Spokane-based Clearwater Paper Corp. has entered into a one-year employment agreement with Arsen Kitch, who will continue his role as the company's president and CEO, a Securities and Exchange Commission filing states.

Under the new employment agreement, which went into effect April 1 and supersedes a prior agreement from 2020, Kitch will be paid an annual base salary of $1 million—the same as his prior salary.

Kitch will also be eligible for an annual bonus and long-term incentive awards.

The agreement automatically extends for additional one-year terms, unless Clearwater Paper or Kitch decide to not extend the agreement, the filing says.

Kitch will continue to serve as a member of Clearwater Paper’s board of directors and will be nominated for re-election during the term of the agreement.

Kitch took over as president and CEO of Clearwater Paper in 2020, replacing Linda Massman, who retired that year.

Clearwater Paper, a paperboard manufacturer, is headquartered in the Bank of America Financial Center, at 601 W. Riverside in downtown Spokane.

The company sold its tissue production business for $1.06 billion last year to Sofidel America Corp., a subsidiary of Italian company Sofidel S.p.A., to focus on its paperboard segment. 

Clearwater Paper (NYSE: CLW) stock traded at $25.05 per share at the close of the market on April 9, up from its 52-week low of $22.58, and down from its 52-week high of $57.13.