Badger Meter VP logs 401(k) stock fund transfer

Badger Meter Inc. executive William R. A. Bergum, VP–General Counsel and Secretary, reported a discretionary transaction involving company stock within the issuer’s 401(k) plan.

Rhea-AI Filing Summary

Badger Meter Inc. executive William R. A. Bergum, VP–General Counsel and Secretary, reported a discretionary transaction involving company stock within the issuer’s 401(k) plan. He made an intra-fund transfer into the Badger Meter Stock Fund, resulting in 1,413.7600 share equivalents at $123.7834 per share equivalent on April 21, 2026. Following this transaction, his indirect holdings through the plan totaled 13,365.2400 share equivalents of the fund’s common stock.

Insider Trade Summary

Discretionary: 1,413.76 shares

Discretionary 1 txn

Insider BERGUM WILLIAM R A

Role VP-Gen. Counsel and Secretary

Type	Security	Shares	Price	Value
Discretionary	Common Stock	1,413.76	$123.7834	$175K

Holdings After Transaction: Common Stock — 13,365.24 shares (Indirect, ESSOP)

Footnotes (1)

1. F1. The insider elected to make an intra-fund transfer into the Badger Meter Stock Fund in the Issuer's 401(k) plan. The Badger Meter Stock fund shares represented are the share equivalents of a unitized stock fund which uses units calculated using a ratio of cash held in the fund, number of shares in the fund and stock share price.

Key Figures

Discretionary transaction size: 1,413.7600 share equivalents Price per share equivalent: $123.7834 Holdings after transaction: 13,365.2400 share equivalents

3 metrics

Discretionary transaction size 1,413.7600 share equivalents Intra-fund transfer into Badger Meter Stock Fund on April 21, 2026

Price per share equivalent $123.7834 Value used for the 401(k) Badger Meter Stock Fund transfer

Holdings after transaction 13,365.2400 share equivalents Indirect ownership in Badger Meter Stock Fund following the transaction

Key Terms

discretionary transaction, Rule 16b-3(f), unitized stock fund, share equivalents, +1 more

5 terms

discretionary transaction financial

"transaction_action: "discretionary transaction" and description "Discretionary transaction under Rule 16b-3(f)""

Rule 16b-3(f) regulatory

"transaction_code_description: "Discretionary transaction under Rule 16b-3(f)""

unitized stock fund financial

"share equivalents of a unitized stock fund which uses units calculated using a ratio of cash"

share equivalents financial

"The Badger Meter Stock fund shares represented are the share equivalents of a unitized stock fund"

ESSOP financial

"nature_of_ownership: "ESSOP" indicating indirect plan-based ownership classification"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider transaction did BMI executive William Bergum report on this Form 4?

William R. A. Bergum reported a discretionary intra-fund transfer into the Badger Meter Stock Fund within the company’s 401(k) plan. The transaction involved 1,413.7600 share equivalents of common stock at $123.7834 per share equivalent on April 21, 2026, held indirectly.

How many Badger Meter (BMI) share equivalents did William Bergum hold after the transaction?

After the transaction, William R. A. Bergum indirectly held 13,365.2400 share equivalents of Badger Meter common stock in the company’s 401(k) plan. These are units of a unitized stock fund, combining company shares and cash, rather than direct share ownership in a regular brokerage account.

Was the Badger Meter (BMI) insider transaction a buy or sell of common stock?

The filing classifies the event as a discretionary transaction under Rule 16b-3(f), not a standard buy or sell. It reflects an intra-fund transfer within the issuer’s 401(k) Badger Meter Stock Fund, altering Bergum’s allocation but not recorded as an open-market purchase or sale.

What is the Badger Meter Stock Fund mentioned in William Bergum’s Form 4 filing?

The Badger Meter Stock Fund is a unitized stock fund within the issuer’s 401(k) plan. Its units represent share equivalents based on a ratio of cash held in the fund, the number of shares in the fund, and the company’s stock share price, rather than direct shares alone.

How is William Bergum’s ownership in Badger Meter (BMI) classified in this Form 4?

The Form 4 classifies William R. A. Bergum’s holdings as indirect ownership labeled “ESSOP” within the company’s 401(k) plan. His position after the transaction was 13,365.2400 share equivalents of the Badger Meter Stock Fund, reflecting retirement-plan-based exposure to the company’s common stock.

What does Rule 16b-3(f) mean in the context of this Badger Meter (BMI) Form 4?

Rule 16b-3(f) allows certain discretionary transactions by insiders in issuer equity securities under approved benefit plans. In this case, the Form 4 describes Bergum’s move as a discretionary transaction under Rule 16b-3(f), covering his intra-fund transfer into the Badger Meter Stock Fund within the 401(k) plan.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 04/23/2026 - 04:05 PM EDT Learn about SEC filing dates

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^*

BERGUM WILLIAM R A

(Last) (First) (Middle)

4545 W. BROWN DEER ROAD

(Street)

MILWAUKEE WISCONSIN 53223

(City) (State) (Zip)

UNITED STATES

(Country)

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-Gen. Counsel and Secretary

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
04/21/2026

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

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

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

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	04/21/2026		I		1,413.76(1)	A	$123.7834	13,365.24	I	ESSOP

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

Explanation of Responses:

1. The insider elected to make an intra-fund transfer into the Badger Meter Stock Fund in the Issuer's 401(k) plan. The Badger Meter Stock fund shares represented are the share equivalents of a unitized stock fund which uses units calculated using a ratio of cash held in the fund, number of shares in the fund and stock share price.

	/s/ William R.A. Bergum	04/23/2026
	** 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.
* Form 4: SEC 1474 (03-26)