Jeanne M. Hillman - 01 Jul 2025 Form 4 Insider Report for Clearwater Paper Corp (CLW)

Role: Director
Signature: /s/ Marc D. Rome, Attorney-in-Fact
Issuer symbol: CLW
Transactions as of: 01 Jul 2025
Net transactions value: +$24,500
Form type: 4
Filing time: 03 Jul 2025, 17:00:18 UTC
Previous filing: 13 May 2025
Next filing: 03 Oct 2025
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
HILLMAN JEANNE M	Director	601 W RIVERSIDE AVE. SUITE 1100, SPOKANE	/s/ Marc D. Rome, Attorney-in-Fact	03 Jul 2025	0001356114

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	CLW	Phantom Stock Units	Award	$24,500	+848	+13%	$28.90	7,365	01 Jul 2025	Common Stock	848	$28.90	Direct	F1, F2, F3

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

Explanation of Responses:

Id	Content
F1	Phantom stock units are credited to the reporting person's account on the transaction date in accordance with the provisions of the Clearwater Paper Corporation Deferred Compensation Plan for Directors and will be converted to cash and paid on a 1-for-1 basis with the issuer's common stock.
F2	Phantom stock units will be converted to cash and paid on the date previously elected by the reporting person in accordance with the provisions of the Clearwater Paper Corporation Deferred Compensation Plan for Directors.
F3	Phantom stock unit beneficial ownership represents phantom stock allocated to the reporting person's Deferred Compensation Account since the reporting person's last report. These phantom stock allocations represent deferred quarterly retainer meeting fees.