<SEC-DOCUMENT>0001171843-15-006504.txt : 20151123
<SEC-HEADER>0001171843-15-006504.hdr.sgml : 20151123
<ACCEPTANCE-DATETIME>20151123125947
ACCESSION NUMBER:		0001171843-15-006504
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20151119
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
FILED AS OF DATE:		20151123
DATE AS OF CHANGE:		20151123

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:		151249084

	BUSINESS ADDRESS:	
		STREET 1:		7050 WINNETKA AVE. N.
		STREET 2:		SUITE 100
		CITY:			BROOKLYN PARK
		STATE:			MN
		ZIP:			55428
		BUSINESS PHONE:		763-476-6866

	MAIL ADDRESS:	
		STREET 1:		7050 WINNETKA AVE. N.
		STREET 2:		SUITE 100
		CITY:			BROOKLYN PARK
		STATE:			MN
		ZIP:			55428

	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>gff8k_112315.htm
<DESCRIPTION>FORM 8-K
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<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><FONT STYLE="font-size: 14pt"><B>UNITED STATES</B></FONT></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><FONT STYLE="font-size: 14pt"><B>SECURITIES AND EXCHANGE COMMISSION</B></FONT></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>Washington, D.C. 20549</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><FONT STYLE="font-size: 16pt"><B>Form 8-K</B></FONT></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><FONT STYLE="font-size: 12pt"><B>CURRENT REPORT</B></FONT></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><FONT STYLE="font-size: 12pt"><B>Pursuant to Section 13 or 15(d)
of the</B><BR>
<B>Securities Exchange Act of 1934</B></FONT></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>Date of Report: November 19, 2015</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">(Date of earliest event reported)</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><FONT STYLE="font-size: 14pt"><B>CLEARFIELD, INC.</B></FONT></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">(Exact Name of Registrant as Specified in Charter)</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>Minnesota</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">(State or Other Jurisdiction of Incorporation)</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 80%; border-collapse: collapse; font-size: 10pt">
<tr>
    <TD STYLE="vertical-align: top; width: 50%; text-align: center; font-weight: bold"><font style="font-size: 10pt"><b>0-16106</b></font></td>
    <TD STYLE="vertical-align: top; width: 50%; text-align: center; font-weight: bold"><font style="font-size: 10pt"><b>41-1347235</b></font></td></tr>
<tr>
    <td style="vertical-align: top; text-align: center"><font style="font-size: 10pt">(Commission File No.)</font></td>
    <TD STYLE="vertical-align: top; text-align: center"><font style="font-size: 10pt">(IRS Employer Identification No.)</font></td></tr>
</table>
<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>7050 Winnetka Avenue North, Suite 100, Brooklyn Park, MN 55428</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">(Address of Principal Executive Offices)(Zip Code)</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>(763) 476-6866</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">(Registrant&rsquo;s Telephone Number, Including Area Code)</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>Not Applicable</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">(Former Name or Former Address, if Changed Since Last Report)</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0">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:</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: left; text-indent: -22.5pt; margin: 0pt 0 0pt 22.5pt"><FONT STYLE="font-family: Wingdings">o</FONT>
&nbsp;&nbsp;&nbsp;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</P>

<P STYLE="font-size: 10pt; text-align: left; text-indent: -22.5pt; margin: 0pt 0 0pt 22.5pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: left; text-indent: -22.5pt; margin: 0pt 0 0pt 22.5pt"><FONT STYLE="font-family: Wingdings">o</FONT>
&nbsp;&nbsp;&nbsp;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</P>

<P STYLE="font-size: 10pt; text-align: left; text-indent: -22.5pt; margin: 0pt 0 0pt 22.5pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: left; text-indent: -22.5pt; margin: 0pt 0 0pt 22.5pt"><FONT STYLE="font-family: Wingdings">o</FONT>
&nbsp;&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</P>

<P STYLE="font-size: 10pt; text-align: left; text-indent: -22.5pt; margin: 0pt 0 0pt 22.5pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: left; text-indent: -22.5pt; margin: 0pt 0 0pt 22.5pt"><FONT STYLE="font-family: Wingdings">o</FONT>
&nbsp;&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</P>

