deferred. 
 (c) Delayed Distribution to Key Employees. Notwithstanding any other provision of this Section 5, distributions of the Retirement Plan Supplemental Benefit and the 401(k) Plan Supplemental Benefit accounts
made to a Participant who is identified as a Key Employee at the time of his or her Separation from Service will be delayed for a minimum of six months if the Participant’s distribution is triggered by his or her Separation from Service. Any
payment that otherwise would have been made pursuant to this Section 5 during such six-month period will be made in one lump sum payment, without adjustment for interest, not later than the last day of the second month following the month that
is six months from the date the Participant Separates from Service. The determination of which Participants are Key Employees will be made by the Corporation in its sole discretion in accordance with this Section 5(c) and sections 416(i)
(defining key employees) and 409A of the Code and the regulations promulgated thereunder. 
 (d) No Acceleration of Benefits.
Notwithstanding any other provision of the Plan to the contrary, no distribution shall be made from the Plan that would constitute an impermissible acceleration of payment as defined in section 409A(a)(3) of the Code and regulations promulgated
thereunder. 
 SECTION 6. MISCELLANEOUS. 
 (a) Forfeitures. Plan Benefits shall be forfeited under the following circumstances: 
 (i) If the Participant
is not vested in the Retirement Plan Supplemental Benefit or 401(k) Plan Supplemental Benefit when the Participant Separates from Service; or 
 (ii) If the Participant is indebted to the Corporation or any Affiliate at the time the Participant or the Participant’s joint annuitant or other Beneficiary becomes entitled to payment of a Plan Benefit. In such
a case, to the extent that the amount of the Plan Benefit does not exceed such indebtedness, the amount of such Plan Benefit shall be forfeited and the Participant’s indebtedness shall be extinguished to the extent of such forfeiture.

  

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 (b) Funding. The Plan shall be unfunded, and all Plan Benefits shall be paid from the general
assets of the Company or from assets held in a grantor trust that is subject to the claims of the Company’s general or judgment creditors. 
 (c) Tax Withholding. The Corporation shall make appropriate arrangements for satisfaction of any federal or state income tax or other payroll-based withholding tax required to be paid by the Participant upon the accrual or payment of
any Plan Benefits. 
 (d) No Employment Rights. Nothing in the Plan shall be deemed to give any individual a right to remain in the
employ of the Corporation or any affiliate or to limit in any way the right of the Corporation or an affiliate to terminate any individual’s employment with or without case, which right is hereby reserved. 
 (e) No Assignment of Rights. 
 (i) Except as otherwise provided in Section 6(a)(ii) with respect to a Participant’s indebtedness to the Corporation or an affiliate or in Section 6(e)(ii), the interest or rights of any person in the Plan or in any
distribution to be made hereunder shall not be assigned (either at law or in equity), alienated, anticipated or subject to the attachment, bankruptcy, garnishment, levy, execution or other legal or equitable process. Any act in violation of this
Section 6(e)(i) shall be void. 
 (ii) All or any portion of a Participant’s Plan Benefit hereunder shall be subject
to the creation, assignment or recognition of a right under a state domestic relations order that is determined to be a “qualified domestic relations order” (within the meaning of section 414(p) of the Code) under the procedures
established by the Corporation for the determination of the qualified status of domestic relations orders and for making distributions under qualified domestic relations orders. 
 (f) Administration. The Plan shall be administered by the Committee. The Committee (or its delegate) shall make such rules, interpretations and
computations as it may deem appropriate, and any decision of the Committee (or its delegate) with respect to the Plan, including (without limitation) any determination of eligibility to participate in the Plan and any calculation of Plan Benefits,
shall be conclusive and binding on all persons. 
 Within 30 days after a Change of Control, the Committee shall appoint an independent
committee consisting of at least three current (as of the effective date of the Change of Control) or former Company officers and directors of the Corporation, which shall thereafter administer all claims for benefits under the Plan. Upon such
appointment the Committee shall cease to have any responsibility for claims administration under the Plan. 
  

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 (g) Amendment and Termination. 
 (i) The Corporation expects to continue the Plan indefinitely. Future conditions, however, cannot be foreseen, and the Committee shall
have the authority to amend or to terminate the Plan at any time. Notwithstanding the foregoing, the Vice President, Human Resources of the Corporation shall have the power and authority to amend the Plan provided that such amendment (i) does
not materially increase the cost of the Plan to the Corporation or (ii) is required to comply with new or changed legal requirements applicable to the Plan, including, but not limited to, section 409A of the Code. 
 (ii) In the event of an amendment of the Plan, a Participant’s Plan Benefits shall not be less than the Plan Benefits to which the
Participant would be entitled if the Participant had Separated from Service immediately prior to such amendment. In addition to the foregoing, the Plan may not be amended (including any amendment to this Section 6(g)) or terminated during the
three-year period following a Change of Control if such amendment or termination would alter the provisions of this Section 6(g) or adversely affect a Participant’s accrued Plan Benefits. 
 (iii) Except as provided in Subsection (iv), in the event of termination of the Plan, the Participants’ Plan Benefits may, in the
Committee’s discretion, be distributed within the period beginning twelve months after the date the Plan was terminated and ending twenty-four months after the date the Plan was terminated, or pursuant to Section 5, if earlier. If the Plan
is terminated and the Plan Benefits are distributed, the Corporation, in compliance with section 409A of the Code shall terminate all account and non-account balance non-qualified deferred compensation plans with respect to all participants and
shall not adopt a new account or non-account balance non-qualified deferred compensation plan for at least five years after the date the Plan was terminated. 
 (iv) The Committee may terminate the Plan upon a corporate dissolution of the Corporation that is taxed under section 331 of the Code or
with the approval of a bankruptcy court pursuant to 11 U.S.C. Section 503(b)(1(A), provided that the Plan Benefits are distributed and included in the gross income of the Participants by the latest of (A) the Plan Year in which the Plan
terminates or (B) the first Plan Year in which payment of the Plan Benefits is administratively practicable. 
 (h) Successors and
Assigns. The Plan shall be binding upon the Corporation, its successors and assigns, and any parent corporation of the Corporation’s successors or assigns. Notwithstanding that the Plan may be binding upon a successor or assign by operation
of law, the Corporation shall require any successor or assign to expressly assume and agree to be bound by the Plan in the same manner and to the same extent that the Corporation would be if no succession or assignment had taken place. 

