X0306 4 2019-10-15 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 2019-10-15 4 A 0 22.346 53.70 A BMI Common Stock 22.346 7280.686 D Stock Options 38.55 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 his Q3 2019 Audit Committee fee for non-employee directors in the amount of $1,200. The phantom stock units were computed at $53.70, the 9/30/2019 closing price of the Company's stock, as required by the plan. /s/ William R.A. Bergum, Attorney-in-Fact for Todd A. Adams 2019-10-15