Clearfield, Inc. — Director's Dealing 2011

May 10, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Clearfield, Inc. (CLFD)
CIK: 0000796505
Period of Report: 2011-05-06

Reporting Person: Hill John P (Chief Operating Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-05-06	Common Stock	M	10000	$1.34	Acquired	21220	Direct
2011-05-06	Common Stock	F	2229	$6.01	Disposed	18991	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-05-06	Employee Stock Option (Right to Buy)	$1.34	M	10000	Disposed	2011-05-13	Common Stock (10000)	Direct

Footnotes

F1: This Form 4 reports the delivery to the Issuer of 2,229 shares of stock already owned by the Reporting Person to pay the exercise price for 10,000 stock options.

F2: The price of $6.01 is equal to the closing price of the Issuer's stock on the NASDAQ Global Market on the date of exercise and is used to determine the fair market value of the shares delivered to the Issuer for payment of the option exercise price.