(i) Claims and Review Procedure. 
 (i) Informal Resolution of Questions. Any Participant who has questions or concerns about his or her benefits under the Plan is encouraged to 

  

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communicate with the Vice President, Human Resources. If this discussion does not give the Participant satisfactory results, a formal claim for benefits may
be made within one year of the event giving rise to the claim in accordance with the procedures of this Section 6(i). 
 (ii) Formal Benefits Claim – Review by Appeals Committee. A Participant may make a written request for review of any matter concerning his or her benefits under the Plan. The claim must be addressed to the Appeals Committee,
Salaried Employees’ Supplemental Benefit Plan II, Clearwater Paper Corporation, 601 W. Riverside Avenue, Suite 1100, Spokane, Washington 99201. The Corporation’s Appeals Committee shall decide the action to be taken with respect to any
such request and may require additional information if necessary to process the request. The Appeals Committee shall review the request and shall issue its decision, in writing, no later than 90 days after the date the request is received, unless
the circumstances require an extension of time. If such an extension is required, written notice of the extension shall be furnished to the person making the request within the initial 90-day period, and the notice shall state the circumstances
requiring the extension and the date by which the Appeals Committee expects to reach a decision on the request. In no event shall the extension exceed a period of 90 days from the end of the initial period. 
 (iii) Notice of Denied Request. If the Appeals Committee denies a request in whole or in part, he shall provide the person making
the request with written notice of the denial within the period specified in Subsection (ii) above. The notice shall set forth the specific reason for the denial, reference to the specific Plan provisions upon which the denial is based, a
description of any additional material or information necessary to perfect the request, an explanation of why such information is required, and an explanation of the Plan’s appeal procedures and the time limits applicable to such procedures,
including a statement of the claimant’s right to bring a civil action under section 502(a) of ERISA following an adverse benefit determination to review. 
 (iv) Appeal to Appeals Committee. 
 (A) A person whose request has been denied in whole or in part (or such person’s authorized representative) may file an appeal of the decision in writing with the Appeals Committee within 60 days of receipt of
the notification of denial. The appeal must be addressed to: Appeals Committee, Salaried Employees’ Supplemental Benefit Plan II, Clearwater Paper Corporation, 601 W. Riverside Avenue, Suite 1100, Spokane, Washington 99201. The Appeals
Committee, for good cause shown, may extend the period during which the appeal may be filed for another 60 days. The appellant and his or her authorized representative shall be permitted to submit written comments, documents, records and other
information relating to the claim for benefits. Upon request and free of charge, the applicant should be provided reasonable access to and copies of, all documents, records or other information relevant to the appellant’s claim. 
  

 14 

 (B) The Appeals Committee’s review shall take into account all comments, documents, records and
other information submitted by the appellant relating to the claim, without regard to whether such information was submitted or considered in the initial benefit determination. The Appeals Committee’s review shall not be restricted to those
provisions of the Plan cited in the original denial of the claim. 
 (C) The Appeals Committee shall issue a written decision within a
reasonable period of time but not later than 60 days after receipt of the appeal, unless special circumstances require an extension of time for processing, in which case the written decision shall be issued as soon as possible, but not later than
120 days after receipt of an appeal. If such an extension is required, written notice shall be furnished to the appellant with the initial 60-day period. This notice shall state the circumstances requiring the extension and the date by which the
Appeals Committee expects to reach a decision on the appeal. 
 (D) If the decision on the appeal denies the claim in whole or in part written
notice shall be furnished to the appellant. Such notice shall state the reason(s) for the denial, including references to specific Plan provisions upon which the denial was based. The notice shall state that the appellant is entitled to receive,
upon request and free of charge, reasonable access to, and copies of, all documents, records and other information relevant to the claim for benefits. The notice shall describe any voluntary appeal procedures offered by the Plan and the
appellant’s right to obtain the information about such procedures. The notice shall also include a statement of the appellant’s right to bring an action under section 502(a) of ERISA. 
 (E) The decision of the Appeals Committee on the appeal shall be final, conclusive and binding upon all persons and shall be given the maximum possible
deference allowed by law. 
 (v) Exhaustion of Remedies. No legal or equitable action for benefits under the Plan
shall be brought unless and until the claimant has submitted a written claim for benefits in accordance with Subsection (ii) above, has been notified that the claim is denied in accordance with Subsection (iii) above, has filed a written
request for a review of the claim in accordance with Subsection (iv) above, and has been notified in writing that the Appeals Committee has affirmed the denial of the claim in accordance with Subsection (iv); provided, however, that an action
for benefits may be brought after the Appeals Committee has failed to act on the claim within the time prescribed in Subsection (ii) and Subsection (iv), respectively. 
  

 15 

 ADDENDUM A 
 SPECIAL PROVISIONS APPLICABLE TO BENEFITS TRANSFERRED FROM 
 THE POTLATCH CORPORATION SALARIED EMPLOYEES’

