ADAMS TODD A. 4
4 · BADGER METER INC · Filed Jan 2, 2026
Insider Transaction Report
Form 4
ADAMS TODD A.
Director
Transactions
- Award
Phantom Stock Units
2026-01-01$174.41/sh+108.94$19,000→ 15,995.773 total→ BMI Common Stock (108.94 underlying)
Footnotes (2)
- [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 Mr. Adams' Badger Meter, Inc. Director Deferred Compensation Plan account as payment for his 2026 Quarter 1 retainer paid to non-employee directors in the amount of $19,000. The phantom stock units were computed at $174.41, the 12/31/25 closing price of the Company's common stock as required by the plan.