Document/ExhibitDescriptionPagesSize
1: 10-K Annual Report HTML 1.81M
5: EX-10.11 Material Contract HTML 67K
2: EX-10.8 Material Contract HTML 52K
3: EX-10.9 1 Material Contract HTML 55K
4: EX-10.9 2 Material Contract HTML 54K
6: EX-21 Subsidiaries List HTML 31K
7: EX-23 Consent of Expert or Counsel HTML 27K
8: EX-24 Power of Attorney HTML 41K
11: EX-97 Clawback Policy re: Recovery of Erroneously HTML 44K Awarded Compensation
9: EX-31 Certification -- §302 - SOA'02 HTML 39K
10: EX-32 Certification -- §906 - SOA'02 HTML 32K
17: R1 Document and Entity Information HTML 97K
18: R2 Audit Information HTML 33K
19: R3 Consolidated Balance Sheets HTML 115K
20: R4 Consolidated Balance Sheets (Parenthetical) HTML 44K
21: R5 Consolidated Statements of Operations HTML 93K
22: R6 Consolidated Statements of Comprehensive Income HTML 55K
23: R7 Consolidated Statements of Comprehensive Income HTML 44K
(Parenthetical)
24: R8 Consolidated Statements of Cash Flows HTML 109K
25: R9 Consolidated Statements of Stockholders' Equity HTML 86K
26: R10 Consolidated Statements of Stockholders' Equity HTML 29K
Consolidated Statements of Stockholders' Equity
(Parenthetical)
27: R11 Summary of Significant Accounting Policies HTML 97K
28: R12 Recently Adopted and New Accounting Standards HTML 33K
29: R13 Fair Value Measurements HTML 33K
30: R14 Goodwill and Intangible Assets HTML 47K
31: R15 Income Taxes HTML 130K
32: R16 Debt HTML 78K
33: R17 Other Operating Charges, net HTML 48K
34: R18 Non Operating Income and Expenses HTML 44K
35: R19 Savings, Pension and Other Postretirement Employee HTML 178K
Benefit Plans
36: R20 Accumulated Other Comprehensive Loss HTML 47K
37: R21 Earnings Per Share HTML 43K
38: R22 Stockholders' Equity HTML 66K
39: R23 Commitments and Contingencies HTML 33K
40: R24 Segment Information HTML 99K
41: R25 Subsequent Events HTML 32K
42: R26 Summary of Significant Accounting Policies Summary HTML 126K
of Significant Accounting Policies (Policies)
43: R27 Accounting Policies (Tables) HTML 90K
44: R28 Leases (Tables) HTML 104K
45: R29 Goodwill and Intangible Assets (Tables) HTML 48K
46: R30 Income Taxes (Tables) HTML 132K
47: R31 Debt (Tables) HTML 68K
48: R32 Other Operating Charges, net (Tables) HTML 42K
49: R33 Non Operating Income and Expenses (Tables) HTML 44K
50: R34 Savings, Pension and Other Postretirement Employee HTML 173K
Benefit Plans (Tables)
51: R35 Accumulated Other Comprehensive Loss (Tables) HTML 47K
52: R36 Earnings Per Share (Tables) HTML 41K
53: R37 Stockholders' Equity (Tables) HTML 63K
54: R38 Segment Information (Tables) HTML 114K
55: R39 Summary of Significant Accounting Policies (Cash HTML 39K
and Cash Equivalents) (Details)
56: R40 Summary of Significant Accounting Policies HTML 41K
(Accounts Receivables) (Details)
57: R41 Summary of Significant Accounting Policies HTML 43K
(Inventories) (Details)
58: R42 Summary of Significant Accounting Policies (PP&E) HTML 65K
(Details)
59: R43 Summary of Significant Accounting Policies HTML 32K
(Accounts Receivables Arrangement - Factoring)
(Details)
60: R44 Summary of Significant Accounting Policies HTML 37K
(Environmental and ARO) (Details)
61: R45 Summary of Significant Accounting Policies HTML 58K
(Details)
62: R46 Summary of Significant Accounting Policies HTML 30K
(Revenue Recog) (Details)
63: R47 Summary of Significant Accounting Policies HTML 46K
(Accounts Payable and Accrued Liabilities
(Details)
64: R48 Leases (Details) HTML 142K
65: R49 Goodwill and Intangible Assets - Estimated Future HTML 41K
Amortization Expense Related to Intangible Assets
(Details)
66: R50 Goodwill and Intangible Assets - Details (Details) HTML 55K
67: R51 Income Taxes - Provision (Benefit) for Income HTML 60K
Taxes (Details)
68: R52 Income Taxes - Income Tax Reconciliation (Details) HTML 84K
69: R53 Income Taxes - Tax Effects of Significant HTML 81K
Temporary Differences Creating Deferred Tax Assets
and Liabilities (Details)
70: R54 Net Deferred Tax Assets (Liabilities) (Details) HTML 40K
71: R55 Income Taxes - Tax Credits and Losses Subject to HTML 37K
