Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-05-12

Clearwater Paper (CLW)

CEO Arsen Kitch was paid $5,201,341 in fiscal year 2025, ↓ down 12.9% from fiscal year 2024, the 25th percentile of its disclosed peer group (SEC filing 0001441236-26-000018 ↗): executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$5,201,341 ↓
Arsen Kitch total, FY2025
25th
CEO pay percentile vs peers
51:1
CEO-to-median pay ratio
84.66%
Say-on-pay support, latest vote

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Sample answer — “What is the CEO’s total compensation?”
- Arsen Kitch (President and Chief Executive Officer), FY2025 total compensation $5,201,341 (base salary $1,000,000) [exec_comp, SEC accession 0001441236-26-000018, filed 2026-03-27]

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CLW's next annual pay disclosure, estimated March 27, 2027.est. Filing ↗

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Arsen Kitch$1,000,000$0$3,107,277$0$937,500$0$156,564$5,201,341
President and Chief Executive Officer
Sherri Baker533,0000517,5490338,200069,4371,458,186
Senior Vice President, Finance and Chief Financial Officer
Michael Gadd444,6460512,6970298,10022,14661,6921,339,281
Former Senior Vice President
Steve Bowden465,0000451,5270307,800054,9321,279,259
Senior Vice President, Commercial
Kari Moyes437,0000424,3270295,300056,3561,212,983
Senior Vice President
Matthew Passarello365,1650354,4110263,100039,9931,022,669
Senior Vice President, Supply Chain and Corporate Development

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY2024→2025
Arsen Kitch$5,201,341$5,972,929$5,288,096↓ −771,588
Sherri Baker1,458,1861,663,0691,091,974↓ −204,883
Michael Gadd1,339,2811,584,6371,608,566↓ −245,356
Steve Bowden1,279,2591,313,5371,278,549↓ −34,278
Kari Moyes1,212,9831,305,9781,315,100↓ −92,995
Matthew Passarello1,022,669———

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

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Companies that benchmark against CLW
7 companies name CLW as a compensation peer

Each company listed discloses CLW in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named CLW in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

02

Equity transactions since the proxy statement was filed

No insider equity transactions reported since the proxy statement.

03

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Sherri BakerPSU2025-02-24010,366—20,732$321,553
Sherri BakerRSU2025-02-24——6,911—195,996
Steve BowdenPSU2025-02-2409,044—18,088280,545
Steve BowdenRSU2025-02-24——6,029—170,982
Michael GaddPSU2025-02-24010,269—20,538318,544
Michael GaddRSU2025-02-24——6,848—194,209
Arsen KitchPSU2025-02-24062,237—124,4741,930,592
Arsen KitchRSU2025-02-24——41,491—1,176,685
Kari MoyesPSU2025-02-2408,499—16,998263,639
Kari MoyesRSU2025-02-24——5,666—160,688
Matthew PassarelloPSU2025-02-2407,099—14,198220,211
Matthew PassarelloRSU2025-02-24——4,732—134,200
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Sherri Baker$195,996$321,553$062.1%
Steve Bowden170,982280,545062.1%
Michael Gadd194,209318,544062.1%
Arsen Kitch1,176,6851,930,592062.1%
Kari Moyes160,688263,639062.1%
Matthew Passarello134,200220,211062.1%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

04

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Kari MoyesRSU7,832—$136,277
Arsen KitchRSU62,237—1,082,924
Matthew PassarelloRSU9,639—167,719
Michael GaddRSU10,269—178,681
Steve BowdenRSU8,333—144,994
Arsen KitchRSU9,871—171,755
Arsen KitchRSU57,347—997,838
Kari MoyesRSU3,499—60,883
Kari MoyesOption8,94338.75—
Arsen KitchRSU25,616—445,718
Sherri BakerRSU18,587—323,414
Kari MoyesRSU1,558—27,109
Michael GaddOption7,58756.75—
Arsen KitchOption3,49856.75—
Michael GaddOption9,81337.45—
Michael GaddOption11,32838.75—
Michael GaddRSU6,846—119,120
Michael GaddRSU1,883—32,764
Steve BowdenRSU3,723—64,780
Kari MoyesRSU8,499—147,883
Kari MoyesRSU5,666—98,588
Arsen KitchRSU41,491—721,943
Michael GaddRSU4,227—73,550
Sherri BakerRSU10,366—180,368
Sherri BakerRSU9,552—166,205
Arsen KitchOption5,77538.75—
Michael GaddRSU9,463—164,656
Steve BowdenRSU9,044—157,366
Matthew PassarelloRSU7,099—123,523
Sherri BakerRSU6,911—120,251
Matthew PassarelloRSU1,454—25,300
Steve BowdenRSU6,029—104,905
Matthew PassarelloRSU4,732—82,337
Sherri BakerRSU4,267—74,246
Kari MoyesOption7,66837.45—
Matthew PassarelloRSU3,253—56,602
Steve BowdenRSU1,657—28,832
Arsen KitchOption7,33237.45—
Kari MoyesOption6,14156.75—
05

