Clearfield, Inc. — Director's Dealing 2015

May 18, 2015

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Clearfield, Inc. (CLFD)
CIK: 0000796505
Period of Report: 2015-05-15

Reporting Person: Hill John P (Chief Operating Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2015-05-15	Common Stock	S	10000	$13.08	Disposed	199069	Direct

Footnotes

F1: Shares sold in accordance with 10b5-1 rule plan for tax purposes as a result of exercising options in April 2014.

F2: The price in column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $12.99 to $13.46.