BADGER METER INC — Director's Dealing 2023

Mar 3, 2023

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: BADGER METER INC (BMI)
CIK: 0000009092
Period of Report: 2023-03-02

Reporting Person: Stoll Kimberly K (VP-Sales & Marketing)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2023-03-02	Common Stock	M	577	$33.975	Acquired	4990.002	Direct
2023-03-02	Common Stock	M	1043	$36.45	Acquired	6033.002	Direct
2023-03-02	Common Stock	S	1620	$120.88	Disposed	4413.002	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2023-03-02	Stock Options	$33.975	M	577	Disposed	2026-03-04	BMI Common Stock (577)	Direct
2023-03-02	Stock Options	$36.45	M	1043	Disposed	2027-03-03	BMI Common Stock (1043)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	6112.8	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Options	$48.20	2028-03-02	BMI Common Stock (1217)	1217	Direct
Stock Options	$59.85	2029-03-01	BMI Common Stock (1648)	1648	Direct
Stock Options	$63.04	2030-03-06	BMI Common Stock (2315)	2315	Direct

Footnotes

F1: The price in Column 4 is a weighted average price. The prices actually received ranged from $120.57 to $120.93. 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.