BADGER METER INC — Director's Dealing 2017

May 9, 2017

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: BADGER METER INC (BMI)
CIK: 0000009092
Period of Report: 2017-05-05

Reporting Person: STERN JAMES F (Director)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2017-05-05	Stock Options	$38.55	A	2627	Acquired	2027-05-05	BMI Common Stock (2627)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	1377	Direct

Footnotes

F1: Stock options granted pursuant to the 2011 Omnibus Incentive Plan as approved by shareholders on April 29, 2011 and re-approved on April 29, 2016. Non-employee directors are given a one-time stock option grant valued at $50,000, calculated by dividing $50,000 by the Black-Scholes value on the Friday following the annual meeting.

F2: Stock Options are granted on a one-for-one basis.