[Form 4] Clearfield, Inc. Insider Trading Activity

Rhea-AI Filing Summary

John P. Hill, Chief Operating Officer and director of Clearfield, Inc. (CLFD), reported option exercises and subsequent share dispositions on 09/18/2025. He exercised 17,776 options with an exercise price of $23.74 and 24,000 options with an exercise price of $12.43, increasing beneficial ownership to 180,520 shares at one point. He also disposed of 14,000 shares and 13,395 shares by sale at $34.21 per share, leaving a reported beneficial ownership of 167,125 shares. The filings note the exercises occurred because the options were approaching expiration dates in November 2025. The Form 4 was signed by power of attorney on 09/22/2025.

Positive

• Options exercised before expiration (17,776 at $23.74 and 24,000 at $12.43), demonstrating conversion of vested compensation into equity
• Transparent reporting of exercise, sale prices, and resulting beneficial ownership with explanatory notes on vesting
• Retained substantial ownership after transactions: 167,125 shares reported beneficially owned

Negative

• Insider sold shares (14,000 and 13,395) at $34.21, reducing total holdings
• Exercise and sale activity concentrated on a single day (09/18/2025), which could momentarily increase share supply

Insights

Securities Analyst

TL;DR: Routine option exercises and partial sales; modest change in insider holdings, not an unusual disclosure.

The filing shows the COO exercised vested employee stock options (17,776 at $23.74 and 24,000 at $12.43) as they neared expiration, then sold a portion of the resulting shares (14,000 and 13,395) at $34.21. Net reported beneficial ownership remains substantial at 167,125 shares. This pattern—exercising to capture vested value and selling some shares—is common when options near expiry and does not by itself indicate a change in company fundamentals.

Corporate Governance Expert

TL;DR: Disclosure is timely and conforms to Section 16 reporting for option exercises and sales.

The Form 4 documents option vesting schedules and exercises tied to upcoming expirations, with explanatory notes clarifying vesting tranches. The use of a power of attorney signature is disclosed. Transactions are itemized with exercise prices, sale prices, and post-transaction ownership counts, providing transparency for shareholders and regulators.

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

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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^*

Hill John P

(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 Operating Officer

3. Date of Earliest Transaction (Month/Day/Year)
09/18/2025

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	09/18/2025		M(1)		17,776	A	$23.74	170,520	D
Common Stock	09/18/2025		F		14,000	D	$34.21	156,520	D
Common Stock	09/18/2025		M(2)		24,000	A	$12.43	180,520	D
Common Stock	09/18/2025		F		13,395	D	$34.21	167,125	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
Employee Stock Option (Right to buy)	$23.74	09/18/2025		M		17,776		(3)	11/16/2025	Common Stock	17,776	$0	32,797	D
Employee Stock Option (Right to buy)	$12.43	09/18/2025		M		24,000		(4)	11/13/2025	Common Stock	24,000	$0	8,797	D

Explanation of Responses:

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

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

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

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

	Lucia Madan by Power of Attorney for John P. Hill	09/22/2025
	** 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.
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FAQ

Who filed the Form 4 for Clearfield, Inc. (CLFD)?

The filing reports transactions by John P. Hill, Chief Operating Officer and director; the form was signed by Lucia Madan by power of attorney on 09/22/2025.

What option exercises are reported on the Form 4 for CLFD?

The report shows exercises of 17,776 options at an exercise price of $23.74 and 24,000 options at an exercise price of $12.43, both on 09/18/2025.

How many shares were sold and at what price according to the Form 4?

Two dispositions are reported: sale of 14,000 shares and sale of 13,395 shares, each at $34.21 per share on 09/18/2025.

What was the reported beneficial ownership after these transactions?

The Form 4 reports a final beneficial ownership of 167,125 shares following the listed transactions.

Why were the options exercised according to the filing?

The explanatory notes state the options were exercised because they were set to expire on November 13 and November 16, 2025.