Clearfield, Inc. — Director's Dealing 2025

Nov 25, 2025

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Clearfield, Inc. (CLFD)
CIK: 0000796505
Period of Report: 2025-11-20

Reporting Person: HERZOG DANIEL R (Chief Financial Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2025-11-20	Common Stock	A	2696	—	Acquired	68929	Direct
2025-11-20	Restricted Stock	A	5394	—	Acquired	74323	Direct
2025-11-20	Common Stock	F	824	$28.22	Disposed	73499	Direct

Footnotes

F1: Represents the number of shares of common stock issued upon the vesting of performance stock units.

F2: Represents the number of shares of restricted stock issued upon the vesting of performance stock units. The restricted stock vests as to one-half of the shares on November 16, 2026 and November 16, 2027.

F3: Payment of taxes by withholding shares on the vesting of one-third of performance stock units.