<SEC-DOCUMENT>0001171843-16-013364.txt : 20161123
<SEC-HEADER>0001171843-16-013364.hdr.sgml : 20161123
<ACCEPTANCE-DATETIME>20161123163424
ACCESSION NUMBER:		0001171843-16-013364
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20161117
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
FILED AS OF DATE:		20161123
DATE AS OF CHANGE:		20161123

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:		162017017

	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>
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<TYPE>8-K
<SEQUENCE>1
<FILENAME>f8k_112316.htm
<DESCRIPTION>FORM 8-K
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<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0"><B>UNITED STATES</B></P>

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

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

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

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

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

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

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

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

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>Date of Report: November 17, 2016</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">&nbsp;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR>
    <TD STYLE="vertical-align: top; width: 50%; text-align: center"><FONT STYLE="font-size: 10pt"><B>0-16106</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; text-align: center"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 49%; text-align: center"><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: bottom; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</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">&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">&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">&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">&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">&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>
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>
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>
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>
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: center; margin: 0pt 0">&nbsp;</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 55pt; text-align: left"><B>Item 5.02</B></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: left"><B>Departure Of Directors Or Certain Officers; Election Of Directors; Appointment
Of Certain Officers; Compensatory Arrangements Of Certain Officers.</B></TD>
</TR></TABLE>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>FY 2017 Base Salaries and FY 2017 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 17, 2016, 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 Beranek, Chief Executive Officer, $322,317; Mr. John Hill, Chief Operating Officer, $322,317;
and Mr. Daniel Herzog, Chief Financial Officer, $200,193. 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 17, 2016 the Board of Directors of the Company adopted
the fiscal year 2017 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 and gross profit percentage for fiscal year 2017,
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. Any payout under the Program in respect of the gross profit percentage goal requires a minimum revenue target be achieved
in order for an additional higher bonus rate to be earned.</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">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 2017 revenue and gross profit 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="vertical-align: bottom; text-align: left; text-decoration: underline"><FONT STYLE="font-size: 10pt"><B><U>Executive Officer and Title</U></B></FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: top; text-align: center"><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></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 28%; text-align: center"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 24%; text-align: center; text-decoration: underline"><FONT STYLE="font-size: 10pt"><B><U>Minimum Goal Achieved</U></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 24%; text-align: center; 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 STYLE="vertical-align: bottom; width: 24%; text-align: center; text-decoration: underline"><FONT STYLE="font-size: 10pt"><B><U>Maximum Goal Achieved</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0">Cheryl 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">&nbsp;</P></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">30%</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">100%</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">150%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0">John 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">&nbsp;</P></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">30%</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">100%</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">150%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0">Daniel 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">&nbsp;</P></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">10%</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">36%</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">50%</FONT></TD></TR>
</TABLE>
<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 of the performance goals, 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">The Committee will determine fiscal year 2017 revenue and gross
profit achievement following the end of fiscal year 2017 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"></P>

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<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>Director Restricted Stock Awards and Retainers</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 17, 2016, 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 2017
Annual Meeting of Shareholders. The restricted stock award will be granted on the day after the 2017 Annual Meeting and have a
value of $12,500 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 2018 Annual Meeting of Shareholders. On the
same day, the Board of Directors approved, based on the recommendation of the Compensation Committee, the annual cash retainer
to be paid to each non-employee director. The annual cash retainer is in the amount of $12,500. Also on the same day, the Board
of Directors approved, based on the recommendation of the Compensation Committee, the annual cash retainer to be paid to the Audit
Committee Chair be set at $3,125.</P>

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

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

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&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">&nbsp;</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 STYLE="vertical-align: top">
    <TD STYLE="width: 42%; 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: 55%; text-align: center"><FONT STYLE="font-size: 10pt">CLEARFIELD, INC.</FONT></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></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 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">/s/ Cheryl Beranek </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Dated: November 23, 2016</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Cheryl 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">&nbsp;</P>



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