BADGER METER INC — Director's Dealing 2003

Aug 18, 2003

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: BADGER METER INC (BMI)
CIK: 0000009092
Period of Report: 2003-08-15

Reporting Person: STOLLENWERK JOHN J (Director)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2003-08-15	Phantom Stock Units	$0	A	58.252	Acquired	1988-08-08	BMI Common Stock (58.252)	Direct

Footnotes

F1: The phantom stock units convert to Common Stock on a 1-for-1 basis.

F2: The phantom stock units were accrued in Mr. Stollenwerk's Badger Meter, Inc. Director Deferred Compensation Plan account as payment for the Company's Board of Directors meeting fee of $1,500 on August 15, 2003, at the 6/30/03 closing price of the Company's stock at $25.75/share.

F3: When a participant chooses to exit the Plan, all compensation accrued is paid out in cash.