<SEC-DOCUMENT>0001171843-19-007997.txt : 20191206
<SEC-HEADER>0001171843-19-007997.hdr.sgml : 20191206
<ACCEPTANCE-DATETIME>20191206161511
ACCESSION NUMBER:		0001171843-19-007997
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20191203
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20191206
DATE AS OF CHANGE:		20191206

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:		191273286

	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>f8k_120519.htm
<DESCRIPTION>FORM 8-K
<TEXT>
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<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 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;<B>WASHINGTON, DC 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><FONT STYLE="font-size: 10pt">&nbsp;</FONT><B>PURSUANT
TO<BR>
SECTION 13 OR 15(D) OF THE<BR>
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 </B>(Date of earliest event reported)<B>: December
3, 2019</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>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>

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<TR>
    <TD STYLE="vertical-align: top; width: 50%; text-align: center"><FONT STYLE="font-size: 10pt"><B>000-16106</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; text-align: center">&nbsp;</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">&nbsp;</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: justify; margin: 0pt 0">Securities registered pursuant to Section 12(b) of the Act:</P>

<P STYLE="font-size: 10pt; text-align: justify; 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: 31%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Title of each class</B></FONT></TD>
    <TD STYLE="width: 24%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Trading Symbol</B></FONT></TD>
    <TD STYLE="width: 45%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Name of each exchange on which registered</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Common Stock, $0.01 par value</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">CLFD</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">The NASDAQ Stock Market LLC</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">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: -22.3pt; margin: 0pt 0 0pt 22.3pt"><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: -22.3pt; margin: 0pt 0 0pt 22.3pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: left; text-indent: -22.3pt; margin: 0pt 0 0pt 22.3pt"><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: -22.3pt; margin: 0pt 0 0pt 22.3pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: left; text-indent: -22.3pt; margin: 0pt 0 0pt 22.3pt"><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: -22.3pt; margin: 0pt 0 0pt 22.3pt">&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: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0">Indicate by check mark whether the registrant is an emerging growth
company as defined in Rule 405 of the Securities Act of 1933 (17 CFR &sect;230.405) or Rule&nbsp;12b-2&nbsp;of the Securities Exchange
Act of 1934 (17 CFR&nbsp;&sect;240.12b-2).</P>

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

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0">Emerging growth company &#9744;</P>

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

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0">If an emerging growth company, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided
pursuant to Section 13(a) of the Exchange Act. &#9744;</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"></P>

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<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0">Items under Sections 1 through 4 and 6 through 8 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" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>Item 5.02.</B></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; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B>FY 2020 Base Salaries and Employment Agreement Amendment</B></P>

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

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

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

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0">On December 3, 2019, the Board of Directors of Clearfield, Inc. (the
&ldquo;Company&rdquo;) approved a 9% increase in the annual base salaries of the Company&rsquo;s current executive officers (the
&ldquo;Executives&rdquo;) for fiscal year 2020 to the following amounts: Cheryl Beranek, Chief Executive Officer, $351,326; John
Hill, Chief Operating Officer, $351,326; and Daniel Herzog, Chief Financial Officer, $218,210. The base salaries of the Executives
had been unchanged since November 2016 and the increases were recommended by the Compensation Committee of the Board of Directors
of the Company.</P>



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



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

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

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0">Also on December 3, 2019, the Company and Daniel Herzog entered into
an Amendment No. 1 (the &ldquo;Amendment&rdquo;) to Mr. Herzog&rsquo;s Employment Agreement dated November 16, 2017 (the &ldquo;Employment
Agreement&rdquo;). The Amendment was approved by the Compensation Committee and the Board of Directors of the Company. The Amendment
increases the amounts payable to Mr. Herzog upon certain terminations of his employment prior to a Change in Control (as defined
in the Employment Agreement), upon a Change in Control, and upon certain terminations of his employment following a Change in Control
to two times Mr. Herzog&rsquo;s then effective base salary. The Amendment is filed as Exhibit 10.1 to this Current Report on Form
8-K and is incorporated herein by reference. The foregoing description of the terms of the Amendment does not purport to be complete
and is qualified in its entirety by reference to such exhibit.</P>

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

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B>FY 2020 Cash Bonus Program</B></P>

