Form 4: Clearwater Paper Director Receives Phantom Stock Award
Statement of Changes in Beneficial Ownership
Director John P. O'Donnell was granted 8,391.608 phantom stock units as part of an annual compensation award.
Summary
- Director John P. O'Donnell acquired 8,391.608 phantom stock units on May 8, 2026.
- The units were granted under the Clearwater Paper Corporation Deferred Compensation Plan for Directors.
- The award represents compensation for service from May 1, 2026, through April 30, 2027.
- The units are valued at $14.30 per unit and will vest on May 1, 2027.
Sentiment
Score: 5
Explanation: StockSavvy.ai views this as a routine administrative filing regarding director compensation with no material impact on company operations or financial outlook.
Positives
- Director compensation alignment through equity-linked deferred units.
- Standardized annual grant process for board members.
Negatives
- None identified.
Risks
- Value of phantom stock is subject to the future performance of Clearwater Paper common stock.
- Liquidity of the award is deferred until termination of service.
Future Outlook
The phantom stock units will vest on May 1, 2027, and will be converted to cash upon the director's termination of service.
Industry Context
StockSavvy.ai notes that director compensation via deferred phantom stock is a standard corporate governance practice in the paper and packaging industry to ensure long-term alignment between board members and shareholders.
Comparison to Industry Standards
- The use of deferred compensation plans for directors is consistent with practices at peer companies like Packaging Corporation of America and WestRock.
- The 1-for-1 cash conversion model is a standard mechanism for non-qualified deferred compensation plans.
Corporate Governance
| Change Type | Description | Effective Date | Impact Assessment |
|---|---|---|---|
| Compensation Plan Grant | Annual award grant for director service under the Deferred Compensation Plan. | 05/08/2026 | Neutral; standard governance practice. |
Stakeholder Impact
- Shareholders: No immediate impact as this is a standard compensation grant.
Next Steps
- Vesting of the phantom stock units on May 1, 2027.
Key Dates
| Date | Description |
|---|---|
| 05/01/2026 | Start of service period for the annual award grant. |
| 05/08/2026 | Transaction date of the phantom stock grant. |
| 05/12/2026 | Filing date of the Form 4. |
| 04/30/2027 | End of service period for the annual award grant. |
| 05/01/2027 | Vesting date for the phantom stock units. |
Keywords
Clearwater Paper, CLW, Form 4, Director Compensation, Phantom Stock, Insider Trading
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