BADGER METER INC — Director's Dealing 2004

Nov 23, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: BADGER METER INC (BMI)
CIK: 0000009092
Period of Report: 2004-11-22

Reporting Person: MEEUSEN RICHARD A (Director, President & CEO, Co-trustee, Officers Voting Tr)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-11-22	Common Stock	M	10000	$12.375	Acquired	12856	Direct
2004-11-22	Common Stock	S	5000	$56.70	Disposed	7856	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-11-22	Stock Options (right to buy)	$12.375	M	10000	Disposed	2006-01-16	BMI Common Stock (10000)	Direct

Footnotes

F1: In addition to the shares held directly by Mr. Meeusen, he also owns 17,456 shares in the Badger Meter Officers' Voting Trust and 705 shares in the Company's ESSOP.

F2: Stock Options are granted on a one-for-one basis.

F3: In addition to the 10,000 stock options exercised, the reporting person has options to acquire 33,104 additional shares of Common Stock at varying grant prices and vesting schedules over a ten-year period.