BADGER METER INC — Director's Dealing 2011

May 10, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: BADGER METER INC (BMI)
CIK: 0000009092
Period of Report: 2011-05-06

Reporting Person: GRAS HORST (VP-International)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-05-06	Common Stock	A	600	—	Acquired	2200	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-05-06	Stock Options	$36.59	A	1200	Acquired	2021-05-06	BMI Common Stock (1200)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	12279.954	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Options	$24.94	2017-05-04	BMI Common Stock (480)	480	Direct
Stock Options	$52.81	2018-05-02	BMI Common Stock (1500)	1500	Direct
Stock Options	$38.69	2019-05-01	BMI Common Stock (3000)	3000	Direct
Stock Options	$38.41	2020-05-07	BMI Common Stock (1200)	1200	Direct

Footnotes

F1: Restricted Stock granted pursuant to the Company's 2011 Omnibus Incentive Plan approved by shareholders on April 29, 2011.

F2: The value of the award will be determined at the closing price on May 6, 2014, the date of vesting.

F3: Stock Option granted pursuant to the Company's 2011 Omnibus Incentive Plan approved by shareholders on April 29, 2011.

F4: Stock Options are granted on a one-for-one basis.