<P STYLE="font-size: 10pt; text-align: left; text-indent: -22.5pt; margin: 0pt 0 0pt 22.5pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: left; text-indent: -22.5pt; margin: 0pt 0 0pt 22.5pt"></P>

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<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"></P>

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<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">Items under Sections 1 through 4 and 6 through
9 are not applicable and therefore omitted.</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD NOWRAP STYLE="width: 6%; text-align: left"><B>Item 5.02</B></TD><TD STYLE="width: 1%"></TD><TD STYLE="text-align: left; width: 93%"><B>Departure Of Directors Or Certain Officers; Election Of Directors; <BR>
Appointment
Of Certain Officers; Compensatory Arrangements Of Certain Officers.</B></TD>
</TR></TABLE>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>FY 2016 Base Salaries and FY 2016 Cash Bonus Program</B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">On November 19, 2015, the Board of Directors of Clearfield, Inc.
(the &ldquo;Company&rdquo;) approved an increase in the annual base salaries of the Company&rsquo;s executive officers (the &ldquo;Executives&rdquo;)
to the following amounts: Ms. Cheryl P. Beranek, Chief Executive Officer, $306,969; Mr. John P. Hill, Chief Operating Officer,
$306,969; and Mr. Daniel R. Herzog, Chief Financial Officer, $190,660. The increases in annual base salaries were recommended by
the Compensation Committee.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">On November 19, 2015 the Board of Directors of the Company adopted
the fiscal year 2016 cash bonus program (the &ldquo;Program&rdquo;) for company employees, including the Executives, based upon
the recommendation of the Compensation Committee. The Compensation Committee retains the discretion to modify the terms of the
Program and to grant cash bonuses or other compensation to the Executives and other employees outside the Program.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Under the Program, the Compensation Committee determined minimum,
target and maximum performance goals relating to the Company&rsquo;s revenue for fiscal year 2016, as well as the cash bonus that
each Executive could earn as a percentage of her or his base salary at the minimum, target and maximum level. The following table
shows the cash bonus as a percentage of salary that will be earned by each of the Executives under the Program upon the Company&rsquo;s
achievement of the minimum, target and maximum fiscal year 2016 revenue goals.</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<tr>
    <TD STYLE="text-align: left; font-weight: bold; text-decoration: underline; vertical-align: bottom"><font style="font-size: 10pt"><b><u>Executive Officer and Title</u></b></font></td>
    <TD COLSPAN="5" STYLE="vertical-align: top; text-align: center; font-weight: bold"><font style="font-size: 10pt"><b>Bonus Opportunity Under Program For Revenue Goal</b></font><br>
<font style="font-size: 10pt"><b><u>As a Percentage of Base Salary</u></b></font></td>
    <TD>&nbsp;</TD></tr>
<tr>
    <TD STYLE="text-align: center; font-weight: bold"><font style="font-size: 10pt"><b>&nbsp;</b></font></td>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: center; font-weight: bold; text-decoration: underline"><FONT STYLE="font-size: 10pt"><B><U>Minimum Goal <BR> Achieved</U></B></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: center; font-weight: bold; text-decoration: underline"><FONT STYLE="font-size: 10pt"><B><U>Target Goal</U></B></FONT><BR> <FONT STYLE="font-size: 10pt"><B><U>Achieved</U></B></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: center; font-weight: bold; text-decoration: underline"><FONT STYLE="font-size: 10pt"><B><U>Maximum Goal <BR> Achieved</U></B></FONT></TD></tr>
<tr style="vertical-align: top">
    <TD STYLE="width: 34%">
        <P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0">Cheryl P. Beranek</P>
        <P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0 0pt 0.15in">Chief Executive Officer</P>
        <P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0 0pt 0.15in"></P></td>
    <TD STYLE="text-align: right; width: 14%"><font style="font-size: 10pt">30%</font></td>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 14%"><font style="font-size: 10pt">70%</font></td>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 14%"><font style="font-size: 10pt">120%</font></td>
    <TD STYLE="width: 8%">&nbsp;</TD></tr>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<tr style="vertical-align: top">
    <TD>
        <P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0">John P. Hill</P>
        <P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0 0pt 9pt">Chief Operating Officer</P>
        <P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0 0pt 0.25in"></P></td>
    <TD STYLE="text-align: right"><font style="font-size: 10pt">30%</font></td>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><font style="font-size: 10pt">70%</font></td>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><font style="font-size: 10pt">120%</font></td>
