BERGUM WILLIAM R A 4

What Happened

• William R. A. Bergum, VP, General Counsel & Secretary of Badger Meter (BMI), reported two award/acquisition events on 2026-02-12. He acquired 228.62 shares at a reported price of $174.41 per share (value ≈ $39,874) and was credited with 1,113 shares listed as N/A for price (these are performance stock units earned).

Key Details

• Transaction dates: both reported on 2026-02-12; Form 4 filed 2026-02-17.
• 228.62 shares @ $174.41 = ~$39,874 (ESSOP unitized share equivalents; footnotes F1–F2).
• 1,113 shares @ N/A = PSUs earned for the 2023–2025 performance period, approved 2/12/2026 and subject to vesting on 3/3/2026 (footnotes F3–F5).
• Shares owned after the transactions: not provided in the excerpt.
• Filing timing: Form 4 was filed five days after the transactions; Form 4s are typically due within two business days (check the full filing for any timeliness notation).

Context

• The 228.62 shares reflect units from the company’s ESSOP/401(k) component (employee contributions and match converted to share equivalents). The 1,113-item entry represents earned performance stock units (PSUs) that convert one-for-one to common shares on vesting (not an open-market purchase or sale). Awards and vesting events are routine compensation mechanics and do not by themselves indicate an insider’s buy/sell sentiment.