Michael S. Gadd - May 5, 2023 Form 4 Insider Report for Clearwater Paper Corp (CLW)

Role: Sr. Vice President
Signature: Michael S. Gadd
Stock symbol: CLW
Transactions as of: May 5, 2023
Transactions value $: -$196,583
Form type: 4
Date filed: 5/9/2023, 05:15 PM
Previous filing: Mar 7, 2023
Next filing: Aug 8, 2023

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	CLW	Common Stock	Sale	-$197K	-6.13K	-8.26%	$32.09	68K	May 5, 2023	Direct	F1, F2
holding	CLW	Common Stock						28	May 5, 2023	401(k)

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Buy Plan / Sale Plan: These are also open market purchases/sales of shares, but in this case the transaction is part of a trading plan. Rule 10b5-1 allows insiders to setup a trading plan to buy/sell stocks over a certain period of time. Since the purchases/sales are predetermined, this protects the insiders from violating insider trading law.

Transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c).

Explanation of Responses:

Id	Content
F1	This transaction was executed pursuant to a sale in accordance with a 10b5-1 Trading Plan for diversification purposes.
F2	This price represents the weighted average purchase price for multiple transactions reported on this line. The price of the transactions reported on this line range between $31.94 to $32.37 per share. Upon request by the Commission staff, the issuer or a security holder of the issuer, the reporting person will undertake to provide full information regarding the number of shares purchased at each separate price within the range.

Content

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

This price represents the weighted average purchase price for multiple transactions reported on this line. The price of the transactions reported on this line range between $31.94 to $32.37 per share. Upon request by the Commission staff, the issuer or a security holder of the issuer, the reporting person will undertake to provide full information regarding the number of shares purchased at each separate price within the range.