Liu Xia 4

What Happened Liu Xia, a director of Badger Meter, received an award of 128.05 phantom stock units on 2026-07-01. The units were valued at $148.38 each (the 6/30/26 closing price), for a total economic value of $19,000. This was recorded as an accrual in the company’s Director Deferred Compensation Plan as payment of her Q3 2026 retainer — a compensation award (derivative), not an open-market purchase.

Key Details

• Transaction date and valuation: 2026-07-01; units computed at $148.38 (6/30/26 close).
• Amount: 128.05 phantom stock units; total economic value $19,000.
• Security type: Phantom stock units (derivative award) — not actual common shares.
• Shares owned after transaction: Not specified in the Form 4.
• Filing: Form 4 filed 2026-07-02 for the 7/1/2026 transaction (filed promptly).
• Footnotes: Units were accrued in Ms. Liu’s Director Deferred Compensation Plan as her Q3 retainer; each phantom unit equals the economic value of one common share and will be payable in cash upon termination of her service as a director.

Context Phantom stock units are a form of deferred cash compensation that track the value of common shares but typically settle in cash (here, upon a director’s termination). Such awards are routine for non-employee directors and reflect compensation policy rather than a direct buy/sell signal about the insider’s market view.