Expiration by Major Jurisdictions (Details)
72: R56 Income Taxes - Additional Information (Detail) HTML 54K
73: R57 Income Taxes - Roll Forward of Unrecognized Tax HTML 49K
Benefits and Associated Interest and Penalties
Included in Balance Sheet (Details)
74: R58 Debt - Additional Information (Details) HTML 168K
75: R59 Other Operating Charges, net (Details) HTML 48K
76: R60 Non Operating Income and Expenses (Details) HTML 47K
77: R61 Savings, Pension and Other Postretirement Employee HTML 90K
Benefit Plans - Changes in Benefit Obligation,
Plan Assets and Funded Status for
Company-Sponsored Benefit Plans (Details)
78: R62 Certain Pension Plans with Accumulated Benefit HTML 36K
Obligations in Excess of Plan Assets (Details)
79: R63 Savings, Pension and Other Postretirement Employee HTML 49K
Benefit Plans - Pre-tax Components of Net Periodic
Cost (Details)
80: R64 Savings, Pension and Other Postretirement Employee HTML 40K
Benefit Plans - Weighted Average Assumptions Used
to Determine Benefit Obligation (Details)
81: R65 Savings, Pension and Other Postretirement Employee HTML 38K
Benefit Plans - Weighted Average Assumptions Used
to Determine Net Periodic Cost (Benefit) (Details)
82: R66 Savings, Pension and Other Postretirement Employee HTML 47K
Benefit Plans - Investments at Fair Value for
Company Sponsored Pension Benefit Plans Within
Fair Value Hierarchy (Details)
83: R67 Savings, Pension and Other Postretirement Employee HTML 46K
Benefit Plans - Long Term Asset Allocation Ranges
(Details)
84: R68 Savings, Pension and Other Postretirement Employee HTML 46K
Benefit Plans - Estimated Future Benefit Payments
(Details)
85: R69 Savings, Pension and Other Postretirement Employee HTML 63K
Benefit Plans - Multiemployer Defined Benefit
Plans (Details)
86: R70 Additional Information (Details) HTML 111K
87: R71 Accumulated Other Comprehensive Loss (Details) HTML 58K
88: R72 Earnings Per Share - Share Reconciliation of HTML 53K
Number of Common Shares Used in Calculating Basic
and Diluted Net Earnings Per Share (Details)
89: R73 Stockholders' Equity - Employee Plans Equity Based HTML 57K
Compensation Expense (Details)
90: R74 Stockholders' Equity - Summary of Status of HTML 67K
Outstanding RSU Awards (Details)
91: R75 Stockholders' Equity - Summary of Status of HTML 71K
Outstanding Performance Share Awards (Details)
92: R76 Stockholders' Equity - Additional Information HTML 104K
(Details)
93: R77 Commitments and Contingencies Commitments and HTML 30K
Contingencies Additional Information (Details)
94: R78 Segment Information - Reportable Segments HTML 136K
Information (Details)
95: R79 Subsequent Events (Details) HTML 44K
97: XML IDEA XML File -- Filing Summary XML 179K
100: XML XBRL Instance -- clw-20231231_htm XML 2.34M
96: EXCEL IDEA Workbook of Financial Report Info XLSX 183K
13: EX-101.CAL XBRL Calculations -- clw-20231231_cal XML 197K
14: EX-101.DEF XBRL Definitions -- clw-20231231_def XML 1.13M
15: EX-101.LAB XBRL Labels -- clw-20231231_lab XML 2.12M
16: EX-101.PRE XBRL Presentations -- clw-20231231_pre XML 1.51M
12: EX-101.SCH XBRL Schema -- clw-20231231 XSD 174K
98: JSON XBRL Instance as JSON Data -- MetaLinks 580± 922K
99: ZIP XBRL Zipped Folder -- 0001504337-24-000010-xbrl Zip 654K
‘EX-97’ — Clawback Policy re: Recovery of Erroneously Awarded Compensation
The Board of Directors (the “Board”) of Clearwater Paper Corporation (the “Company”) has determined that it is in the best interests of the Company to adopt a
policy (the “Policy”) providing for the Company’s recovery of certain Incentive Compensation (as defined below) paid to Covered Executives (as defined below) under certain circumstances. Determinations to be made under the Policy may be made either by the independent directors of the Board or the Compensation Committee of the Board, and such independent directors and the Compensation Committee are collectively referred to in this Policy as the “Administrator.” The Board may amend or terminate this Policy at any time, including to reflect changes in applicable law or listing standards.
