Baker Sherri 4

What Happened

• Sherri Baker, SVP and Chief Financial Officer of Clearwater Paper (CLW), had a total of 1,093 shares withheld/disposed to satisfy tax withholding on vested restricted stock units. The dispositions were 569 shares at $13.11 ($7,460) and 524 shares at $13.11 ($6,870), for a combined value of about $14,330. These were tax-withholding dispositions (routine), not open-market sales.

Key Details

• Transaction date(s): March 15, 2026; Form 4 filed March 17, 2026 (appears timely).
• Price(s): $13.11 per share for both withholdings.
• Shares disposed/withheld: 569 and 524 (total 1,093).
• Total value of shares withheld: approximately $14,330.
• Footnotes: F1 = shares withheld to satisfy tax withholding on the 2025 RSU grant that vested 3/15/2026; F2 = shares withheld to satisfy tax withholding on the 2024 RSU grant that vested 3/15/2026.
• Transaction code: F (shares withheld to satisfy tax withholding). Shares owned after the transaction were not provided in the excerpt.

Context

• This was a cashless tax-withholding at settlement of vested RSUs (company withheld shares to cover taxes). Such withholding transactions are routine and generally do not signal an insider’s market view, unlike open-market purchases or voluntary sales.