Clearfield, Inc. — Director's Dealing 2025

Sep 22, 2025

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Clearfield, Inc. (CLFD)
CIK: 0000796505
Period of Report: 2025-09-18

Reporting Person: Hill John P (Chief Operating Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2025-09-18	Common Stock	M	17776	$23.74	Acquired	170520	Direct
2025-09-18	Common Stock	F	14000	$34.21	Disposed	156520	Direct
2025-09-18	Common Stock	M	24000	$12.43	Acquired	180520	Direct
2025-09-18	Common Stock	F	13395	$34.21	Disposed	167125	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2025-09-18	Employee Stock Option (Right to buy)	$23.74	M	17776	Acquired	2025-11-16	Common Stock (17776)	Direct
2025-09-18	Employee Stock Option (Right to buy)	$12.43	M	24000	Acquired	2025-11-13	Common Stock (24000)	Direct

Footnotes

F1: Exercised as options were set to expire on November 16, 2025.

F2: Exercised as options were set to expire on November 13, 2025.

F3: The stock option exercised vested in 1/3rd increments beginning 11/16/2021 through 11/16/2023.

F4: The stock option exercised vested in 1/5th increments beginning 11/13/2020 through 11/13/2024.