Option exercise and sale by Badger Meter (NYSE: BMI) vice president

Rhea-AI Filing Summary

Badger Meter Inc. vice president Fred J. Begale reported an option exercise and share sale. On March 4, 2026, he exercised stock options for 2,064 shares, converting them into common stock at a reported price of $33.98 per share. The same day, he sold 2,064 common shares in an open-market transaction at $150.00 per share. After these transactions, his directly held common stock position was 3,040 shares.

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

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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^*

Begale Fred J

(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)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	VP-Utility NPD

3. Date of Earliest Transaction (Month/Day/Year)
03/04/2026

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
Common Stock	03/04/2026		M		2,064	A	$33.98	5,104	D
Common Stock	03/04/2026		S		2,064	D	$150	3,040	D

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
Stock Options	$33.98	03/04/2026		M			2,064	03/04/2017	03/04/2026	BMI Common Stock	2,064	$0	0	D

Explanation of Responses:

	/s/ William R.A. Bergum, Attorney-in-Fact for Fred J. Begale	03/04/2026
	** 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 insider activity did BMI executive Fred J. Begale report?

Fred J. Begale reported exercising stock options and selling shares. He exercised options for 2,064 shares, then sold 2,064 common shares in the open market on March 4, 2026, as disclosed in the Form 4.

How many Badger Meter (BMI) shares did the insider sell?

He sold 2,064 shares of Badger Meter common stock. The open-market sale occurred on March 4, 2026, and was reported at a transaction price of $150.00 per share in the Form 4 filing.

At what prices did the BMI option exercise and share sale occur?

The option exercise produced common shares at a reported price of $33.98 per share. The subsequent open-market sale of 2,064 common shares was reported at $150.00 per share on the same date.

What is Fred J. Begale’s role at Badger Meter (BMI)?

Fred J. Begale is reported as an officer of Badger Meter with the title “VP-Utility NPD.” This title is disclosed directly in the insider transaction data accompanying the Form 4 filing for his March 4, 2026 transactions.

How many Badger Meter shares does the insider hold after these transactions?

After the reported option exercise and subsequent sale, Fred J. Begale directly holds 3,040 shares of Badger Meter common stock. This post-transaction balance is stated in the Form 4 data for the non-derivative ownership.

Did the BMI insider’s Form 4 include both derivative and common stock transactions?

Yes. The Form 4 lists a derivative transaction in stock options and two non-derivative common stock entries: one from exercising 2,064 options into common shares and one from selling 2,064 common shares in the open market.