This policy is designed to comply with, and shall be interpreted to be consistent with, Section 10D of the Securities Exchange Act of 1934 (the “Exchange
Act”), Rule 10D-1 promulgated under the Exchange Act (“Rule 10D-1”) and the listing rules of New York Stock Exchange LLC (“NYSE”).
2.EFFECTIVE DATE
This Policy shall apply to all Incentive Compensation received by Covered Executives on or after October 2, 2023 (the “Effective Date”), as and to the extent permitted by applicable law.
3.DEFINITIONS
For purposes of this Policy, the following terms shall have the meanings set forth below:
“Accounting Restatement”
means an accounting restatement of the Company’s financial statements due to the material noncompliance of the Company with any financial reporting requirement under the securities laws, including any required accounting restatement to correct an error in previously issued financial statements that is material to the previously issued financial statements, or that would result in a material misstatement if the error were corrected in the current period or left uncorrected in the current period.
“Covered Executive” shall mean a current or former executive officer of the Company within the meaning of Rule 10D-1 and the listing
rules of NYSE. Subsequent changes in a Covered Executive’s employment status, including retirement or termination of employment (including acting in an interim capacity) do not affect the Company’s rights to recover Incentive Compensation pursuant to this Policy.
“Financial Reporting Measures” shall mean measures that are determined and presented in accordance with the accounting principles used in preparing the Company’s financial statements, and any measures that are derived wholly or in part from such measures, as well as stock price and total shareholder return (“TSR”) (and any measures that are derived wholly or in part from stock price or TSR). A Financial
Reporting Measure need not be presented within the Company’s financial statements or included in a filing with the Securities and Exchange Commission.
“Incentive Compensation” shall mean any compensation that is granted, earned or vested based wholly or in part upon the attainment of a Financial Reporting Measure. Incentive Compensation shall be deemed “received” for purposes of this Policy in the Company’s fiscal period during which the Financial Reporting Measure specified in the Incentive
Compensation award is attained, even if the payment or grant of the Incentive Compensation occurs after the end of that period. For the avoidance of doubt, Incentive Compensation includes, but is not limited to, annual bonuses under the Company’s Annual Incentive Plan and awards of performance shares under the Company’s Stock Incentive Plan, and any other awards under the Stock Incentive Plan that are granted or become vested based upon the attainment of a Financial Reporting Measure.
4.RECOVERY
In the event that the Company is required to prepare an Accounting Restatement, the Administrator shall require
that each Covered Executive repay to the Company, in a reasonably prompt manner, the Erroneously Awarded Compensation (as defined in the following paragraph) that was received by the Covered Executive during the three completed fiscal years preceding the date on which the Company is required to prepare the Accounting Restatement, as well as any transition period (that results from a change in the Company’s fiscal year) within or immediately following those three completed fiscal years (except that a transition period that comprises a period of at least nine months shall be deemed a completed fiscal year) (the “Lookback Period”). The date on which the
Company is required to prepare an Accounting Restatement is the earlier to occur of (a) the date the Board, a committee of the Board or the officer or officers of the Company authorized to take such action if Board action is not required, concludes, or reasonably should have concluded, that the Company is required to prepare an Accounting Restatement or (b) the date a court, regulator or other legally authorized body directs the Company to prepare an Accounting Restatement.
The Administrator shall require that the Covered Executive repay to the Company, in a reasonably prompt manner,
up to the full amount of the difference between (1) any Incentive Compensation received by the Covered Executive during the Lookback Period that was calculated based on the financial statements that were subsequently restated, and (2) the lower amount of such Incentive Compensation to which the Covered Executive would have been entitled had the financial statements been properly reported (“Erroneously Awarded Compensation”). The amount of Erroneously Awarded Compensation shall be computed by the Administrator without regard to any taxes paid. For Incentive Compensation based on stock price or TSR where the amount of Erroneously Awarded Compensation is not subject to mathematical recalculation directly from the information in the applicable Accounting Restatement, the amount shall be determined by the Administrator based on a reasonable estimate of the effect of the Accounting Restatement on the stock price or TSR
upon which the Incentive Compensation was received and, in such case, the Company shall maintain documentation of such determination of that reasonable estimate and provide such determination to NYSE.
The Covered Executive’s obligation to repay Erroneously Awarded Compensation shall apply on a “no fault” basis—that is, regardless of whether any misconduct occurred or whether the Covered Executive was responsible for the Accounting Restatement. Moreover, the Covered Executive’s obligation to repay Erroneously Awarded Compensation is not dependent on if or when the Accounting Restatement is filed with the SEC.
