BADGER METER INC — Director's Dealing 2024

Apr 30, 2024

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: BADGER METER INC (BMI)
CIK: 0000009092
Period of Report: 2024-04-29

Reporting Person: Liu Xia (N/A)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2024-04-29	Phantom Stock Units	$	A	61.8	Acquired		BMI Common Stock (61.8)	Direct
2024-04-29	Phantom Stock Units	$	A	452	Acquired		BMI Common Stock (452)	Direct

Footnotes

F1: Each share of phantom stock is the economic equivalent of one share of common stock. The shares of phantom stock become payable in cash upon the reporting person's termination of service as a director.

F2: The phantom stock units were accrued in Ms. Liu's Badger Meter, Inc. Director Deferred Compensation Plan account as payment for her annual Audit and Compliance Committee Chair Fee in the amount of $10,000. The phantom stock units were computed at $161.81, the 3/31/2024 closing price of the Company's stock, as required by the plan.

F3: Shares granted pursuant to the 2021 Omnibus Incentive Plan as approved by shareholders on April 30, 2021. Non-employee directors are given an annual grant of Badger Meter Common Stock on the first business day following the Company's annual meeting. This year's grant is equal to $80,000 as rounded down to the nearest whole share based on a 10-day average closing price of the Company's Common stock.