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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0001157523-09-007360.txt : 20091028
<SEC-HEADER>0001157523-09-007360.hdr.sgml : 20091028
<ACCEPTANCE-DATETIME>20091028170017
ACCESSION NUMBER:		0001157523-09-007360
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20091022
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
FILED AS OF DATE:		20091028
DATE AS OF CHANGE:		20091028

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Clearfield, Inc.
		CENTRAL INDEX KEY:			0000796505
		STANDARD INDUSTRIAL CLASSIFICATION:	TELEPHONE & TELEGRAPH APPARATUS [3661]
		IRS NUMBER:				411347235
		STATE OF INCORPORATION:			MN
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-16106
		FILM NUMBER:		091142281

	BUSINESS ADDRESS:	
		STREET 1:		5480 NATHAN LANE NORTH
		STREET 2:		SUITE 120
		CITY:			PLYMOUTH
		STATE:			MN
		ZIP:			55442
		BUSINESS PHONE:		763-476-6866

	MAIL ADDRESS:	
		STREET 1:		5480 NATHAN LANE NORTH
		STREET 2:		SUITE 120
		CITY:			PLYMOUTH
		STATE:			MN
		ZIP:			55442

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	APA Enterprises, Inc.
		DATE OF NAME CHANGE:	20041116

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	APA OPTICS INC /MN/
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>a6084511.htm
<DESCRIPTION>CLEARFIELD, INC. 8-K
<TEXT>
<html>
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    <title></title>
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    <p style="text-align: center">
      <font style="font-size: 14pt; font-family: Times New Roman"><b>UNITED
      STATES</b></font><font style="font-size: 14pt"><br style="font-size: 14pt"></font><font style="font-size: 14pt; font-family: Times New Roman"><b>SECURITIES
      AND EXCHANGE COMMISSION</b></font><br><br><font style="font-size: 10pt; font-family: Times New Roman"><b>Washington,
      D.C. 20549</b></font><br><br><font style="font-size: 16pt; font-family: Times New Roman"><b>Form
      8-K</b></font><br><br><font style="font-size: 12pt; font-family: Times New Roman"><b>CURRENT
      REPORT</b></font><font style="font-size: 12pt"><br style="font-size: 12pt"></font>
    </p>
    <p style="text-align: center">
      <font style="font-size: 12pt; font-family: Times New Roman"><b>Pursuant
      to Section 13 or 15(d) of the</b></font><font style="font-size: 12pt"><br style="font-size: 12pt"></font><font style="font-size: 12pt; font-family: Times New Roman"><b>Securities
      Exchange Act of 1934</b></font><br><br><font style="font-size: 10pt; font-family: Times New Roman"><b>Date
      of Report: October 22, 2009</b></font><font style="font-size: 10pt; font-family: Times New Roman"><br style="font-size: 10pt; font-family: Times New Roman"></font>(Date
      of earliest event reported)<br><br><font style="font-size: 14pt"><b>CLEARFIELD,
      INC.</b></font><br><font style="font-size: 9pt; font-family: Times New Roman">(Exact
      Name of Registrant as Specified in Charter)</font><font style="font-size: 9pt"><br style="font-size: 9pt"></font><br><b>Minnesota</b><br>(State
      or Other Jurisdiction of Incorporation)<br><br>
    </p>
    <div style="text-align:center">
    <table cellspacing="0" style="width: 100%; margin-left:auto;margin-right:auto; font-size: 10pt; font-family: Times New Roman; margin-bottom: 10.0px">
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          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>0-16106</b>
          </p>
        </td>
        <td valign="bottom" style="padding-right: 0.0px; width: 50%; text-align: center; white-space: nowrap; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>41-1347235</b>
          </p>
        </td>
      </tr>
      <tr>
        <td valign="top" style="width: 50%; text-align: center; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (Commission File No.)
          </p>
        </td>
        <td valign="top" style="width: 50%; text-align: center; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (IRS Employer Identification No.)
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center">
      <br>
      <b>5480 Nathan Lane North, Suite 120, Plymouth, MN 55442</b><br>(Address
      of Principal Executive Offices)(Zip Code)<br><br><br><b>(763) 476-6866</b><font style="font-size: 10pt; font-family: Times New Roman"><br style="font-size: 10pt; font-family: Times New Roman"></font>(Registrant&#8217;s
      Telephone Number, Including Area Code)<br><br><br><b>Not Applicable</b><br><font style="font-size: 10pt; font-family: Times New Roman">(Former
      Name or Former Address, if Changed Since Last Report)</font><br>
    </p>
    <p style="text-align: center">