 SUPPLEMENTAL BENEFIT PLAN (THE “PRIOR PLAN”) 
 The following provisions shall apply solely with respect to certain benefits transferred from the Prior Plan and assumed by this Plan pursuant to the Employee Matters Agreement by and between Potlatch Corporation and
Clearwater Paper Corporation. This Addendum is intended to apply solely to benefits that were both accrued and vested prior to January 1, 2005, and earnings on such amounts, which benefits and earnings are “grandfathered” from the
application of section 409A of the Code (collectively, the “Grandfathered Benefits”). Accordingly, this Addendum shall not apply to any benefits described in Section 1(e) of this Plan. 
 The Committee (or its delegate) shall cause separate recordkeeping accounts to be established under this Plan to account for such Grandfathered Benefits
separately from other benefits accrued under this Plan. The following provisions, which are reproduced from Section 4 of the Prior Plan, shall apply solely to such Grandfathered Benefits in lieu of the provisions of Section 5 of this Plan.
Each reference to the “Committee” in the following provisions shall be deemed to include any delegate that has been appointed to carry out the function allocated to the Committee. 
 DISTRIBUTIONS OF PLAN BENEFITS. 
 Distributions of
Grandfathered Benefits shall be made in cash after the Participant ceases to be an Employee pursuant to the following procedures. 
 (a)
Retirement Plan Supplemental Benefits. A Participant’s vested Retirement Plan Supplemental Benefit shall be payable to the Participant or to any other person who receives benefits under the Retirement Plan with respect to the Participant
in the same form and at the same times as the Participant’s Retirement Plan benefit is paid. However, if the Participant elects to have the Retirement Plan benefit paid in an optional form and/or before the Participant’s Normal Retirement
Date, the Committee may determine in its sole discretion that the Retirement Plan Supplemental Benefit shall be payable in the normal form and/or at the Normal Retirement Date notwithstanding the Participant’s election. A Participant’s
Retirement Plan Supplemental Benefit shall be subject to the same actuarial adjustments for time and form of payment applicable to Retirement Plan benefits. 
 (b) 401(k) Plan Supplemental Benefit. A Participant may elect to receive distribution of the Participant’s vested 401(k) Plan Supplemental Benefit in 15 or fewer annual installments or in a lump sum
beginning as soon as practicable after January 1 of the year following the year in which the Participant ceases to be an Employee by filing the prescribed form with the Committee. Distribution will be made in accordance with 

  

 16 

 
the Participant’s election unless the Committee disapproves the election before the date distribution is to commence. The amount of any annual
installment shall be determined by dividing the amount credited to the Participant’s bookkeeping account as of the last day of the month preceding the date of distribution of such installment by the total number of installments elected by the
Participant less the number of installments already paid. 
 If the Participant fails to make an election pursuant to this subsection
(b) or if the Committee disapproves the Participant’s election, the vested 401(k) Plan Supplemental Benefit shall be distributed in 15 annual installments beginning as soon as practicable after January 1 of the year following the year
in which the Participant ceases to be an Employee, unless the Committee in its sole discretion determines that distribution shall be made in a single lump sum. 
 The Committee in its sole discretion may accelerate the distribution of installments upon the request of the Participant. 
 If a Participant dies before the Participant’s 401(k) Plan Supplemental Benefit has been completely distributed, such benefit shall be distributed in a lump sum as soon as practicable thereafter to the person who
is or would be the Participant’s Beneficiary under the 401(k) Plan. 
 (c) Small Benefits. Notwithstanding any contrary provision
of the Plan, if a Participant’s 401(k) Plan Supplemental Benefit or the present value of the Participant’s Retirement Plan Supplemental Benefit is less than $3,500 when the Participant ceases to be an Employee, such benefit shall be
distributed in a single lump sum as soon as practicable after January 1 of the year following the year in which the Participant ceases to be an Employee. If a Participant is an Employee and the value of the Participant’s 401(k) Plan
Supplemental Benefit is less than $3,500 on December 31, 1992, such benefit shall be paid to the Participant in a single lump sum on or about December 31, 1992. After December 31, 1992, a minimum allocation of $1,000 shall be required
to establish a 401(k) Plan Supplemental Benefit account, and amounts less than such minimum shall be paid to the Participant in cash. 
  

 17Benefits Protection Trust Agreement

 Exhibit 10.9 
 CLEARWATER PAPER CORPORATION 
 BENEFITS PROTECTION TRUST AGREEMENT 
 (Effective December 16, 2008) 

 TABLE OF CONTENTS 
  

			
	 	 	 Page

	 SECTION 1. DEFINITIONS
	 	1
		
	 SECTION 2. CREATION OF TRUST; CONTRIBUTIONS
	 	4
		
	 SECTION 3. PAYMENTS FROM THE TRUST
	 	5
		
	 SECTION 4. MANAGEMENT OF TRUST ASSETS
	 	7
		
	 SECTION 5. POWERS OF TRUSTEE
	 	8
		
	 SECTION 6. TAXES, EXPENSES AND COMPENSATION OF TRUSTEE
	 	9
		
	 SECTION 7. RECORDS AND ACCOUNTING
	 	10
		
	 SECTION 8. INDEMNIFICATION
	 	10
		
	 SECTION 9. ADMINISTRATION OF THE PLANS; COMMUNICATIONS
	 	10
		
	 SECTION 10. RESIGNATION OR REMOVAL OF TRUSTEE
	 	10
		
	 SECTION 11. AMENDMENT OF AGREEMENT; TERMINATION OF TRUST
	 	12
		
	 SECTION 12. GOVERNING LAW; SEVERABILITY
	 	12

  

 i 

 CLEARWATER PAPER CORPORATION 
 BENEFITS PROTECTION TRUST AGREEMENT 
 Effective December 16, 2008

