Clearfield, Inc. Insider Trading Activity

Clearfield, Inc. (CLFD) reported insider activity by its Chief Financial Officer on a Form 4.

Rhea-AI Filing Summary

Clearfield, Inc. (CLFD) reported insider activity by its Chief Financial Officer on a Form 4. On 11/16/2025, the officer reported three transactions in Clearfield common stock coded as tax-related events tied to restricted stock vesting. The transactions involved 510, 973, and 825 shares of common stock at a price of $30.72 per share, as shown in the table.

According to the filing notes, these transactions reflect payment of taxes by withholding shares upon vesting of restricted stock granted on February 24, 2023, November 16, 2023, and November 26, 2024. Following the reported activity, the officer directly beneficially owned 66,233 shares of Clearfield common stock.

Insider Trade Summary

Exercise Price or Tax Liability: 2,308 shares

Exercise Price or Tax Liability 3 txns

Insider HERZOG DANIEL R

Role Chief Financial Officer

Type	Security	Shares	Price	Value
Exercise Price or Tax Liability	Common Stock	510	$30.72	$16K
Exercise Price or Tax Liability	Common Stock	973	$30.72	$30K
Exercise Price or Tax Liability	Common Stock	825	$30.72	$25K

Holdings After Transaction: Common Stock — 66,233 shares (Direct)

Footnotes (3)

1. F1. Payment of taxes by withholding shares on vesting the last 33% of restricted stock that was granted on February 24, 2023.
2. F2. Payment of taxes by withholding shares on vesting the second 33% of restricted stock that was granted on November 16, 2023.
3. F3. Payment of taxes by withholding shares on vesting the first 33% of restricted stock that was granted on November 26, 2024

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Accepted by SEC EDGAR 11/19/2025 - 02:22 PM EST Learn about SEC filing dates

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)
11/16/2025

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	11/16/2025		F(1)		510	D	$30.72	68,031	D
Common Stock	11/16/2025		F(2)		973	A	$30.72	67,058	D
Common Stock	11/16/2025		F(3)		825	A	$30.72	66,233	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. Payment of taxes by withholding shares on vesting the last 33% of restricted stock that was granted on February 24, 2023.

2. Payment of taxes by withholding shares on vesting the second 33% of restricted stock that was granted on November 16, 2023.

3. Payment of taxes by withholding shares on vesting the first 33% of restricted stock that was granted on November 26, 2024

	Darrell Hammond by Power of Attorney for Daniel Herzog	11/19/2025
	** 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.