BADGER METER INC — Director's Dealing 2018

Dec 7, 2018

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: BADGER METER INC (BMI)
CIK: 0000009092
Period of Report: 2018-12-06

Reporting Person: GRAS HORST (VP-International)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2018-12-06	Common Stock	M	473	$25.645	Acquired	12650.232	Direct
2018-12-06	Common Stock	M	484	$27.18	Acquired	13134.232	Direct
2018-12-06	Common Stock	M	484	$28.33	Acquired	13618.232	Direct
2018-12-06	Common Stock	M	413	$33.975	Acquired	14031.232	Direct
2018-12-06	Common Stock	M	396	$36.45	Acquired	14427.232	Direct
2018-12-06	Common Stock	S	2250	$53.574	Disposed	12177.232	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2018-12-06	Stock Options	$25.645	M	473	Disposed	2023-03-01	BMI Common Stock (473)	Direct
2018-12-06	Stock Options	$27.18	M	484	Disposed	2024-03-07	BMI Common Stock (484)	Direct
2018-12-06	Stock Options	$28.33	M	484	Disposed	2025-03-06	BMI Common Stock (484)	Direct
2018-12-06	Stock Options	$33.975	M	413	Disposed	2026-03-04	BMI Common Stock (413)	Direct
2018-12-06	Stock Options	$36.45	M	396	Disposed	2027-03-03	BMI Common Stock (396)	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Options	$48.20	2028-03-02	BMI Common Stock (1540)	1540	Direct

Footnotes

F1: The price in Column 4 is a weighted average price. The prices actually received ranged from $53.55 to $53.65. 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.

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