Xia Liu - Oct 3, 2022 Form 4 Insider Report for BADGER METER INC (BMI)

Role: Director
Signature: /s/ William R.A. Bergum, Attorney-in-Fact for Xia Liu
Stock symbol: BMI
Transactions as of: Oct 3, 2022
Transactions value $: $27,440
Form type: 4
Date filed: 10/3/2022, 04:20 PM
Previous filing: Aug 1, 2022
Next filing: Jan 3, 2023

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
holding	BMI	Common Stock						0	Oct 3, 2022	Direct

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	$27.4K	+297		$92.39	297	Oct 3, 2022	BMI Common Stock	297		Direct	F1, F2

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

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 2022 Fourth Quarter retainer of $16,500; as well as the pro-rata retainer from her appointment on August 1, 2022 through September 30, 2022 ($10,940). The phantom stock units were computed at $92.39, the 9/30/2022 closing price of the Company's stock, as required by the plan.

Content

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.

The phantom stock units were accrued in Ms. Liu's Badger Meter, Inc. Director Deferred Compensation Plan account as payment for her 2022 Fourth Quarter retainer of $16,500; as well as the pro-rata retainer from her appointment on August 1, 2022 through September 30, 2022 ($10,940). The phantom stock units were computed at $92.39, the 9/30/2022 closing price of the Company's stock, as required by the plan.