    </p>
    <p>
      <font style="font-size: 10pt; font-family: Times New Roman">Check the
      appropriate box below if the Form 8-K filing is intended to
      simultaneously satisfy the filing obligation of the registrant under any
      of the following provisions:</font>
    </p>
    <p style="text-align: left">
      <font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">Written
      communications pursuant to Rule 425 under the Securities Act (17 CFR
      230.425)</font>
    </p>
    <p style="text-align: left">
      <font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">Soliciting
      material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)</font>
    </p>
    <p style="text-align: left">
      <font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">Pre-commencement
      communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
      240.14d-2(b))</font>
    </p>
    <p style="text-align: left">
      <font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">Pre-commencement
      communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
      240.13e-4(c))</font>
    </p>
    <p style="text-align: left">

    </p>
    <hr style="width: 100%; text-align: center; color: #000000; height: 3.0 pt">
    <hr style="width: 100%; text-align: center; color: #000000; height: 1.0 pt">


    <p style="text-align: left">

    </p>
    <div style="width: 100%; margin-right: 0pt; margin-left: 0pt; text-indent: 0pt; margin-bottom: 10pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>

    </p>
    <p style="text-align: justify">
      Items under Sections 1 though 4 and 6 through 9 are not applicable and
      therefore omitted.
    </p>
    <p>

    </p>
    <div style="text-align:left">
    <table cellspacing="0" style="width: 100%; font-size: 10pt; font-family: Times New Roman; margin-bottom: 10.0px">
      <tr>
        <td valign="top" style="width: 9%; text-align: left; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Item 5.02</b>
          </p>
        </td>
        <td valign="top" style="width: 2%; text-align: left; padding-left: 0.0px">
          &#160;
        </td>
        <td valign="top" style="width: 89%; text-align: left; padding-left: 0.0px">
          Departure Of Directors Or Certain Officers; Election Of Directors;
          Appointment Of Certain Officers; Compensatory Arrangements Of
          Certain Officers.
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <p>
      <b>FY 2010 Cash Bonus Program</b>
    </p>
    <p style="text-align: justify">
      On October 22, 2009, the Compensation Committee (the &#8220;Committee&#8221;) of the
      Board of Directors of Clearfield, Inc. (the &#8220;Company&#8221;) recommended, and
      the Board of Directors adopted, the 2010 cash bonus program (the
      &#8220;Program&#8221;) and the performance goals under the Program for certain
      Company employees.&#160;&#160;Among the employees participating in the Program are
      the Company&#8217;s current executive officers (the &#8220;Executives&#8221;): Cheryl P.
      Beranek, Chief Executive Officer; Johnny Hill, Executive Vice President
      and Chief Operating Officer; and Bruce G. Blackey, Chief Financial
      Officer.&#160;&#160;The Committee retains the discretion to modify the terms of
      the Program and to grant cash bonuses or other compensation to the
      Executives outside the Program.
    </p>
    <p style="text-align: justify">
      The performance goal under the Program relates to the Company&#8217;s
      achievement as of the end of fiscal year 2010 of net income from
      continuing operations, excluding taxes, interest income or expense,
      income, gain or loss from the rental of the Company&#8217;s Aberdeen, South
      Dakota property and any bonus amounts (&#8220;ICO&#8221;).&#160;&#160;The Committee also
      established minimum, target and maximum performance goals relating to
      ICO.
    </p>
    <p style="text-align: justify">
      The cash bonus amount relating to ICO for fiscal year 2010 will be
      adjusted if the Company&#8217;s financial performance either exceeds or is
      less than the target level.&#160;&#160;Further, the minimum amounts relating ICO
      must be met prior to any payout under the Program.&#160;&#160;Payouts of the cash
      bonus will be made following the Committee&#8217;s determinations at the end
      of the fiscal year to those Executives who continue to be employed as of
      the end of the fiscal year.
    </p>
    <p style="text-align: justify">
      The following table shows the bonus that may be earned under the Program
      by the Executives as a percentage of each of their respective fiscal
      year 2010 annual base salaries at the target and maximum level of the
      Company&#8217;s achievement of ICO for fiscal year 2010.
    </p>
    <p>

