BADGER METER INC — Director's Dealing 2016

May 9, 2016

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: BADGER METER INC (BMI)
CIK: 0000009092
Period of Report: 2016-05-06

Reporting Person: GRAS HORST (VP-International)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2016-05-06	Common Stock	M	240	$36.59	Acquired	10330.616	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2016-05-06	Stock Options	$36.59	M	240	Disposed	2021-05-06	BMI Common Stock (240)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	1739	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Options	$56.66	2025-03-06	BMI Common Stock (1208)	1208	Direct
Stock Options	$36.15	2022-05-04	BMI Common Stock (640)	640	Direct
Stock Options	$51.29	2023-03-01	BMI Common Stock (709)	709	Direct
Stock Options	$54.36	2024-03-07	BMI Common Stock (966)	966	Direct
Stock Options	$67.95	2026-03-04	BMI Common Stock (1032)	1032	Direct

Footnotes

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