BADGER METER INC — Director's Dealing 2015

May 13, 2015

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: BADGER METER INC (BMI)
CIK: 0000009092
Period of Report: 2015-05-12

Reporting Person: JOHNSON RICHARD E (Sr. VP-Finance, Treas & CFO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2015-05-12	Common Stock	S	3000	$63.2238	Disposed	90692	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	2336.2661	Indirect
Common Stock	5566	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Options	$36.59	2021-05-06	BMI Common Stock (1000)	1000	Direct
Stock Options	$36.15	2022-05-04	BMI Common Stock (3000)	3000	Direct
Stock Options	$51.29	2023-03-01	BMI Common Stock (1890)	1890	Direct
Stock Options	$54.36	2024-03-07	BMI Common Stock (2631)	2631	Direct
Stock Options	$56.66	2025-03-06	BMI Common Stock (3249)	3249	Direct

Footnotes

F1: The price in Column 4 is a weighted average price. The prices actually received ranged from $63.10 to $63.328. The reporting person has provided to the issuer, and will provide to any security holder of the issuer, or the SEC staff, upon request, information regarding the number of shares sold at each price within the range for all transactions reported in this Form 4 utilizing an average weighted price.