 This Trust Agreement, by and between CLEARWATER PAPER CORPORATION, a Delaware corporation (the “Corporation”) and U.S. BANK
NATIONAL ASSOCIATION (the “Trustee”), is effective as of December 16, 2008. 
 WITNESSETH: 
 Whereas the Corporation has adopted the nonqualified plans, programs and policies and has entered into the contracts listed on Schedule 1
(collectively, the “Plans”) and may adopt or enter into other such plans, programs, policies and contracts which will be listed from time to time on Schedule 1; and 
 Whereas the Corporation’s obligations pursuant to the Plans are not funded or otherwise secured and the Corporation desires to take steps to
assure that, subject to the claims of the Corporation’s general creditors, the future payment of amounts under the Plans will not be improperly withheld in the event that a Change of Control (as hereinafter defined) of the Corporation should
occur; 
 Now, Therefore, the Corporation and the Trustee agree as follows: 
 SECTION 1. DEFINITIONS 
 (a) “Benefit
Commitments” means: 
 (i) all benefits that are accrued or payable (whether on a current or deferred basis) under the Plans as of the
date of the Change of Control and 
 (ii) all benefits that may become payable under the Plans as in effect on the date of the Change of
Control as a result of termination of a participant’s employment after such Change of Control, as described in Section 2(d). 
 (b)
“Change of Control” means: 
 (i) Upon consummation of a merger or consolidation involving the Corporation (a
“Business Combination”), in each case, unless, following such Business Combination, 
 (A) all or substantially all
of the individuals and entities who were the beneficial owners, respectively, of the then outstanding shares of common stock of the Corporation (the “Outstanding Common Stock”) and the then outstanding voting securities of the Corporation
entitled to vote generally in the election of directors (the “Outstanding Voting Securities”) immediately prior to such Business Combination beneficially own, directly or indirectly, more than 50% of, respectively, the then outstanding
shares of common stock and the combined 

  

 1 

 
voting power of the then outstanding voting securities entitled to vote generally in the election of directors of the corporation or other entity resulting
from such Business Combination (including, without limitation, a corporation or other entity which as a result of such transaction owns the Corporation either directly or through one or more subsidiaries), 
 (B) no individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as
amended (the “Exchange Act)) (a “Person”) (excluding any corporation or other entity resulting from such Business Combination or any employee benefit plan (or related trust) sponsored or maintained by the Corporation or any of its
subsidiaries or such other corporation or other entity resulting from such Business Combination) beneficially owns, directly or indirectly, 30% or more of, respectively, the then outstanding shares of common stock or common equity of the corporation
or other entity resulting from such Business Combination or the combined voting power of the then outstanding voting securities of such corporation or other entity except to the extent that such ownership is based on the beneficial ownership,
directly or indirectly, of Outstanding Common Stock or Outstanding Voting Securities immediately prior to the Business Combination, and 
 (C) at least a majority of the members of the board of directors or similar governing body of the corporation or other entity resulting from such Business Combination were members of the Board at the time of the
execution of the initial agreement, or of the action of the Board, providing for such Business Combination; or 
 (ii) On the
date that individuals who, as of 11:59 p.m. (Pacific) on the date of the Distribution, constitute the Board of Directors (the “Incumbent Board”) cease for any reason to constitute at least a majority of the Board of Directors; provided,
however, that any individual who becomes a member of the Board on or subsequent to the day immediately following the date of the Distribution whose election, or nomination for election by the Corporation’s stockholders, was approved by a vote
of at least a majority of the members of the Board then comprising the Incumbent Board shall be considered as though such individual were a member of the Incumbent Board, but excluding, for purposes of this proviso, any such individual whose
appointment to the Board occurs as a result of an actual or threatened election contest with respect to the election or removal of a member or members of the Board, an actual or threatened solicitation of proxies or consents or any other actual or
threatened action by, or on behalf of, any Person other than the Incumbent Board; or 
 (iii) Upon the acquisition on or after
the date of the Distribution by any Person of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 30% or more of either 
 (A) the then Outstanding Common Stock, or 
 (B) the combined voting power of the Outstanding Voting Securities; 
  

 2 

 provided, however, that the following acquisitions shall not be deemed to be covered by this paragraph
(iii): 
 (I) any acquisition of Outstanding Common Stock or Outstanding Voting Securities by the Corporation, 
 (II) any acquisition of Outstanding Common Stock or Outstanding Voting Securities by any employee benefit plan (or related trust) sponsored or maintained
by the Corporation, or 
 (III) any acquisition of Outstanding Common Stock or Outstanding Voting Securities by any corporation pursuant to a
transaction which complies with clauses (A), (B) and (C) of Section 1(b)(i); or 
 (iv) Upon the consummation
of the sale, lease or exchange of all or substantially all of the assets of the Corporation; or 
 (v) Upon the approval by
the stockholders of the Corporation of a complete liquidation or dissolution of the Corporation. 
 (c) “Corporation” means
Clearwater Paper Corporation, a Delaware corporation, and its successor and assigns. 
 (d) “Distribution” means the distribution
by Potlatch Corporation to its stockholders of all of the outstanding shares of the common stock of the Corporation then owned by Potlatch Corporation, pursuant to the Separation and Distribution Agreement between Potlatch Corporation and the
Corporation. 
 (e) “Independent Administrator” means an independent professional benefits consulting or administrative firm
appointed pursuant to Section 3(b). 
 (f) “Insolvent” means that the company is unable to pay its debts as they mature or is
subject to a pending proceeding as a debtor under the Bankruptcy Code. 
 (g) “Participants” mean the active and former directors
and employees of the Corporation or its subsidiaries or affiliates who are entitled to benefits under the Plans. 
 (h) “Plans”
mean the nonqualified plans, programs, policies and contracts listed on Schedule 1 adopted or maintained by the Corporation or a subsidiary or affiliate of the Corporation. The Corporation may from time to time add to or delete items from Schedule 1
by notifying the Trustee in writing; provided, however, that no such change to Schedule 1 may be made after a Change of Control has occurred. The Corporation shall provide the Trustee with a current copy of each Plan and any amendments thereto.

 (i) “Trust” means the Clearwater Paper Corporation Benefits Protection Trust established pursuant to this Agreement. 

 

 3 

 (j) “Trustee” means U.S. Bank National Association, or any successor trustee appointed pursuant
to Section 10. 
 (k) “Trust Fund” means all moneys, securities and other property held by the Trustee under the Trust.

