Liu Xia 4

What Happened

• Liu Xia, a director of Badger Meter, received an award of 124.71 phantom stock units (a derivative award) on 2026-04-01. The units were valued at $152.35 each (the 3/31/2026 closing price), for a total economic value of $19,000. This was a compensation award (not an open-market purchase or sale).

Key Details

• Transaction date and type: 2026-04-01 — Award/Acquisition (code A), derivative phantom stock units.
• Price used: $152.35 per unit (3/31/2026 closing price).
• Units awarded: 124.71 phantom stock units; total value reported $19,000.
• Shares/units held after transaction: Not disclosed in the filing.
• Footnotes:
  • F1 — Each phantom stock unit equals the economic equivalent of one share and is payable in cash upon the reporting person's termination of service as a director.
  • F2 — Units were credited to Ms. Liu’s director deferred compensation plan as payment for her 2026 Q2 retainer; units were computed using the 3/31/26 closing price as required by the plan.
• Timeliness: Filed 2026-04-02 for a 2026-04-01 report date — appears timely (no late filing indicated).

Context

• Phantom stock units are deferred cash compensation tied to the company’s share price; they do not represent immediate common stock ownership, voting rights, or dividends, but track economic value.
• This transaction is routine director compensation rather than insider buying or selling stock in the open market, so it should be viewed as pay-related rather than a direct signal of the director’s market sentiment.