BADGER METER INC — Director's Dealing 2007

Sep 12, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: BADGER METER INC (BMI)
CIK: 0000009092
Period of Report: 2007-09-12

Reporting Person: ZANDRON DANIEL D (VP-Business Development)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-09-12	Common Stock	M	1849	$5.7475	Acquired	64921	Direct
2007-09-12	Common Stock	S	1849	$33.3741	Disposed	63072	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-09-12	Stock Options	$5.7475	M	1849	Disposed	2012-01-29	BMI Common Stock (1849)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	9898.4952	Indirect
Common Stock	5733	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Options	$7.00	2013-05-02	BMI Common Stock (7200)	7200	Direct
Stock Options	$7.00	2013-05-02	BMI Common Stock (20000)	20000	Direct
Stock Options	$7.125	2011-05-18	BMI Common Stock (4000)	4000	Direct
Stock Options	$18.325	2015-05-09	BMI Common Stock (3600)	3600	Direct
Stock Options	$31.41	2016-05-05	BMI Common Stock (2400)	2400	Direct
Stock Options	$24.94	2017-05-04	BMI Common Stock (2400)	2400	Direct

Footnotes

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