Document:

EX-10.1.L

 Exhibit 10.1 
 DOUBLE EAGLE PETROLEUM CO. 
 RESTRICTED STOCK GRANT TERMS 

WHEREAS, Double Eagle Petroleum Co., a Maryland corporation (the “Company”), deems it appropriate to provide an incentive to certain of
its key employees to build the long-term value of the Company; and 
 WHEREAS, the Company previously adopted the 2010 Stock Incentive
Plan (the “2010 Plan”), which provides for long term time-based and performance-based restricted stock opportunities for executive officers of the Company; and 
 WHEREAS, the Compensation Committee of the Board of Directors of the Company has now determined to make a grant of time-based and performance-based restricted stock pursuant to the provisions of the 2010 Plan; and

 WHEREAS, the Compensation Committee has determined that the terms of the restricted stock grants shall be embodied in this document
entitled the “Restricted Stock Grant Terms”; 
 NOW, THEREFORE, the Compensation Committee has determined to make a grant of
time-based and performance-based restricted stock effective September 30, 2011, under the following terms and conditions: 

ARTICLE I 
 PARTICIPANTS

 The executive officers of the Company who participate in the Plan shall be notified by a Grant Notice, which shall contain the number of time-based
and performance-based shares of restricted stock of the Company they are eligible to earn. Each executive officer who receives a Grant Notice shall agree, as a condition of being eligible to earn restricted stock subject of the grant, that he or she
shall be bound by the Restricted Stock Grant Terms. 
 ARTICLE II 

DEFINITIONS 
  

	2.1	“Affiliate” means any entity that directly, or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control with, Double
Eagle Petroleum Co. 

  

	2.2	 “Beneficiary” means the individual or entity designated in writing by a Participant to receive

	 	
benefits under a Grant Notice in the event of the Participant’s death. The Committee will prescribe a Beneficiary designation form for use by the Participants. Participants will submit
completed Beneficiary designation forms to the Committee. By submitting a Beneficiary designation form to the Committee, a Participant revokes all Beneficiary designation forms previously submitted by the same Participant. In the event that a
Participant has not submitted a Beneficiary designation form, or in the event that the designated Beneficiary is deceased, the Beneficiary will be deemed to be: the Participant’s spouse; if none, then the Participant’s children in equal
amounts; if none, then the Participant’s estate. 

  

	2.3	“Board” means the Board of Directors of the Company. 

  

	2.4	“Cause” shall be as defined in the written employment contract between the Company and the Participant. If no written employment contract containing a definition of
“Cause” exists, then Cause means any of the following: 

  

	 	(a)	Any embezzlement or wrongful diversion of funds of the Company or any Affiliate by the Participant. 

 

	 	(b)	An indictment or conviction of the Participant, or the entering of a plea of nolo contendere by the Participant with respect to having committed a felony.

  

	 	(c)	Acts of dishonesty or moral turpitude by the Participant that are detrimental to the Company or an Affiliate. 

 

	 	(d)	Abandonment by the Participant of his job duties or repeated absences from the Company-directed tasks which are not otherwise excused by the Company. 

 

	 	(e)	Competing with the Company or otherwise diverting away from the Company business opportunities intended for the Company or which could reasonably benefit the Company’s core
business. 

  

	 	(f)	An unauthorized use of the Company’s or an Affiliate’s name, trademark(s), service mark(s) or trade name(s), and all variations thereof and marks or names similar
thereto, whether now or hereafter owned, licensed, or used by the Company. 

  

	 	(g)	Acts or omissions by the Participant which are detrimental to the business of the Company or an Affiliate, the Company’s or an Affiliate’s interests and/or the
Company’s or an Affiliate’s reputation. 

  

	 	(h)	Failure of the Participant to comply with reasonable and lawful directives and/or policies of the Company that remains uncured for a period of at least thirty (30) days
following written notice from the Company or the Board or a committee thereof to the Participant of such alleged failure, which written notice describes in reasonable detail the nature of such alleged failure. 

