X0306 4 2017-02-27 0 0001441236 Clearwater Paper Corp CLW 0001450653 Gadd Michael S 601 W RIVERSIDE AVE. SUITE 1100 SPOKANE WA 99201 0 1 0 0 Sr. Vice President Common Stock 2017-02-27 4 A 0 2251 56.75 A 24102 D Common Stock 2017-02-27 4 F 0 667 56.75 D 23435 D Common Stock 2017-02-27 4 A 0 1685 0.00 A 25120 D Common Stock 2017-02-27 4 S 0 5233 57.04 D 19887 D Common Stock 68472 I Family Trust Common Stock 53 I 401(k) Employee Stock Option (right to buy) 56.75 2017-02-27 4 A 0 7587 0.00 A 2027-02-27 Common Stock 7587 32817 D Represents aggregate number of shares of common stock issuable in settlement of 2014-2016 Performance Share Grant. Represents shares withheld by Clearwater Paper Corporation to satisfy tax witholding requirements due at settlement of 2014-2016 Performance Share Grant. Represents award of restricted stock units ("RSUs"). RSUs may be settled only for shares of common stock on a one-for-one basis. Represents award of RSUs that will vest 33%, 33%, 34% on March 1, 2018, 2019 and 2020, respectively, assuming continued employment. During the vesting period, an amount equal to the dividends that would have been paid on the RSUs had they been in the form of common stock will be converted into additional RSUs. This transaction was executed pursuant to a sale in accordance with a 10b5-1 Trading Plan for diversification purposes. These options become exercisable 33%, 33% and 34% on March 1, 2018, 2019 and 2020, respectively, assuming continued employment. /s/ Michael S. Gadd 2017-03-01