    </p>
    <div style="text-align:left">
    <table cellspacing="0" style="width: 70%; font-size: 10pt; font-family: Times New Roman; margin-bottom: 10.0px">
      <tr>
        <td style="width: 20%">
          &#160;
        </td>
        <td style="width: 40%">

        </td>
        <td valign="top" colspan="2" style="text-align: center; padding-left: 0.0px">
          2010 Cash Bonus Program
        </td>
      </tr>
      <tr>
        <td style="width: 20%">

        </td>
        <td valign="bottom" style="width: 40%; text-align: left; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u>Name of Executive</u>
          </p>
        </td>
        <td valign="top" style="width: 20%; text-align: center; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            % of Salary<br>For FY 2010<br><u>Target ICO</u>
          </p>
        </td>
        <td valign="top" style="width: 20%; text-align: center; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            % of Salary<br>For FY 2010<br><u>Maximum ICO</u>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 20%">

        </td>
        <td valign="top" style="width: 40%; text-align: left; padding-left: 0.0px">
          Cheryl P. Beranek
        </td>
        <td valign="top" style="padding-right: 0.0px; width: 20%; text-align: center; white-space: nowrap; padding-left: 0.0px">
          60%
        </td>
        <td valign="top" style="padding-right: 0.0px; width: 20%; text-align: center; white-space: nowrap; padding-left: 0.0px">
          150%
        </td>
      </tr>
      <tr>
        <td style="width: 20%">

        </td>
        <td valign="top" style="width: 40%; text-align: left; padding-left: 0.0px">
          Johnny Hill
        </td>
        <td valign="top" style="padding-right: 0.0px; width: 20%; text-align: center; white-space: nowrap; padding-left: 0.0px">
          60%
        </td>
        <td valign="top" style="padding-right: 0.0px; width: 20%; text-align: center; white-space: nowrap; padding-left: 0.0px">
          150%
        </td>
      </tr>
      <tr>
        <td style="width: 20%">

        </td>
        <td valign="top" style="width: 40%; text-align: left; padding-left: 0.0px">
          Bruce G. Blackey
        </td>
        <td valign="top" style="padding-right: 0.0px; width: 20%; text-align: center; white-space: nowrap; padding-left: 0.0px">
          40%
        </td>
        <td valign="top" style="padding-right: 0.0px; width: 20%; text-align: center; white-space: nowrap; padding-left: 0.0px">
          75%
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <p>
      <b>FY 2010 Base Salaries</b>
    </p>
    <p style="font-size: 10pt; text-indent: 30.0px">
      On October 22, 2009, the Committee recommended and the Board of
      Directors approved fiscal year 2010 base salaries for the Executives as
      follows: Ms. Beranek, $250,000; Mr. Hill, $200,000; and Mr. Blackey,
      $145,600.
    </p>
    <div style="width: 100%; margin-right: 0pt; margin-left: 0pt; text-indent: 0pt; margin-bottom: 10pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p style="text-align: left">

