BADGER METER INC — Director's Dealing 2007

Nov 15, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: BADGER METER INC (BMI)
CIK: 0000009092
Period of Report: 2007-11-14

Reporting Person: JOHNSON RICHARD E (Sr. VP-Finance, Treas & CFO, Co-trustee, Officers Voting Tr)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-11-14	Common Stock	M	1000	$7.00	Acquired	66192	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-11-14	Stock Options	$7.00	M	1000	Disposed	2013-05-02	BMI Common Stock (1000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	1551.0631	Indirect
Common Stock	28000	Direct
Common Stock	7900	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Options	$5.7475	2012-01-29	BMI Common Stock (10000)	10000	Direct
Stock Options	$7.00	2013-05-02	BMI Common Stock (24000)	24000	Direct
Stock Options	$18.325	2015-05-09	BMI Common Stock (4500)	4500	Direct
Stock Options	$31.41	2016-05-05	BMI Common Stock (3600)	3600	Direct
Stock Options	$24.94	2017-05-04	BMI Common Stock (3600)	3600	Direct

Footnotes

F1: Stock Options are granted on a one-for-one basis.