Xia Liu - 29 Apr 2024 Form 4 Insider Report for BADGER METER INC (BMI)

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	BMI	Phantom Stock Units	Award	$10,000	+62	+3.8%	$161.81	1,679	29 Apr 2024	BMI Common Stock	62		Direct	F1, F2
transaction	BMI	Phantom Stock Units	Award	$83,964	+452	+27%	$185.76	2,131	29 Apr 2024	BMI Common Stock	452		Direct	F1, F3

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Id	Content
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.