ADAMS TODD A. 4

What Happened

• Todd A. Adams, a director of Badger Meter, Inc. (BMI), was granted 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 an award (derivative interest) credited under the company’s director deferred compensation plan as payment for his Q3 2026 retainer, not an open-market purchase of common stock.

Key Details

• Transaction date: 2026-07-01; Form 4 filed: 2026-07-02 (timely filing).
• Units granted: 128.05 phantom stock units; price used: $148.38; total value: $19,000.
• Shares/units owned after transaction: Not reported in the filing.
• Footnotes: (F1) Each phantom share equals the economic equivalent of one common share and is payable in cash upon the director’s termination of service. (F2) Units were accrued to Mr. Adams’ Director Deferred Compensation Plan as payment of his Q3 2026 retainer; valuation used was the 6/30/26 close per plan rules.
• Transaction code: A (award/grant) — this is a derivative/compensation award, not a market buy or sale.

Context

• Phantom stock units represent a cash-settled economic interest tied to the stock price; they do not convey voting rights or immediate common-stock ownership. Such awards are routine compensation for non-employee directors and should be viewed as pay-related, not necessarily a signal of the director’s personal view on the stock.