Badger Meter (NYSE: BMI) VP logs 36-share tax withholding, holds 3,004

Rhea-AI Filing Summary

Badger Meter Inc executive Fred J. Begale, VP-Utility NPD, reported a small tax-related share disposition. On this Form 4, 36 shares of common stock were delivered at $148.85 per share to satisfy tax obligations, leaving him with 3,004 directly held shares. This represents a routine tax-withholding event rather than an open-market trade.

Insights

Insider transactions analyst

Routine tax withholding, not an open-market sale.

VP-Utility NPD Fred J. Begale had 36 shares of Badger Meter Inc common stock disposed of at $148.85 per share to cover tax obligations. The Form 4 classifies this as a tax-withholding disposition, not a discretionary market trade.

After this small transaction, he holds 3,004 shares directly. Because the filing shows no open-market buying or selling and the share count affected is modest, this appears to be a routine administrative event with limited signal for investors.

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)
03/06/2026

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	03/06/2026		F		36	D	$148.85	3,004	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

Explanation of Responses:

	/s/ William R.A. Bergum, Attorney-in-Fact for Fred J. Begale	03/10/2026
	** 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 transaction did Badger Meter (BMI) report for Fred J. Begale?

Badger Meter reported that VP-Utility NPD Fred J. Begale had 36 shares of common stock disposed of to satisfy tax obligations. The Form 4 classifies this as a tax-withholding disposition rather than an open-market trade, reflecting routine equity-compensation administration.

Was the Badger Meter (BMI) Form 4 transaction an open-market sale?

No, the Form 4 describes the 36-share transaction as a tax-withholding disposition, used to pay tax liabilities by delivering shares. This means it was not an open-market sale and does not represent a discretionary decision to sell shares on the market.

How many Badger Meter (BMI) shares does Fred J. Begale hold after this Form 4?

After the tax-withholding disposition of 36 shares, VP-Utility NPD Fred J. Begale directly holds 3,004 shares of Badger Meter common stock. This remaining position, disclosed in the Form 4, provides context that the transaction affected only a small portion of his holdings.

What price per share was used in Fred J. Begale’s Badger Meter (BMI) tax withholding?

The Form 4 shows the 36 shares used for tax withholding at a value of $148.85 per share. This figure reflects the price applied in the tax-related disposition, not necessarily a separate open-market trading price for buying or selling shares.

What does transaction code F mean in the Badger Meter (BMI) Form 4 filing?

Transaction code F in this Form 4 indicates a payment of tax liability by delivering securities. For Badger Meter, it shows Fred J. Begale’s 36 shares were withheld or delivered to cover taxes tied to equity compensation, not a voluntary sale on the open market.