    <TD>&nbsp;</TD></tr>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<tr style="vertical-align: top">
    <TD>
        <P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0">Daniel R. Herzog</P>
        <P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0 0pt 0.15in">Chief Financial Officer</P>
        <P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0 0pt 0.15in"></P></td>
    <TD STYLE="text-align: right"><font style="font-size: 10pt">10%</font></td>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><font style="font-size: 10pt">26%</font></td>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><font style="font-size: 10pt">40%</font></td>
    <TD>&nbsp;</TD></tr>
</table>
<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Under the Program, the maximum cash bonus that may be earned by
an Executive will not exceed the maximum percentage of base salary stated above, even if the Company&rsquo;s actual performance
exceeds the maximum revenue performance goal, unless the Committee uses its discretion to modify the program and grant additional
cash bonus compensation.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">In addition, the Compensation Committee recommended and the Board
of Directors approved four equally weighted operational objectives under the Program. Under this aspect of the Program, each of
the Executives may earn an additional cash bonus, calculated as a percentage of her or his base salary, based upon achievement
in fiscal year 2016 of the four operational objectives: Ms. Beranek, 30%; Mr. Hill, 30%; and Mr. Herzog, 10%. The amounts that
may be earned for achievement of these four operational objectives are subject to the Company&rsquo;s achievement of the minimum
fiscal year 2016 revenue performance goal and to the Company&rsquo;s achievement of a minimum amount of income from continuing
operations, excluding taxes, interest income or expense, and any bonus amounts. If the Company fails to achieve both of these minimum
fiscal year 2016 performance goals, the Executives will not earn any amount in respect of the four operational objectives. The
Compensation Committee will determine achievement of the operational objectives following the end of the fiscal year.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><P STYLE="font-size: 10pt; margin: 0pt 0"></P><P STYLE="font-size: 10pt; margin: 0pt 0"></P></DIV>
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<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">The Committee will determine fiscal year 2016 revenue achievement
and achievement of the four operational objectives following the end of fiscal year 2016 and will then calculate the cash bonus
amount earned under the Program by those Executives who continue to be employed as of the end of the fiscal year.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>Director Restricted Stock Awards</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">On November 19, 2015, the Board of Directors approved, based on
the recommendation of the Compensation Committee, an award of restricted stock to each non-employee director elected at the 2016
Annual Meeting of Shareholders. The restricted stock award will be granted on the day after the 2016 Annual Meeting and have a
value of $10,000 as of the date of grant. The restricted stock award will be granted under the Company&rsquo;s 2007 Stock Compensation
Plan and vest one <FONT STYLE="color: windowtext">business </FONT>day prior to the 2017 Annual Meeting of Shareholders.</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>SIGNATURES</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0">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.</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<tr style="vertical-align: top">
    <TD STYLE="width: 50%; text-align: center"><font style="font-size: 10pt">&nbsp;</font></td>
    <TD STYLE="width: 3%; text-align: center"><font style="font-size: 10pt">&nbsp;</font></td>
    <TD STYLE="width: 32%; text-align: center"><font style="font-size: 10pt">CLEARFIELD, INC.</font></td>
    <TD STYLE="width: 15%">&nbsp;</TD></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: center"><font style="font-size: 10pt">&nbsp;</font></td>
    <TD STYLE="text-align: center"><font style="font-size: 10pt">&nbsp;</font></td>
    <TD STYLE="text-align: center"><font style="font-size: 10pt">&nbsp;</font></td>
    <TD>&nbsp;</TD></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: center"><font style="font-size: 10pt">&nbsp;</font></td>
    <TD STYLE="text-align: center"><font style="font-size: 10pt">By</font></td>
    <TD STYLE="border-bottom: Black 1.1pt solid; text-align: left"><font style="font-size: 10pt">/s/ Cheryl P. Beranek </font></td>
    <TD>&nbsp;</TD></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: left"><font style="font-size: 10pt">Dated: November 23, 2015</font></td>
    <TD STYLE="text-align: center"><font style="font-size: 10pt">&nbsp;</font></td>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Cheryl P. Beranek, Chief Executive Officer</FONT></TD></tr>
</table>
<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>



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