Incentive-plan design — the Compensation Discussion & Analysis

Our compensation philosophy remains consistent--pay our executives competitively and ensure incentives are linked to individual and company performance. The objectives of our executive compensation program are to attract, retain, motivate, and reward executives in order to enhance the long-term profitability of the company, foster stockholder value creation, and align executives’ interests with those of our stockholders.

CEO STI target (% of salary)—
CEO LTI target (% of salary)—
Independent consultantSemler Brossy
Clawback policytrue
Anti-hedgingtrue
Anti-pledgingtrue
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-05-0710,189,0461,808,03037,73284.66%Passed
20252025-05-0810,022,0221,138,29080,95589.15%Passed
20232023-05-1114,207,416599,5018,24695.9%Passed
20222022-05-1614,108,914409,04220,86797.04%Passed
20202020-05-1312,381,843844,02019,18693.48%Passed
20192019-05-1311,791,1872,130,93848,29884.4%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.

Say-on-pay — history, company's computation

Meeting yearMeeting dateApproval — company's computation
20262026-05-0784.66%a
20252025-05-0889.15%b
20232023-05-1195.9%c

a. Approved under the standard stated in the filing — “For Proposal 4, withheld votes, abstentions, and broker non-votes will have the same effect as negative votes.”.

b. Approved under the standard stated in the filing — “For Proposals 1, 2, and 4 withheld votes and abstentions will have the same effect as negative votes.”.

c. Approved under the standard stated in the filing — “For Proposals 1, 2, and 5 withheld votes and abstentions will have the same effect as negative votes.”.

Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

07

CEO pay ratio

Ratio (CEO : median employee)51 : 1
CEO total compensation$5,201,341
Median employee compensation$101,674
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Alexander ToeldteIndependent · Board Chair · Lead Independent Director · Audit · Compensation$219,863$128,538——$0$348,400
John J. CorkreanIndependent · Audit (Chair) · Compensation132,500128,538——0261,038
John P. O'DonnellIndependent · Audit · Compensation (Chair)125,742128,538——0254,279
Jeanne M. HillmanIndependent · Audit · Nominating and Corporate Governance (Chair)116,346128,538——0244,884
Ann C. NelsonIndependent · Audit · Nominating and Corporate Governance112,500128,538——0241,038
Christine M. Vickers TuckerIndependent · Compensation · Nominating and Corporate Governance105,000128,538——0233,538
Joe W. LaymonIndependent · Compensation · Nominating and Corporate Governance105,000128,538——0233,538
Kevin J. HuntIndependent · Not standing for re-election · Departed during FY44,835128,538——0173,373
Arsen S. KitchEmployee director—————0
09

Board fee structure and ownership guideline

Annual cash retainer$90,000
Annual equity retainer$120,000
Per board meeting fee$1,500
Committee chair fees (audit / comp / nom-gov)20,000 / 15,000 / 10,000
Stock ownership guideline$5
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$961,786
Equity awards (grant-date value)$1,028,304
All other compensation$0
Total cost of the board$1,990,090

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10

Disclosed peer group — fiscal year 2025

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

10a

Peer reciprocity

Of the companies Clearwater Paper names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.

Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including Clearwater Paper.

