Clearfield, Inc. — Director's Dealing 2008

Nov 5, 2008

SEC Form 3 — Initial Statement of Beneficial Ownership

Issuer: Clearfield, Inc. (CLFD)
CIK: 0000796505
Period of Report: 2008-10-30

Reporting Person: Hill John P (Chief Operating Officer)

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	10000	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Options to Purchase Common Shares	$1.34	2011-05-13	Common shares (10000)		Direct
Options to Purchase Common Shares	$1.09	2013-11-19	Common Shares (42000)		Direct
Option to Purchase Common Shares	$1.03	2016-10-30	Common Shares (102000)		Direct

Footnotes

F1: The stock options were issued under the 1997 Cleafield Stock Option Plan (formerly known as the APA Stock Option Plan), as amended. Pursuant to their terms options become exercisable at the rate of 28 % for 2007, 20% for 2008, 24% for 2009 and 28% for 2010. All exercisable dates are as of May 13.

F2: The stock options were issued under the 2007 Clearfield Stock Option Plan (formerly known as the APA Enterprises Stock Compensation Plan). Pursuant to their terms options become exercisable at the rate of 20% per year commencing on November 8, 2008.

F3: The stock options were issued under the 2007 Clearfield Stock Option Plan, as amended. Pursuant to their terms options become exercisable at the rate of 33% per year commeincing on October 10, 2009.