BADGER METER INC — Director's Dealing 2018

May 7, 2018

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: BADGER METER INC (BMI)
CIK: 0000009092
Period of Report: 2018-05-04

Reporting Person: Begale Fred J (VP-Engineering)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2018-05-04	Common Stock	S	500	$42.505	Disposed	5269	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	6780.747	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Options	$25.645	2023-03-01	BMI Common Stock (2362)	2362	Direct
Stock Options	$27.18	2024-03-07	BMI Common Stock (2416)	2416	Direct
Stock Options	$28.33	2025-03-06	BMI Common Stock (2416)	2416	Direct
Stock Options	$33.975	2026-03-04	BMI Common Stock (2064)	2064	Direct
Stock Options	$36.45	2027-03-03	BMI Common Stock (1981)	1981	Direct
Stock Options	$48.20	2028-03-02	BMI Common Stock (1621)	1621	Direct