 SECTION 2. CREATION OF TRUST; CONTRIBUTIONS 
 (a) Concurrently with the execution of this Agreement, the Corporation deposited with the Trustee $100 in cash. From time to time the Corporation shall also deposit with the Trustee such contributions as may be permitted or required
pursuant to Sections 2(c) and 2(d) of this Agreement. All such contributions and all accumulations and accruals, and the earnings and income with respect thereto, shall be held by the Trustee in trust pursuant to this Agreement and shall be
invested, reinvested and applied as provided herein. The Trustee hereby accepts being named as Trustee under this Agreement and agrees to hold the Trust Fund subject to all of the terms and conditions hereof. 
 (b) The Trust established hereunder shall be revocable by the Corporation at any time before a Change of Control, but shall be irrevocable upon and after
a Change of Control. The Trust is intended at all times to be a grantor trust as described in section 671 of the Internal Revenue Code of 1986, as amended, and all income earned on the assets of the Trust Fund shall be taxable to the Corporation,
whether before or after the Trust becomes irrevocable. All taxes with respect to the Trust shall be payable by the Corporation from its separate funds and shall not be charged against the Trust Fund. 
 (c) The Corporation, with the concurrence of the Trustee, may at any time deposit with the Trustee cash or marketable securities to be credited to the
Trust Fund. 
 (d) Within 30 days after a Change of Control has occurred, the Corporation shall deposit with the Trustee cash or marketable
securities (other than stock or debt obligations of the Corporation) to be credited to the Trust Fund in an amount which, when added to any funds already credited to the Trust Fund, the Corporation reasonably determines will be at least sufficient
to pay: 
 (i) the Benefit Commitments, and 
 (ii) all anticipated future expenses of the Trust Fund, including the fees and expenses of the Trustee described in Section 6(b). 
 (e) At least annually after a Change of Control, the Independent Administrator shall retain an actuary to re-determine the amount determined pursuant to (d) above. Such re-determination shall be performed using
the factors and assumptions set forth in Schedule 2. If the current fair market value of the assets of the Trust Fund does not equal or exceed 110% of the amount so re-determined, the Independent Administrator shall so advise the Corporation and the
Corporation shall, within 30 days after receiving such notice, make an irrevocable contribution to the Trust equal to the excess of the re-determined amount over the current fair market value of the assets of the Trust Fund. 
  

 4 

 (f) The Trustee shall not be responsible for the computation or collection of any contribution to the
Trust Fund. 
 (g) Notwithstanding the provision of the Trust to the contrary, in order to comply with Section 409A(b) of the Internal
Revenue Code of 1986 as amended (the “Code”), the following rules shall apply: 
 No assets will become restricted to the provision
of benefits in connection with a change in the Corporation’s financial health or the occurrence of a “restricted period” as defined in Section 409A(b)(3)(B), and no contributions shall be made to the Trust for the purpose of
paying deferred compensation to an “applicable covered employee” as defined in Section 409A(b)(3)(D) of the Code under a nonqualified deferred compensation plan during such restricted period. In the event that contributions are made
during a restricted period for the benefit of persons other than “applicable covered employees,” the Trustee shall establish such sub-accounts as necessary to separate funding contributed for the benefit of “applicable covered
employees” and other persons. 
 SECTION 3. PAYMENTS FROM THE TRUST 
 (a) Upon the effective date of this Agreement, the Corporation shall furnish the Trustee with written information regarding the Participants and their beneficiaries under the Plans and the dates of distribution and
amounts of benefits under the Plans and shall update such information on a regular basis. 
 (b) The Corporation shall have the duty to
notify the Trustee if a Change of Control occurs. If the Corporation fails to provide such notice and the Trustee has a reasonable basis for believing that a Change of Control has occurred, then the Trustee shall be authorized to act under this
section as if the Corporation had provided such notice. After a Change of Control, the Corporation shall: (i) within 30 days furnish to the Trustee the information described in (a) above with respect to the Benefit Commitments which are
then payable under the Plans; (ii) update such information with respect to all Plans not less frequently than annually; (iii) furnish the Trustee with any other information the Trustee may reasonably request within 30 days after such
request; and (iv) within 30 days following the Change of Control, appoint an Independent Administrator which shall assume responsibility for the administration of the Plans and provide such information and assistance as may be necessary or
appropriate to assist the Independent Administrator to carry out its duties in connection with the Plans. 
 (c) Before a Change of Control,
the Trustee shall make payments from the Trust Fund to Participants and their beneficiaries under the Plans if so directed by the Corporation. The Corporation may withdraw funds from the Trust Fund for any purpose at any time before a Change of
Control. 
 (d) After a Change of Control the Trustee shall pay the Benefit Commitments to the Participants and their beneficiaries in the
amounts and at the time directed by the Independent Administrator. 
 (e) Except as provided in Section 11(d), no funds shall be paid to
the Corporation after a Change of Control unless the Trustee determines in its sole discretion that the funds will never be required to pay Benefit Commitments under the Plans and expenses of the Trust Fund and the Independent Administrator.

  

