ADAMS TODD A. 4

What Happened

• Todd A. Adams, a director of Badger Meter, received an award of 124.71 phantom stock units (derivative) on 2026-04-01. The units were valued at $152.35 each (the 3/31/26 closing price), for a total present value of $19,000. This was recorded as an award/acquisition (code A) and represents deferred compensation rather than an open-market purchase.

Key Details

• Transaction date and price: 2026-04-01; 124.71 units at $152.35 each (total $19,000).
• Nature of award: Phantom stock units (derivative) credited to the Badger Meter, Inc. Director Deferred Compensation Plan.
• Shares owned after transaction: Not disclosed in the filing.
• Footnotes: F1 — each phantom unit equals the economic equivalent of one common share and is payable in cash upon termination of director service; F2 — units were accrued as payment of Mr. Adams’ Q2 2026 retainer and were computed using the 3/31/26 closing price.
• Filing timeliness: Report filed 2026-04-02 for a 2026-04-01 transaction (timely).

Context

• These are phantom stock units (cash-settled deferred compensation), not actual common shares. Such awards are routine director compensation and do not necessarily signal a buy/sell intent. The units are valued now but will be paid in cash per the plan’s terms when payable.