TOELDTE ALEXANDER 4

What Happened

• Alexander Toeldte, a director of Clearwater Paper Corporation (CLW), received a grant of 8,391.608 phantom stock units on 2026-05-08. The grant is reported at a per-unit price of $14.30, for a total reported value of $120,000. This was an award (derivative/phantom stock), not an open-market purchase.

Key Details

• Transaction date: 2026-05-08; Filing date: 2026-05-12 (filed 4 days after the transaction; Form 4s are generally due within 2 business days).
• Grant type/code: A (award/grant); derivative instrument = phantom stock units.
• Units granted: 8,391.608 phantom stock units; reported value = $120,000 (8,391.608 × $14.30).
• Shares owned after transaction: not specified as common stock — these are deferred/phantom units credited to the reporting account.
• Vesting/payment: Units represent an annual award for service from May 1, 2026 – April 30, 2027 and will vest May 1, 2027 (Footnote F3). Phantom units are credited on the transaction date and will be converted to cash on a 1-for-1 basis with the issuer’s common stock and paid upon termination of service under the directors’ deferred compensation plan (Footnotes F1–F2).

Context

• These phantom stock units are a form of deferred compensation that will be paid in cash tied to the company’s common stock value; they are not immediate share purchases or sales. Awards to directors are common routine compensation and do not necessarily indicate the director is buying or selling stock in the open market.