X0306 4 2015-08-17 0000105076 WAUSAU PAPER CORP. WPP 0001460496 Molinelli Gavin C/O STARBOARD VALUE LP 777 THIRD AVENUE, 18TH FLOOR NEW YORK NY 10017 1 0 0 0 Common Stock Equivalent Units 0 2015-08-17 5 A 0 23.1963 0 A Common Stock 23.1963 6719.0526 D Common Stock Equivalent Units 0 2015-08-31 4 A 0 877.1926 0 A Common Stock 877.1926 7596.2452 D Restricted Stock Units 0 2015-08-17 5 A 0 32.3014 0 A Common Stock 32.3014 9356.6384 D Converts to common stock on a one-for-one basis. Stock equivalent units accrued under the Wausau Paper Corp. Deferred Compensation Plan for Directors; the value of the units is paid in cash at Director's termination of service. Each unit represents right to receive one share of issuer's common stock upon termination of service as a director, unless deferred at election of reporting person. As a member of a 13(d) group, Mr. Molinelli may be deemed to beneficially own the 7,500,000 shares of Common Stock that are beneficially owned in the aggregate by Starboard Value LP and its affiliates. Mr. Molinelli disclaims beneficial ownership of such shares of Common Stock except to the extent of his pecuniary interest therein. Robert J. Gitter, Attorney-in-Fact 2015-09-02