 5 

 (f) After a Change of Control, the Trustee shall pay benefits (including, without limitation, benefits
accruing on account of services rendered after the date of the applicable event or on account of a period of employment after the applicable event) under the Plans in excess of the Benefit Commitments only if the Corporation deposits additional cash
or marketable securities sufficient to pay such excess benefits or the Trustee determines in its sole discretion that the Trust Fund is sufficient to pay all Benefit Commitments, expenses of the Trust Fund and such excess benefits, and the
Corporation agrees in writing that it will not make a request pursuant to Section 3(e) prior to the termination of the Trust that the Trustee make a distribution of funds in excess of the amount necessary to pay the Benefit Commitments and
Trust Fund expenses. 
 (g) Payments to Participants and their beneficiaries pursuant to Sections 3(c) and 3(d) shall be made by the Trustee
to the extent that funds in the Trust Fund are sufficient for such purpose. In any month in which the Trustee determines that the Trust Fund does not have sufficient funds to provide for the payment of all benefits due in such month under the Plans,
the amount otherwise payable to each such Participant or beneficiary during such month shall be reduced proportionately; provided, however, that after a Change of Control any payments in excess of the Benefit Commitments shall be reduced as
necessary or completely terminated before payment of any Benefit Commitments shall be reduced. 
 (h) Notwithstanding any other provisions of
this Agreement, if before or after a Change of Control the Trustee is notified by the Corporation or the Trustee has a reasonable basis for believing that the Corporation is Insolvent, the Trustee shall discontinue benefit payments from the Trust
Fund and shall hold the assets of the Trust Fund to satisfy the claims of the Corporation’s general and judgment creditors. For this purpose, the knowledge of any of its affiliates shall not be imputed to the Trustee. The Trustee shall resume
benefit payments only after determining that the Corporation is not Insolvent or as directed by a court of competent jurisdiction. 
 (i) The
Corporation shall have the duty to notify the Trustee if the Corporation becomes Insolvent. Except as provided in the next sentence, the Trustee shall have no duty to inquire whether the Corporation is Insolvent. If a person claiming to be a
creditor of the Corporation alleges in writing to the Trustee that the Corporation is Insolvent, the Trustee shall independently determine or, within 30 days after receipt of such notice, shall petition a court to determine whether the Corporation
is Insolvent and shall suspend benefit payments pending such determination. The Corporation shall promptly provide all information reasonably requested by the Trustee to enable the Trustee or the court to make such determination. 
 (j) If the Trustee discontinues or suspends benefit payments under Section 3(h) or 3(i) and subsequently resumes such payments, the first payment
following such discontinuance or suspension shall include the aggregate amount of all payments that would have been made during the period of discontinuance or suspension, less any payments made by the Corporation to the Participant or beneficiary
pursuant to the Plans during such period, together with interest equal to 120% of the long-term applicable federal rate, with quarterly compounding, as published under Section 1274(d) of the Code for the first month of each calendar quarter.

  

 6 

 (k) No Participant or beneficiary shall have any claim on or beneficial ownership interest in any assets
of the Trust Fund before such assets are paid to the Participant or beneficiary, and all rights created under the Plans shall be unsecured contractual rights against the Corporation. 
 SECTION 4. MANAGEMENT OF TRUST ASSETS 
 (a) Prior to a Change of Control, the Trust Fund shall be
held, invested and reinvested by the Trustee as directed in writing by the Corporation from time to time. 
 (b) After a Change of Control,
the Trustee shall have exclusive authority and discretion to manage and control the Trust Fund and may employ investment managers (including affiliates of the Trustee) to manage the investment of the Trust Fund. In exercising such authority and
discretion, the Trustee shall be guided by the investment policy guidelines established by the Corporation for this purpose. 
 The Trustee
shall discharge its investment duties with the care, skill, prudence and diligence under the circumstances then prevailing that a prudent person acting in a like capacity and familiar with such matters would use in the conduct of an enterprise of a
like character and with like aims. 
 (c) In no event shall assets of the Trust Fund be invested in debt obligations of the Corporation.

 (d) To the fullest extent permitted by law, the Trustee is expressly authorized to: 
 (i) retain the services of a registered broker-dealer organization hereafter affiliated with U.S. Bank National Association, and any future successors in
interest thereto (collectively for the purposes of this paragraph referred to as the “Affiliated Entities”), to provide services to assist in or facilitate the purchase or sale of investment securities in the Trust, 
 (ii) acquire as assets of the Trust shares of mutual funds to which Affiliated Entities provides, for a fee, services in any capacity and 
 (iii) acquire in the Trust any other services or products of any kind or nature from the Affiliated Entities regardless of whether the same or similar
services or products are available from other institutions. 
 The Trust may directly or indirectly (through mutual funds fees and charges,
for example) pay management fees, transaction fees and other commissions to the Affiliated Entities for the services or products provided to the Trust and such mutual funds at such Affiliated Entities’ standard or published rates without offset
(unless required by law) from any fees charged by the Trustee for its services as Trustee. 
  

 7 

 The Trustee may also deal directly with the Affiliated Entities regardless of the capacity in which it is
then acting, to purchase, sell, exchange or transfer assets of the Trust even though the Affiliated Entities are receiving compensation or otherwise profiting from such transaction or are acting as a principal in such transaction. 
 (e) Each of the Affiliated Entities is authorized to 
 (i) effect transactions on national securities exchanges for the Trust as directed by the Trustee, and 
 (ii) retain any transactional fees related thereto, consistent with Section 11(a)(1) of the Exchange Act, as amended, and related Rule 11a2-2(T). 
 (iii) Included specifically, but not by way of limitation, in the transactions authorized by this provision are transactions in which any of the Affiliated Entities are serving as an underwriter or member of an
underwriting syndicate for a security being purchased or are purchasing or selling a security for its own account. In the event the Trustee is directed by the Corporation or any designated investment manager, as applicable hereunder (collectively
referred to for purposes of this paragraph as the “Directing Party”), the Directing Party shall be authorized, and expressly retains the right hereunder, to direct the Trustee to retain the services of, and conduct transactions with,
Affiliated Entities fully in the manner described above. 
 SECTION 5. POWERS OF TRUSTEE 
 Subject to Sections 3 and 4, the Trustee shall have full power and authority with respect to any and all moneys, securities and other property at any time
received or held in the Trust Fund to do all such acts, take all such proceedings and exercise all such rights and privileges, whether herein specifically referred to or not, as could be done, taken or exercised by the absolute owner thereof,
including, without in any way limiting the generality of the foregoing, the following: 
 (a) To collect and receive the income of the Trust
Fund and to invest and reinvest the Trust Fund in investments of any kind; 
 (b) To pay the expenses of the Trust (excluding any taxes
payable by the Corporation under Section 2(b)) out of the Trust Fund, including the fees and reasonable expenses of the Independent Administrator and including reasonable compensation for its services as Trustee (if and to the extent that the
Corporation does not pay such expenses and compensation); 
 (c) To employ suitable agents and counsel, and pay their reasonable expenses and
compensation out of the Trust Fund (if and to the extent that the Corporation does not pay such expenses and compensation); 
 (d) To sell,
convey, exchange or otherwise dispose of any property at any time held in trust hereunder; 
 (e) To hold uninvested any cash contributions
to the Trust Fund and to create reserves of cash or other assets of the Trust Fund in the banking department of any affiliate of the 

  

