BADGER METER INC — Director's Dealing 2008

Jan 23, 2008

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: BADGER METER INC (BMI)
CIK: 0000009092
Period of Report: 2008-01-22

Reporting Person: WEBB DENNIS J (VP-Sales, Mktg. & Engr.)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2008-01-22	Common Stock	A	5.4004	$44.95	Disposed	13731.2637	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	55100	Direct
Common Stock	5933	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Options	$7.00	2013-05-02	BMI Common Stock (3600)	3600	Direct
Stock Options	$7.00	2013-05-02	BMI Common Stock (3600)	3600	Direct
Stock Options	$18.325	2015-05-09	BMI Common Stock (2160)	2160	Direct
Stock Options	$31.41	2016-05-05	BMI Common Stock (3000)	3000	Direct
Stock Options	$24.94	2017-05-04	BMI Common Stock (2400)	2400	Direct

Footnotes

F1: Although Mr. Webb received matching funds at year end in his 401(k) account, the total number of Badger Meter shares following the match was slightly less than at 12/31/06 due to a change in the percent of assets held in cash by the Badger Meter Stock Fund.

F2: Price of Badger Meter, Inc. Common Stock at 12/31/07.