    </p>
    <p>
      <b>Director Fees</b>
    </p>
    <p style="text-align: justify; text-indent: 30.0px">
      On October 22, 2009, the Board of Directors determined that each
      non-employee director elected or re-elected at the 2010 Annual Meeting
      would receive a retainer of $10,000 payable at the end of the 2010 and
      an option to purchase 1,000 shares of the Company&#8217;s common stock vesting
      on the one year anniversary of the date of grant and with a term of 6
      years, with an exercise price equal to the &#8220;Fair Market Value&#8221; of one
      share of as determined under the Company&#8217;s 2007 Stock Option Plan, as
      amended, on the date of grant.&#160;&#160;The option will be granted the first
      business day following the date of the 2010 Annual Meeting.&#160;&#160;In
      addition, the chair of the Audit Committee will also receive an
      additional retainer of $2,500 for fiscal year 2010.&#160;&#160;The changes in
      director compensation for fiscal year 2010 were recommended by the
      Compensation Committee.
    </p>
    <p>

    </p>
    <p>
      <b>2009 Cash Bonus Program Payouts</b>
    </p>
    <p style="text-align: justify; text-indent: 30.0px">
      On October 22, 2009, the Committee recommended and the Board of
      Directors approved payouts to the Executives under the cash bonus
      program for fiscal year 2009 that was adopted on November 10, 2008 (the
      &#8220;2009 Bonus Program&#8221;).&#160;&#160;The performance goal under the 2009 Bonus
      Program for the Executives consisted of the Company&#8217;s ICO fiscal year
      2009.&#160;&#160;The Company&#8217;s ICO for fiscal year 2009 met the minimum amount set
      by the Committee, but was less than the target amount.&#160;&#160;Therefore, under
      the 2009 Bonus Program, Ms. Beranek earned $130,000 and Mr. Blackey
      earned $58,240.&#160;&#160;The Committee exercised its discretion, upon the
      recommendation of Ms. Beranek, to increase Mr. Hill&#8217;s bonus amount under
      the 2009 Bonus Plan from $68,000 to $102,000.&#160;&#160;The Committee also
      exercised its discretion to award an additional bonus to Ms. Beranek,
      Mr. Hill and Mr. Blackey by $4,830, $3,734 and $3,182, respectively,
      which represents their pro rata portion of the bonus pool remaining
      after all amounts paid.
    </p>
    <p style="text-align: left">
      <br>
      <br>
      <br>
      <br>

    </p>
    <p style="text-align: center">
      <font style="font-size: 10pt; font-family: Times New Roman"><b>SIGNATURES</b></font>
    </p>
    <p>
      <font style="font-size: 10pt; font-family: Times New Roman">Pursuant to
      the requirements of the Securities Exchange Act of 1934, the Registrant
      has duly caused this report to be signed on its behalf by the
      undersigned hereunto duly authorized.</font>
    </p>
    <div style="text-align:center">
    <table cellspacing="0" style="width: 100%; margin-left:auto;margin-right:auto; font-size: 10pt; font-family: Times New Roman; margin-bottom: 10.0px">
      <tr>
        <td style="width: 6%">

        </td>
        <td style="width: 20%">

        </td>
        <td style="width: 25%">
          &#160;
        </td>
        <td style="width: 4%">

        </td>
        <td valign="top" style="width: 45%; text-align: left; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            CLEARFIELD, INC.
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 6%">

        </td>
        <td style="width: 20%">

        </td>
        <td style="width: 25%">

        </td>
        <td style="width: 4%">

        </td>
        <td style="width: 45%">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="width: 6%; text-align: left; padding-bottom: 2.0px; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Dated:
          </p>
        </td>
        <td valign="top" style="width: 20%; text-align: left; padding-bottom: 2.0px; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            October 28, 2009
          </p>
        </td>
        <td style="width: 25%">

        </td>
        <td valign="top" style="width: 4%; text-align: left; padding-bottom: 2.0px; padding-left: 0.0px">
          By:
        </td>
        <td valign="top" style="width: 45%; text-align: left; padding-left: 0.0px; border-bottom: solid black 1.0pt">
          <p style="margin-top: 0px; margin-bottom: 0px">
            /s/ Cheryl Beranek
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 6%">

        </td>
        <td style="width: 20%">

        </td>
        <td style="width: 25%">

        </td>
        <td style="width: 4%">

        </td>
        <td valign="top" style="width: 45%; text-align: left; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Cheryl Beranek, Chief Executive Officer
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
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