 8 

 
Trustee, without liability for interest thereon, for the payment of expenses, or for distributions pursuant to the Plans, or for any other purpose in
connection with the Plans, notwithstanding the affiliate’s receipt of “float” from such uninvested cash; 
 (f) To deposit any
moneys at any time held in the Trust Fund in any savings bank, in the savings department of any bank or in a banking affiliate of the Trustee; 
 (g) To invest assets of the Trust Fund in any mutual funds advised by the Trustee or any of its affiliates or for which an affiliate of the Trustee acts as a custodian or other service provider and to receive management fees from such
mutual funds for services performed for such funds; 
 (h) To have, respecting bonds, shares of corporate stock and other securities, all the
rights, powers and privileges of an owner, including holding securities in the name of the Trustee or in the name of a nominee securities depository with or without disclosure of the Trust, voting any corporate stock either in person or by proxy,
with or without power of substitution, making payment of calls, assessments or other sums deemed by the Trustee expedient for the protection of the Trust Fund, exchanging securities, selling or exercising stock subscriptions or conversion rights,
participating in foreclosures, reorganizations, consolidations, mergers, liquidations, pooling agreements, voting trusts, and assenting to corporate sales, leases and encumbrances. The Trustee may provide to the Corporation (or, after a Change of
Control, to the Independent Administrator) the proxy of any security when in the Trustee’s judgment the Trustee or one of its affiliates may have a conflict of interest; 
 (i) To enter into any contracts with, or purchase any annuities from, any insurance company or insurance companies for the purpose of providing for
distributions under the Plans; and 
 (j) To settle, compromise or submit to arbitration any claims, debts or damages due or owing to or from
the Trust or the Trust Fund; to commence or defend legal proceedings for or against the Trust; and to represent the Trust in all proceedings in any court of law or equity or before any other body or tribunal. 
 SECTION 6. TAXES, EXPENSES AND COMPENSATION OF TRUSTEE 
 (a) The Corporation shall pay any federal, state, local or other taxes imposed with respect to the assets or income of the Trust Fund. At the direction of the Corporation (or, following a Change of Control, at the direction of the
Independent Administrator), the Trustee shall deduct any payroll or income taxes required to be withheld from any payments made to Participants or their beneficiaries from the Trust Fund. 
 (b) The fees and expenses of the Trustee may be revised from time to time as agreed to by the parties. The Trustee’s reasonable expenses, including
but not limited to the retention of legal counsel, accountants and actuaries and such other professionals as the Trustee determines are necessary or appropriate to enable it to perform its services as Trustee, shall be charged to and payable from
the Trust Fund on a monthly basis, or on such other basis as the Trustee deems reasonable, except to the extent that such fees and expenses are paid by the Corporation. 
  

 9 

 SECTION 7. RECORDS AND ACCOUNTING 
 (a) The Trustee shall keep accurate and detailed records and accounts with respect to all assets included in the Trust Fund and all investments, receipts and disbursements and other transactions involving the Trust,
except that the Corporation shall maintain all accounts for Participants and their beneficiaries as provided in the Plans. All accounts, books and records maintained by the Trustee shall be open to inspection by any person designated by the
Corporation at all reasonable times. 
 (b) Within 60 days following the close of each calendar year or the date of removal or resignation of
the Trustee or termination of the Trust, the Trustee shall file with the Corporation a written report setting forth all investments, receipts, disbursements and other transactions effected by it during the calendar year or part thereof for which the
report is filed, in such form as the Corporation and the Trustee shall agree. The Trustee also shall render such additional statements or reports to the Corporation as the Corporation may reasonably request from time to time. 
 SECTION 8. INDEMNIFICATION 
 The Corporation shall
indemnify and hold the Trustee harmless from and against any liability that the Trustee may incur in the administration of the Trust (including reasonable attorneys’ fees), unless arising from the Trustee’s own gross negligence, willful
misconduct, or willful breach of the provisions of or its obligations under this Agreement. The Trustee shall not be required to give any bond or any other security for the faithful performance of its duties under this trust agreement, except as
required by law. 
 SECTION 9. ADMINISTRATION OF THE PLANS; COMMUNICATIONS 
 (a) The Corporation shall administer the Plans as provided therein and subject to Section 3(d), the Trustee shall not be responsible in any respect
for administering the Plans. The Trustee shall not be responsible for the adequacy of the Trust Fund to meet and discharge all payments and liabilities under the Plans. 
 (b) Any action of the Corporation, or if applicable, the Independent Administrator under any provision of this Agreement shall be evidenced by a written instrument signed by an authorized agent of the Corporation or
if applicable, the Independent Administrator. The Corporation, or if applicable, the Independent Administrator shall furnish the Trustee from time to time with evidence satisfactory to the Trustee as to the agents authorized to sign such
instruments. 
 SECTION 10. RESIGNATION OR REMOVAL OF TRUSTEE 
 (a) The Trustee may resign at any time and for any reason before a Change of Control upon written notice to the Corporation. After receipt of such written notice, the Corporation shall appoint a successor trustee that
will become Trustee upon its acceptance of the Trust. The Trustee’s resignation shall become effective upon the earlier of the date six months after such written notice is provided or the date the successor trustee is appointed by the
Corporation and accepts the Trust. The Trustee shall have no duty to find or secure the appointment of a successor upon its resignation pursuant to this Section 10(a). 
  

