Xia Liu - 01 Jul 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	$16K	+85.9	+4.03%	$186.35	2.22K	01 Jul 2024	BMI Common Stock	85.9		Direct	F1, F2

* 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 2024 Quarter 3 retainer paid to non-employee directors in the amount of $16,000. The phantom stock units were computed at $186.35, the 6/28/2024 closing price of the Company's common stock as required by the plan.