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1AptarGroup Inc.2025Stephan Tanda$1,175,000$6,096,670$1,681,509$518,433$10,226,911
2Innospec Inc.2025Patrick Williams1,380,5485,285,62301,365,3368,252,747
3Kaiser Aluminum Corporation2025Keith Harvey1,000,0004,212,18802,127,5007,914,836
4Sylvamo Corporation2025Jean-Michel Ribiéras1,166,6675,445,2750395,1007,685,872
5Koppers Holdings Inc.2025Leroy Ball975,0005,145,824006,358,244
6AdvanSix Inc.2025Erin Kane1,019,7003,747,9000785,4005,647,438
7Clearwater Paper2025Arsen Kitch1,000,0003,107,2770937,5005,201,341
8Myers Industries Inc.2025Aaron Schapper775,3851,952,344402,500700,0003,889,228
9Mativ Holdings Inc.2025Shruti Singhal1,061,0772,131,441003,256,333
—Mercer International Inc.——————not in coverage universe
—Pactiv Evergreen Inc.——————not in coverage universe

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

10c

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
Clearwater Papernot disclosedPSU 60 · RSU 40not disclosedSemler Brossy
AdvanSix Inc.not disclosedPSU 50 · RSU 50not disclosednot disclosed
AptarGroup Inc.67.9%PSU 50 · RSU 25 · Options 25NoPay Governance LLC
Innospec Inc.not disclosednot disclosednot disclosedWillis Towers Watson
Kaiser Aluminum Corporationnot disclosednot disclosednot disclosedMeridian
Koppers Holdings Inc.not disclosednot disclosednot disclosedMeridian
Mativ Holdings Inc.not disclosednot disclosednot disclosedMeridian Compensation Partners, LLC
Mercer International Inc.not disclosednot disclosednot disclosednot disclosed
Myers Industries Inc.not disclosedPSU 50 · RSU 50not disclosedSemler Brossy
Pactiv Evergreen Inc.not disclosednot disclosednot disclosednot disclosed
Sylvamo Corporation26.9%PSU 60 · RSU 40Yes — Relative Total Shareholder Return (rTSR)Frederic W. Cook & Co., Inc.

Read from each company's Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company's filing does not state the item.

10d

Frequently asked questions

Who was the highest-paid executive at Clearwater Paper in fiscal 2025?
As disclosed, Arsen Kitch (President and Chief Executive Officer) was the highest-paid executive at Clearwater Paper in fiscal 2025, with total compensation of $5,201,341.
How does Clearwater Paper's chief executive pay compare to its disclosed peer group?
As disclosed, Arsen Kitch's total compensation ranked at the 25th percentile of Clearwater Paper's disclosed peer group.
What is Clearwater Paper's CEO-to-median employee pay ratio?
As disclosed, Clearwater Paper's CEO-to-median employee pay ratio was 51:1.
How did shareholders vote on Clearwater Paper's executive compensation?
As disclosed, 84.66% of shareholders supported Clearwater Paper's executive compensation in the latest say-on-pay vote.
How much does Clearwater Paper spend in total on board compensation for fiscal 2025?
As disclosed, Clearwater Paper reported total board compensation of $1,990,090 for fiscal 2025.

Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, Arsen KitchDEF 14A2026-03-270001441236-26-000018Section “2025 Summary Compensation Table” · page 37. As printed: 5,201,341. Filing ↗
2Section 01, Sherri BakerDEF 14A2026-03-270001441236-26-000018Section “2025 Summary Compensation Table” · page 37. As printed: 1,458,186. Filing ↗machine: r5 · c24 · span 805170–805180
3Section 01, Michael GaddDEF 14A2026-03-270001441236-26-000018Section “2025 Summary Compensation Table” · page 37. As printed: 1,339,281. Filing ↗machine: r16 · c24 · span 826216–826226
4Section 01, Steve BowdenDEF 14A2026-03-270001441236-26-000018Section “2025 Summary Compensation Table” · page 37. As printed: 1,279,259. Filing ↗machine: r8 · c24 · span 811243–811253
5Section 01, Kari MoyesDEF 14A2026-03-270001441236-26-000018Section “2025 Summary Compensation Table” · page 37. As printed: 1,212,983. Filing ↗machine: r11 · c24 · span 817288–817298
6Section 01, Matthew PassarelloDEF 14A2026-03-270001441236-26-000018Section “2025 Summary Compensation Table” · page 37. As printed: 1,022,669. Filing ↗machine: r14 · c24 · span 823332–823342
7Section 03, Sherri Baker PSUDEF 14A2026-03-270001441236-26-000018Section “Executive Compensation” · grants of plan-based awards table. Filing ↗
8Section 03, Sherri Baker RSUDEF 14A2026-03-270001441236-26-000018Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 876332–876339
9Section 03, Steve Bowden PSUDEF 14A2026-03-270001441236-26-000018Section “Executive Compensation” · grants of plan-based awards table. Filing ↗
10Section 03, Steve Bowden RSUDEF 14A2026-03-270001441236-26-000018Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 883357–883364
11Section 03, Michael Gadd PSUDEF 14A2026-03-270001441236-26-000018Section “Executive Compensation” · grants of plan-based awards table. Filing ↗
12Section 03, Michael Gadd RSUDEF 14A2026-03-270001441236-26-000018Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 904904–904911
13Section 03, Arsen Kitch PSUDEF 14A2026-03-270001441236-26-000018Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 867611–867620
14Section 03, Arsen Kitch RSUDEF 14A2026-03-270001441236-26-000018Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 869298–869307
15Section 03, Kari Moyes PSUDEF 14A2026-03-270001441236-26-000018Section “Executive Compensation” · grants of plan-based awards table. Filing ↗
16Section 03, Kari Moyes RSUDEF 14A2026-03-270001441236-26-000018Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 890386–890393
17Section 03, Matthew Passarello PSUDEF 14A2026-03-270001441236-26-000018Section “Executive Compensation” · grants of plan-based awards table. Filing ↗
18Section 03, Matthew Passarello RSUDEF 14A2026-03-270001441236-26-000018Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 897498–897505
19Section 07, pay ratioDEF 14A2026-03-270001441236-26-000018Section “CEO Pay Ratio”. As printed: 51 : 1. Filing ↗
20Section 08, Alexander ToeldteDEF 14A2026-03-270001441236-26-000018Section “Director Compensation”. As printed: 348,400. Filing ↗machine: span 487329–487565
21Section 08, John J. CorkreanDEF 14A2026-03-270001441236-26-000018Section “Director Compensation”. As printed: 261,038. Filing ↗machine: span 479064–479185
22Section 08, John P. O'DonnellDEF 14A2026-03-270001441236-26-000018Section “Director Compensation”. As printed: 254,279. Filing ↗machine: span 485980–486216
23Section 08, Jeanne M. HillmanDEF 14A2026-03-270001441236-26-000018Section “Director Compensation”. As printed: 244,884. Filing ↗machine: span 480452–480688
24Section 08, Ann C. NelsonDEF 14A2026-03-270001441236-26-000018Section “Director Compensation”. As printed: 241,038. Filing ↗machine: span 484631–484867
25Section 08, Christine M. Vickers TuckerDEF 14A2026-03-270001441236-26-000018Section “Director Compensation”. As printed: 233,538. Filing ↗machine: span 488871–489139
26Section 08, Joe W. LaymonDEF 14A2026-03-270001441236-26-000018Section “Director Compensation”. As printed: 233,538. Filing ↗machine: span 483286–483522
27Section 08, Kevin J. HuntDEF 14A2026-03-270001441236-26-000018Section “Director Compensation”. As printed: 173,373. Filing ↗machine: span 481950–482186
28Section 08, Arsen S. KitchDEF 14A2026-03-270001441236-26-000018Section “Director Compensation”. As printed: 0. Filing ↗
