BADGER METER INC — Director's Dealing 2014

May 22, 2014

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: BADGER METER INC (BMI)
CIK: 0000009092
Period of Report: 2014-05-21

Reporting Person: Begale Fred J (VP-Engineering)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2014-05-21	Common Stock	S	620	$48.41	Disposed	2336	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	1615.0326	Indirect
Common Stock	2212	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Options	$38.69	2019-05-01	BMI Common Stock (7000)	7000	Direct
Stock Options	$38.41	2020-05-07	BMI Common Stock (480)	480	Direct
Stock Options	$36.59	2021-05-06	BMI Common Stock (1200)	1200	Direct
Stock Options	$36.15	2022-05-04	BMI Common Stock (1280)	1280	Direct
Stock Options	$51.29	2023-03-01	BMI Common Stock (1181)	1181	Direct
Stock Options	$54.36	2024-03-07	BMI Common Stock (1208)	1208	Direct