BADGER METER INC — Director's Dealing 2019

May 1, 2019

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: BADGER METER INC (BMI)
CIK: 0000009092
Period of Report: 2019-04-29

Reporting Person: GRAS HORST (VP-International)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2019-04-29	Common Stock	S	5526	$55.00	Disposed	6651.232	Direct
2019-04-30	Common Stock	S	5586	$54.00	Disposed	1065.232	Direct
2019-04-30	Common Stock	J	1065.232	—	Disposed	0	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Options	$27.18	2024-03-07	BMI Common Stock (483)	483	Direct
Stock Options	$28.33	2025-03-06	BMI Common Stock (966)	966	Direct
Stock Options	$33.975	2026-03-04	BMI Common Stock (1239)	1239	Direct
Stock Options	$36.45	2027-03-03	BMI Common Stock (1585)	1585	Direct
Stock Options	$48.20	2028-03-02	BMI Common Stock (1540)	1540	Direct

Footnotes

F1: Upon his retirement, Mr. Gras' unvested restricted stock awards were forfeited.