[Form 4] Badger Meter, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Badger Meter, Inc. (BMI) – Form 4 filing: Director Todd A. Adams reported the automatic issuance of 65.32 phantom stock units on 07/01/2025. These units, equal in value to common shares, were credited to his Director Deferred Compensation Plan as payment of the Q3-2025 cash retainer of $16,000, valued at the 06/30/2025 closing price of $244.95 per share. Following the transaction, Adams now holds 15,694.767 phantom units, recorded as direct ownership. Phantom stock is settled in cash once the director leaves the board, so no immediate share issuance or market purchase occurs. The filing reflects routine board compensation rather than an open-market insider buy or sell and is unlikely to materially affect BMI’s share float or signaling dynamics.

Positive

• Director’s equity-linked compensation grows, marginally strengthening alignment with shareholders without issuing new shares.

Negative

• No open-market insider buying; therefore, the filing provides limited insight into management’s view on valuation.

Insights

Corporate Governance Expert

TL;DR: Routine phantom-stock grant; aligns incentives, negligible market effect.

The transaction represents a standard quarterly retainer conversion to phantom shares under BMI’s non-employee director plan. Because phantom units are settled in cash, there is no dilution or insider trading signal. The incremental 65-unit addition is <1% of Adams’ existing 15.7k phantom balance and immaterial relative to BMI’s ~29 million shares outstanding. Governance wise, the grant maintains director–shareholder alignment without cash outlay by the company beyond the normal fee.

Portfolio Manager

TL;DR: Neutral event; no buy/sell signal, nothing to change positioning.

Investors should view this Form 4 as administrative. There is no open-market purchase indicating bullish conviction, nor a sale suggesting caution. The $16k retainer conversion is a predictable board expense. Liquidity, valuation, and operating fundamentals remain the key drivers for BMI; this filing does not impact earnings, cash flow, or capital structure.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Liu Xia

(Last) (First) (Middle)

4545 W. BROWN DEER ROAD

(Street)

MILWAUKEE WI 53223

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
BADGER METER INC [ BMI ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
07/01/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Phantom Stock Units	(1)	07/01/2025		A(2)		65.32		(1)	(1)	BMI Common Stock	65.32	$244.95	3,099.942	D

Explanation of Responses:

1. 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.

2. The phantom stock units were accrued in Ms. Liu's Badger Meter, Inc. Director Deferred Compensation Plan account as payment for her 2025 Quarter 3 retainer paid to non-employee directors in the amount of $16,000. The phantom stock units were computed at $244.95, the 6/30/25 closing price of the Company's common stock as required by the plan.

	/s/ William R.A. Bergum, Attorney-in-Fact for Xia Liu	07/02/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did BMI Director Todd Adams report in the Form 4?

He acquired 65.32 phantom stock units on 07/01/2025 as part of his Q3-2025 board retainer.

What is the value of the phantom stock units acquired?

The units were valued at $244.95 each, totaling approximately $16,000.

How many phantom stock units does Adams own after the transaction?

He now beneficially owns 15,694.767 phantom units.

Do phantom stock units dilute existing BMI shareholders?

No. Phantom units are cash-settled and do not create new common shares.

Does this Form 4 signal a change in BMI’s outlook?

The filing is routine compensation and is unlikely to influence the company’s strategic or financial outlook.