X0306 4 2019-02-08 0 0000009092 BADGER METER INC BMI 0001525211 ADAMS TODD A. 4545 W. BROWN DEER ROAD MILWAUKEE WI 53223 1 0 0 0 Phantom Stock Units 2019-02-08 4 A 0 119.894 49.21 A BMI Common Stock 119.894 5501.645 D Stock Options 38.55 2017-05-05 4 A 0 2627 0.00 A 2018-05-05 2027-05-05 BMI Common Stock 2627 2627 D 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 Mr. Adams' Badger Meter, Inc. Director Deferred Compensation Plan account as payment for the February 2019 board meeting fee in the amount of $3,500 and two February audit committee meetings at $1,200 each. The phantom stock units were computed at $49.21, the 12/31/2018 closing price of the Company's stock, as required by the plan. /s/ William R.A. Bergum, Attorney-in-Fact for Todd A. Adams 2019-02-11