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

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0">On December 3, 2019, the Board of Directors of the Company adopted
the fiscal year 2020 cash bonus program (the &ldquo;Program&rdquo;) for company employees, including the Executives. The Program
and the Executives&rsquo; participation in the Program was recommended by the Company&rsquo;s 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: left; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0">Under the Program, the Compensation Committee determined four performance
goals relating to the Company&rsquo;s revenue for fiscal year 2020. The Compensation Committee also determined the cash bonus that
each Executive could earn as a percentage of her or his base salary for achievement of the four performance goals. The following
table shows the cash bonus as a percentage of base salary that may be earned by each of the Executives under the Program upon the
Company&rsquo;s achievement of each of the four performance goals for fiscal year 2020 revenue.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="3" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR>
    <TD ROWSPAN="2" STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font-size: 10pt"><B><U>Executive Officer and Title</U></B></FONT></TD>
    <TD COLSPAN="4" STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt"><B><U>Bonus Opportunity As a Percentage of Base Salary</U></B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt"><B><U>Level 1 Revenue Achieved</U></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt"><B><U>Level 2 Revenue Achieved</U></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt"><B><U>Level 3 Revenue Achieved</U></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt"><B><U>Level 4 Revenue Achieved</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 32%">
        <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="width: 17%; text-align: center"><FONT STYLE="font-size: 10pt">60%</FONT></TD>
    <TD STYLE="width: 17%; text-align: center"><FONT STYLE="font-size: 10pt">80%</FONT></TD>
    <TD STYLE="width: 17%; text-align: center"><FONT STYLE="font-size: 10pt">100%</FONT></TD>
    <TD STYLE="width: 17%; 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">60%</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">80%</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></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">20%</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">50%</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">75%</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">100%</FONT></TD></TR>
</TABLE>
<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0">Under the Program, achievement of the revenue performance goal at less
than the first level results in no cash bonus under the Program. Between the levels of fiscal year 2020 revenue achievement, the
Executive&rsquo;s bonus opportunity will be prorated. If the Company&rsquo;s actual performance exceeds the fourth level of fiscal
year 2020 revenue achievement, any bonus in excess of the maximum percentage of base salary stated above will be at the discretion
of the Compensation Committee and the Board of Directors.</P>

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

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

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<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0">The Compensation Committee will determine fiscal year 2020 revenue
achievement following the end of fiscal year 2020 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: left; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>Item 9.01.</B></TD><TD STYLE="text-align: left"><B>Financial Statements and Exhibits.</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: left; margin: 0pt 0">The following exhibits are being furnished herewith:</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: 35pt; text-align: left"><A HREF="exh_101.htm">10.1</A></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><A HREF="exh_101.htm">Amendment No. 1 to Employment Agreement dated December 3, 2019 by and between Daniel
Herzog and Clearfield, Inc.</A></TD>
</TR></TABLE>

<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>&nbsp;</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">&nbsp;</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>

<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: 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: 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: 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: center; margin: 0pt 0"></P>

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<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">&nbsp;</TD>
    <TD STYLE="width: 3%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 55%; text-align: justify"><FONT STYLE="font-size: 10pt">CLEARFIELD, INC.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">By:&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify"><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: December 6, 2019</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: justify"><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>

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<TYPE>EX-10.1
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<FILENAME>exh_101.htm
<DESCRIPTION>EXHIBIT 10.1
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<P STYLE="font-size: 10pt; text-align: right; margin: 0pt 0"><FONT STYLE="background-color: white"><B>EXHIBIT 10.1</B></FONT></P>

<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="background-color: white"><B>AMENDMENT NO. 1 TO EMPLOYMENT
AGREEMENT</B></FONT></P>

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<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"><FONT STYLE="background-color: white">This Amendment No. 1 to Employment
Agreement (this &ldquo;<U>Amendment</U>&rdquo;) is made and entered into as of December 3, 2019 (the &ldquo;<U>Effective Date</U>&rdquo;)
by and among Clearfield, Inc., a Minnesota corporation (the &ldquo;<U>Company</U>&rdquo;) and Daniel Herzog (the &ldquo;<U>Executive</U>&rdquo;).</FONT></P>

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<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><FONT STYLE="background-color: white">RECITALS</FONT></P>

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<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"><FONT STYLE="background-color: white">WHEREAS, the Company and the
Executive have entered into that certain Employment Agreement dated November 16, 2017 (the &ldquo;<U>Agreement</U>&rdquo;) and
desire to amend the Agreement by this Amendment; and</FONT></P>

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

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"><FONT STYLE="background-color: white">WHEREAS, capitalized terms
used and not defined in this Amendment have the meanings ascribed to them in the Agreement; and</FONT></P>

