[Form 4] Clearfield, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Clearfield, Inc. (CLFD) reported insider equity activity for its Chief Financial Officer, Daniel Herzog, on 11/20/2025. The filing shows the vesting of performance-based awards and related tax withholding.

Herzog acquired 2,696 shares of common stock at $0 per share upon vesting of performance stock units and 5,394 shares of restricted stock at $0 per share from the same performance awards. The restricted stock is scheduled to vest in two equal installments on November 16, 2026 and November 16, 2027.

To cover taxes on the vesting of one-third of the performance stock units, 824 shares of common stock were withheld at a price of $28.22 per share. After these transactions, Herzog beneficially owned 73,499 shares of common stock and 74,323 shares of restricted stock, all held directly.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

HERZOG DANIEL R

(Last) (First) (Middle)

7050 WINNETKA AVE. N.

SUITE 100

(Street)

BROOKLYN PARK MN 55428

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Clearfield, Inc. [ CLFD ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Financial Officer

3. Date of Earliest Transaction (Month/Day/Year)
11/20/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock(1)	11/20/2025		A		2,696	A	$0	68,929	D
Restricted Stock(2)	11/20/2025		A		5,394	A	$0	74,323	D
Common Stock	11/20/2025		F(3)		824	D	$28.22	73,499	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

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

2. 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.

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

	Darrell Hammond by Power of Attorney for Daniel Herzog	11/24/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What insider transaction did Clearfield (CLFD) report for its CFO?

The CFO, Daniel Herzog, reported equity award vesting on 11/20/2025, including common and restricted stock from performance stock units and related tax share withholding.

How many Clearfield (CLFD) common shares did the CFO acquire and at what price?

Herzog acquired 2,696 shares of common stock at $0 per share upon the vesting of performance stock units.

What restricted stock awards did the Clearfield CFO receive and when do they vest?

He received 5,394 shares of restricted stock at $0 per share. These restricted shares vest in two equal halves on November 16, 2026 and November 16, 2027.

How many Clearfield shares were withheld for taxes in this Form 4 filing?

To pay taxes on the vesting of one-third of the performance stock units, 824 shares of common stock were withheld at a price of $28.22 per share.

What is the Clearfield CFO’s reported beneficial ownership after these transactions?

Following the reported transactions, Daniel Herzog beneficially owned 73,499 shares of common stock and 74,323 shares of restricted stock, all held directly.

What is Daniel Herzog’s role at Clearfield (CLFD) according to this filing?

The filing lists Daniel Herzog as an officer of Clearfield, Inc., serving as the company’s Chief Financial Officer.