Notwithstanding the foregoing, the Administrator shall not be required to pursue recovery of Erroneously Awarded Compensation if (and to the extent) the Administrator has made a determination
that recovery would be impracticable for the following reasons, and subject to the following procedural and disclosure requirements:
2
(i)The direct expense paid to a third party to assist in enforcing the Policy would exceed the amount to be recovered, after the Administrator has made a reasonable attempt to recover such Erroneously Awarded Compensation, documented such reasonable attempt(s) to recover, and provided that documentation to NYSE;
(ii)Recovery would violate home country law where that law was adopted prior to November 28, 2022; provided, that before concluding that it would be impracticable to
recover any amount of Erroneously Awarded Compensation based on violation of home country law, the Administrator must obtain an opinion of home country counsel, acceptable to NYSE, that recovery would result in such a violation, and must provide such opinion to NYSE; or
(iii)Recovery would likely cause an otherwise tax-qualified retirement plan, under which benefits are broadly available to employees of the Company, to fail to meet the requirements of 26 U.S.C. 401(a)(13) or 26 U.S.C. 411(a) and regulations thereunder.
5.SOURCES OF RECOVERY
The Administrator shall have broad discretion to determine the appropriate means of recovery of Erroneously Awarded Compensation and may seek recovery from Covered Executives
from any of the following sources: prior Incentive Compensation payments; future payments of Incentive Compensation; cancellation of outstanding cash or equity awards, whether vested or unvested; reduction or elimination of future cash or equity awards; and direct payment. To the extent permitted by applicable law, the Company may offset such amount against any compensation or other amounts owed by the Company to the Covered Executive. The Administrator shall have no obligation to apply the same method of recovery to each affected Covered Executive in connection with any Accounting Restatement.
The Company may not indemnify any Covered Executive against the loss of
Erroneously Awarded Compensation.
6.SEVERABILITY
If any provision of this Policy or the application of any such provision to any Covered Executive shall be adjudicated to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provisions of this Policy, and the invalid, illegal or unenforceable provision shall be deemed amended to the minimum extent necessary to render such provision or application enforceable.
7.NO IMPAIRMENT OF OTHER REMEDIES
This Policy does not preclude the Company from taking any other action to enforce a Covered Executive’s obligations
to the Company, including termination of employment and institution of civil proceedings, or reporting of any misconduct to appropriate government authorities.
Any right of recovery under this Policy is in addition to, and not in lieu of, any other remedies or rights of recovery that may be available to the Company under applicable law or pursuant to the terms of any other policy of the Company or any provision in any compensatory plan or arrangement, employment agreement, equity award agreement, or similar plan, agreement or arrangement.
3
This
Policy is in addition to the requirements of Section 304 of the Sarbanes-Oxley Act of 2002 that are applicable to the Company’s Chief Executive Officer and Chief Financial Officer.
8.EMPLOYEE ACKNOWLEDGEMENT
From and after the Effective Date, each Covered Executive shall be required to sign a Recovery Policy Acknowledgement in the form attached hereto as Exhibit A as a condition to receiving awards or payments of Incentive Compensation on or after that date.
4
EXHIBIT
A
RECOVERY POLICY ACKNOWLEDGEMENT
I, the undersigned employee of Clearwater Paper Corporation (the “Company”), agree and acknowledge that I am fully bound by, and subject to, all of the terms and conditions of the Company’s Incentive Compensation Recovery Policy (as may be amended, restated, supplemented or otherwise modified from time to time, the “Policy”). I have read and understand the Policy and have had the opportunity to ask questions to the Company regarding the Policy. In the event of any inconsistency between the provisions of the Policy and another agreement or other document
setting forth the terms and conditions of any Incentive Compensation (as defined in the Policy), the terms of the Policy shall govern.
In the event the Administrator of the Policy determines that any amounts granted, awarded, earned or paid to me must be forfeited or reimbursed to the Company, I will promptly take any action necessary to effectuate such forfeiture or reimbursement. I understand that the reimbursement or forfeiture of Incentive Compensation pursuant to the Policy shall not in any way limit or affect the Company’s right to pursue disciplinary action or dismissal, take legal action or pursue any other remedies available to the Company. I hereby agree
to waive the assertion or application of any rights under federal, state, local or foreign law or in contract or equity that would otherwise conflict with or narrow the Company’s authority to interpret, apply and enforce the Policy to its fullest extent, including but not limited to, the Company’s authority to withhold or divert my wages pursuant to the Policy.
I acknowledge my execution of this Acknowledgment is in consideration of, and is a condition to, my receipt of any Incentive Compensation, provided, however, that nothing in this Acknowledgement shall be deemed to obligate the
Company to make any such awards or payments.
By:
Name:
Title:
Date:
Dates Referenced Herein and Documents Incorporated by Reference