29Section 06, 2026 voteForm 8-K2026-05-120001441236-26-000028Item 5.07 · say-on-pay result. As reported: 84.66% (votes for as printed: 10,189,046). Filing ↗
30Section 06, 2025 voteForm 8-K2025-05-120001193125-25-117819Item 5.07 · say-on-pay result. As reported: 89.15% (votes for as printed: 10,022,022). Filing ↗
31Section 06, 2023 voteForm 8-K2023-05-150001193125-23-144622Item 5.07 · say-on-pay result. As reported: 95.9% (votes for as printed: 14,207,416). Filing ↗
32Section 01 trend, Δ column (computed)Computed——Δ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
33Section 03b vehicle mix (computed)Computed——RSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio
34Section 09b board cost (computed)Computed——Cash 961,786 + equity 1,028,304 + all other 0 = 1,990,090, summed across the director compensation table rows.machine: formula: Σ = 1,990,090
35AptarGroup Inc., Section 10b CEO totalDEF 14A2026-03-270001104659-26-035722CEO total compensation as printed in AptarGroup Inc.'s own proxy. As printed: 10,226,911. Filing ↗machine: t187 · r9 · c18 · span 1230224–1230234
36Innospec Inc., Section 10b CEO totalDEF 14A2026-03-260001174947-26-000427CEO total compensation as printed in Innospec Inc.'s own proxy. As printed: 8,252,747. Filing ↗machine: r4 · c9 · span 1939600–1939609
37Kaiser Aluminum Corporation, Section 10b CEO totalDEF 14A2026-04-280001193125-26-187425CEO total compensation as printed in Kaiser Aluminum Corporation's own proxy. As printed: 7,914,836. Filing ↗machine: span 2164997–2165006
38Sylvamo Corporation, Section 10b CEO totalDEF 14A2026-04-020001193125-26-138839CEO total compensation as printed in Sylvamo Corporation's own proxy. As printed: 7,685,872. Filing ↗machine: t164 · r4 · c39 · span 693457–693466
39Koppers Holdings Inc., Section 10b CEO totalDEF 14A2026-03-270001315257-26-000026CEO total compensation as printed in Koppers Holdings Inc.'s own proxy. As printed: 6,358,244. Filing ↗
40AdvanSix Inc., Section 10b CEO totalDEF 14A2026-04-290001673985-26-000022CEO total compensation as printed in AdvanSix Inc.'s own proxy. As printed: 5,647,438. Filing ↗machine: span 646055–646064
41Clearwater Paper (subject), Section 10b CEO totalDEF 14A2026-03-270001441236-26-000018CEO total compensation as printed in Clearwater Paper's own proxy. As printed: 5,201,341. Filing ↗
42Myers Industries Inc., Section 10b CEO totalDEF 14A2026-03-130001193125-26-106082CEO total compensation as printed in Myers Industries Inc.'s own proxy. As printed: 3,889,228. Filing ↗machine: span 1853194–1853203
43Mativ Holdings Inc., Section 10b CEO totalDEF 14A2026-03-170001000623-26-000021CEO total compensation as printed in Mativ Holdings Inc.'s own proxy. As printed: 3,256,333. Filing ↗machine: r5 · c36 · span 615186–615195
44Section 10a, Kaiser Aluminum Corporation reciprocityDEF 14A—0001193125-26-187425Kaiser Aluminum Corporation names Clearwater Paper in its own disclosed peer group (read from its most recent proxy). Filing ↗
45Section 10a, Myers Industries Inc. reciprocityDEF 14A—0001193125-26-106082Myers Industries Inc.'s most recent proxy was read; its disclosed peer group does not include Clearwater Paper. Filing ↗
46Section 10a, AptarGroup Inc. reciprocityDEF 14A—0001104659-26-035722AptarGroup Inc.'s most recent proxy was read; its disclosed peer group does not include Clearwater Paper. Filing ↗
47Section 10a, Sylvamo Corporation reciprocityDEF 14A—0001193125-26-138839Sylvamo Corporation names Clearwater Paper in its own disclosed peer group (read from its most recent proxy). Filing ↗
48Section 10a, AdvanSix Inc. reciprocityDEF 14A—0001673985-26-000022AdvanSix Inc.'s most recent proxy was read; its disclosed peer group does not include Clearwater Paper. Filing ↗
49Section 10a, Koppers Holdings Inc. reciprocityDEF 14A—0001315257-26-000026Koppers Holdings Inc.'s most recent proxy was read; its disclosed peer group does not include Clearwater Paper. Filing ↗
50Section 10a, Innospec Inc. reciprocityDEF 14A—0001174947-26-000427Innospec Inc.'s most recent proxy was read; its disclosed peer group does not include Clearwater Paper. Filing ↗
51Section 10a, Mativ Holdings Inc. reciprocityDEF 14A—0001000623-26-000021Mativ Holdings Inc. names Clearwater Paper in its own disclosed peer group (read from its most recent proxy). Filing ↗

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