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<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"><FONT STYLE="background-color: white">NOW, THEREFORE, in consideration
of the foregoing premises and the mutual covenants and agreements contained herein, and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound hereby, agree as
follows:</FONT></P>

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<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">1.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Amendments</U>. The Agreement is amended as follows as of the Effective Date:</P>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD>Section 4(a)(i) shall be restated to read in its entirety as follows:</TD></TR></TABLE>

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<P STYLE="font-size: 10pt; text-indent: 1in; margin: 0pt 0 0pt 0.5in">(i) The Executive shall be paid (A) the Executive&rsquo;s
earned but unpaid Base Salary and accrued but unpaid vacation pay through the Date of Termination, and any Annual Bonus required
to be paid to the Executive pursuant to Section 2(b)(ii) above for any fiscal year of the Company that ends on or before the Date
of Termination to the extent not previously paid (the &ldquo;Accrued Obligations&rdquo;), and (B) an amount (the &ldquo;Severance
Amount&rdquo;) equal to two (2) times the amount of the Executive&rsquo;s Base Salary in effect on the Date of Termination;</P>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD>Section 5 of the Agreement shall be restated to read in its entirety as follows:</TD></TR></TABLE>

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<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">5. <B><U>Termination Upon a Change
in Control</U></B></P>

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<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">If a Change in Control (as defined
in the Company&rsquo;s 2007 Stock Compensation Plan as in effect on December 23, 2016, but excluding from such definition Section
8(b)(ii) thereof)) occurs during the Employment Period, the Company shall pay to the Executive a lump sum payment in the amount
equal to two (2) times Executive&rsquo;s Base Salary in effect on the date of the Change in Control. If the Executive&rsquo;s employment
is terminated by the Company without Cause or by the Executive for Good Reason within one (1) year after the effective date of
the Change in Control (the &ldquo;<B>CIC Anniversary</B>&rdquo;), then the Executive shall also be entitled to receive the payments
and benefits provided in <U>Section 4(a)</U>, subject to the terms and conditions thereof. For the purposes of this Section, the
calculation of the Executive&rsquo;s Annual Bonus and Base Salary would be in effect on the date of the Change in Control. Subject
to <U>Section 11(e)</U> hereof, the payment described herein shall be paid in a lump sum within 30 days following the later of
(i) the Termination Date, or (ii) the end of all rescission periods associated with the release described in Section 4 (v) but
in no event later than 60 days after the Termination Date; provided, however, that (a) Executive has executed and delivered to
Company a release in form and substance satisfactory to the Company within 30 days following the Termination Date, (b) all rescission
periods have expired, (c) Executive has not revoked or breached the release, and (d) Executive has complied with and continues
to comply with all of the provisions of this Agreement. In addition, in the event of such a termination of the Executive&rsquo;s
employment, all outstanding stock options, restricted stock and other equity awards granted to the Executive under any of the Company&rsquo;s
equity plans (or awards substituted therefor covering the securities of a successor company) shall become immediately vested and
exercisable in full.</P>

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<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">2.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>No Implied Amendments</U>. This Amendment shall be effective as of the Effective Date. Except as herein amended, all
of the terms of the Agreement shall remain in full force and effect and are ratified in all respects. On and after the Effective
Date, each reference in the Agreement to &ldquo;this Agreement&rdquo;, &ldquo;hereunder&rdquo;, &ldquo;hereof&rdquo;, &ldquo;herein&rdquo;
or words of like import shall mean and be a reference to the Agreement, as amended by this Amendment.</P>

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<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">3.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="background-color: white"><U>Incorporation of Agreement Provisions</U>. The provisions of Section 10 (Successors)
and Section 11 (Miscellaneous) of the Agreement shall apply to this Amendment as if fully set forth herein, <I>mutatis mutandis</I>.</FONT></P>

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<P STYLE="font-size: 10pt; margin: 0pt 0">IN WITNESS WHEREOF, this Amendment No. 1 to Employment Agreement has been duly executed
and delivered as of the Effective Date.</P>

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

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 3in">CLEARFIELD, INC.</P>

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<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 3in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 3in">By: <U>/s/ Cheryl Beranek&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0 0pt 3in">Cheryl Beranek</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0 0pt 3in">Chief Executive Officer</P>

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<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 3in"><U>/s/ Daniel Herzog&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 3in">Daniel Herzog</P>

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<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">[Signature Page to Amendment No. 1 to Employment Agreement]</P>



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