 10 

 (b) After a Change of Control, the Trustee may resign at any time and for any reason upon written notice
to the Corporation, and, if applicable, the Independent Administrator. Such resignation shall become effective only if: 
 (i) The Trustee has
obtained the agreement of a bank to act as successor trustee which bank 
 (A) is among the 100 largest banks in the United
States, as measured by deposits, 
 (B) has a rating of “B/C” or greater based upon the most current rating from
Keefe, Bruyett & Woods (“KB&W’) or its successor, or if KB&W or its successor should cease to publish ratings, then a short-term debt rating from Moody’s of “P-1” or greater, or from Standard and Poor’s
of “A-1” and 
 (C) has no present commercial banking relationship with the Corporation or any of its subsidiaries,
affiliates or successors; or 
 (ii) A court of competent jurisdiction has appointed a successor trustee, but only after the Trustee has used
its best efforts to find a successor pursuant to (i) above. 
 The Trustee shall continue to be trustee of the Trust Fund until the new
trustee is in place, and the Trustee shall be entitled to expenses and fees (including expenses incurred in finding a successor trustee or petitioning a court to name a successor trustee) through the later of the effective date of its resignation as
Trustee or the end of its custodianship of the Trust Fund. 
 (c) Prior to a Change of Control, the Corporation may remove the Trustee upon
30 days written notice to the Trustee, or upon such shorter period as is acceptable to the Trustee. Such removal shall become effective, however, only upon the occurrence of all of the following events: 
  

	 	(i)	The appointment by the Corporation of a successor trustee; 

  

	 	(ii)	The acceptance of the Trust by the successor trustee; and 

  

	 	(iii)	The delivery of the Trust Fund to the successor trustee. 

 (d) Following a Change of Control, the Independent Administrator, if it agrees to assume such power and responsibility, may remove the Trustee by following the steps prescribed for the Corporation in (c) above. 
 (e) Upon designation or appointment of a successor trustee, the Trustee shall transfer the Trust Fund to the successor trustee reserving such reasonable
sums as the Trustee shall deem necessary to defray its expenses in settling its accounts and to pay any of its compensation due and unpaid. If the sums so reserved are not sufficient for these purposes, the Trustee shall be entitled to recover the
amount of any deficiency from either the Corporation or the Trust Fund held by the successor trustee, or both. 
  

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 SECTION 11. AMENDMENT OF AGREEMENT; TERMINATION OF TRUST 
 (a) The Corporation shall have the right at any time prior to a Change of Control to amend this Agreement by an instrument in writing duly executed and
delivered to the Trustee, or to terminate the Trust; provided, however, that the duties, powers and liabilities of the Trustee hereunder shall not be substantially changed without its written consent. 
 (b) The provisions of this Agreement and the Trust created hereby may not be amended or terminated by the Corporation after a Change of Control. The
Trustee, after a Change of Control, may amend the provisions of this Agreement to the extent required by applicable law. 
 (c) In the event
the Corporation terminates the Trust prior to the occurrence of a Change of Control, the Trustee shall reserve such sums as it deems necessary to pay its fees and expenses, and shall distribute all remaining assets of the Trust Fund in accordance
with the written directions of the Corporation. 
 (d) The Trust shall be terminated upon the earlier of the exhaustion of the Trust Fund or
the final payment of all amounts payable to all of the Participants and their beneficiaries pursuant to the Plans, and the payment of all amounts due to the Trustee and all costs and expenses chargeable to the Trust. Promptly upon termination of
this Trust, and after payment of all fees, expenses and indemnities due to or incurred by the Trustee hereunder, any remaining portion of the Trust Fund shall be paid to the Corporation. 
 SECTION 12. GOVERNING LAW; SEVERABILITY 
 (a) This Agreement shall be construed and enforced in
accordance with the laws of the State of Washington. 
 (b) Any provision of this Agreement that is determined to be invalid or unenforceable
shall be ineffective without invalidating the remaining provisions hereof. 
 (c) This Agreement shall have binding effect on the successors
and assigns of the Corporation and on all parent and subsidiary companies related to any such successor or assign. 
 (d) This Agreement may
be executed in one or more counterparts, each of which shall be deemed an original instrument, but all of which shall be considered one and the same agreement, and shall become binding when one or more counterparts have been signed by and delivered
to each of the parties hereto. 
  

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 IN WITNESS WHEREOF, the parties hereto have caused this amended and restated Agreement to be executed by
their duly authorized officers as of the day and year first above written. 
  

			
	CLEARWATER PAPER CORPORATION
		
	By:	 	 /s/ Thomas H. Carter

		
	By:	 	 /s/ Jenni Hogaboon

		 	U.S. BANK NATIONAL ASSOCIATION

  

 13 

 Schedule 1 
 The Plans 
 Clearwater Paper Corporation Salaried Supplemental Benefit Plan 
 Clearwater Paper Corporation Annual Incentive Plan 
 Clearwater Paper
Corporation Deferred Compensation Plan for Directors 
 Clearwater Paper Corporation Management Deferred Compensation Plan * 
 Clearwater Paper Corporation Severance Program for Executive Employees 
 Clearwater Paper Salaried Severance Plan ** 
 Deferred Compensation Agreement Between Potlatch Corporation and Richard N. Congreve dated as of
December 2, 1982, as amended 
 Severance and/or Employment Agreements: 
 Beech, John M. 
 Collier, James R. 
 Congreve, Richard N. 
 DeBorde, Robert M.

 Fleshman, Nancy (survivor of James Fleshman) 
 Morton, G. William 
 Saarela, Edward G. 
  

	*	The contributions made to the Trust Fund by the Corporation with respect to Directed Investment Accounts under the Management Deferred Compensation Plan shall be held in separate
sub-accounts and the provisions of Section 3 shall apply separately to such sub-accounts. 

	**	The contributions made to the Trust Fund by the Corporation with respect to the Salaried Severance Plan shall be held in a separate sub-account and the provisions of Section 3
shall apply separately to such sub-account. 

  

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 Schedule 2 
 Summary of Funding Methods and Assumptions for 
 Severance Contracts, Employment Agreements and 

 Retirement Plan Supplemental Benefit 
 Discount Rate 
 Discount rate will be determined using the discount rate to determine Clearwater Paper Salaried Retirement Plan benefits for
the fiscal year in which a Change of Control occurs. 
 Termination and Retirement 
 All active participants terminate two years after the valuation date, or immediately, if that produces a higher liability. Benefit payments begin at the earliest retirement date following termination. 
 Mortality 
 No mortality before retirement. Post-retirement mortality
using RP-2000 mortality table. 
 Trust Expenses 
 5% of
liabilities 
  

 1

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