Kitch Arsen S. 4

What Happened
Arsen S. Kitch, President and CEO of Clearwater Paper Corporation (CLW), had a total of 13,523 shares withheld by the company on March 15, 2026 to satisfy tax withholding obligations related to vested restricted stock units (RSUs). The withholding consisted of three dispositions: 5,388 shares at $13.11 ($70,637), 4,965 shares at $13.11 ($65,091), and 3,170 shares at $13.11 ($41,559), for an aggregate value of $177,287. These were tax-withholding dispositions (code F), not open-market sales initiated by the insider.

Key Details

• Transaction date: March 15, 2026; Form filed March 17, 2026.
• Price per share: $13.11; total shares withheld: 13,523; total value: $177,287.
• Shares owned after transaction: not specified in the filing.
• Footnotes: F1 = shares withheld for 2025 RSU grant vested Mar 15, 2026; F2 = withheld for 2024 RSU grant; F3 = withheld for 2023 RSU grant.
• Transaction type: tax withholding at settlement of vested RSUs (code F) — routine administrative disposition, not a voluntary open-market sale.

Context
Withholding shares to cover taxes is a common, administrative outcome when RSUs vest; it reduces the insider’s share count but does not necessarily indicate a decision to sell shares for investment reasons. For retail investors, purchases or open-market sales by insiders are generally more informative about sentiment than tax-withholding dispositions.