  
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	 	(i)	Any other material breach by the Participant of any agreement between the Participant and the Company that remains uncured for a period of at least thirty (30) days
following written notice from the Company or the Board or a committee thereof to the Participant of such alleged breach, which written notice describes in reasonable detail the nature of such alleged breach. 

 

	2.5	For the purposes of these Restricted Stock Grant Terms, a “Change in Control” shall be defined, in accordance with Section 409A of the Internal Revenue Code of
1986, as amended (the “Code”), as the occurrence of any of the following events: 

  

	 	(a)	If any one person, or more than one person acting as a group (as defined in Code Section 409A and Internal Revenue Service (“IRS”) guidance issued thereunder),
acquires ownership of common stock of the Company that, together with stock held by such person or group, constitutes more than fifty (50) percent of the total fair market value or total voting power of the common stock of the Company. However,
if any one person or more than one person acting as a group, is considered to own more than fifty (50) percent of the total fair market value or total voting power of the common stock of the Company, the acquisition of additional stock by the
same person or persons is not considered to cause a Change in Control, or to cause a change in the effective control of the Company (within the meaning of Code Section 409A and IRS guidance issued thereunder). An increase in the percentage of
common stock owned by any one person, or persons acting as a group, as a result of a transaction in which the Company acquires its stock in exchange for property shall be treated as an acquisition of stock for purposes of this Section. This
paragraph applies only when there is a transfer of stock of the Company (or issuance of stock of the Company) and stock in such Company remains outstanding after the transaction; 

 

	 	(b)	If any one person, or more than one person acting as a group (as determined in accordance with Code Section 409A and IRS guidance thereunder), acquires (or has acquired
during the 12-month period ending on the date of the most recent acquisition by such person or persons) ownership of common stock of the Company possessing thirty (30) percent or more of the total voting power of the common stock of the
Company; 

  

	 	(c)	 If a majority of members on the Board is replaced during any 12- month period by directors whose appointment or election is not endorsed by a majority of the
members of the Board prior to the date of the 

  
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appointment or election (provided that for purposes of this paragraph, the term Company refers solely to the “relevant” Company, as defined in Code Section 409A and IRS guidance issued
thereunder), for which no other company is a majority shareholder; or 

  

	 	(d)	If there is a change in the ownership of a substantial portion of the Company’s assets, which shall occur on the date that any one person, or more than one person acting as
a group (within the meaning of Code Section 409A and IRS guidance issued thereunder) acquires (or has acquired during the 12-month period ending on the date of the most recent acquisition by such person or persons) assets from the Company that
have a total gross fair market value equal to or more than forty (40) percent of the total gross fair market value of all of the assets of the Company immediately prior to such acquisition or acquisitions. For this purpose, gross fair market
value means the value of the assets of the Company, or the value of the assets being disposed of, determined without regard to any liabilities associated with such assets. 

For purposes of these Restricted Stock Grant Terms, in the event there is any ambiguity about whether a Change in Control has occurred, the
Committee shall make such determination. 
  

	2.5	“Committee” means the Compensation Committee of the Board. If the Board has not appointed a Compensation Committee, then the Board shall serve as the Committee.

  

	2.6	“Common Stock” means the common stock of the Company. 

  

	2.7	“Company” means Double Eagle Petroleum Co. including any of its Affiliates. 

 

	2.8	“Disability” means disability as defined in the short and/or long term incentive plans maintained by the Company. If the Company does not maintain a disability plan,
the term “Disability” shall be determined with regard to the current definition of disability under the Old Age and Disability (Social Security) Act. 

 

	2.9	“Effective Date “ means September 30, 2011. 

  

	2.10	“Employee” means a common-law employee of the Company or of an Affiliate. 

 

	2.11	“Good Reason” shall be as defined in the written employment contract between the Company and the Participant. If no written employment contract containing a definition
of “Good Reason” exists, then “Good Reason” means any of the following: 

  

	 	(a)	A material breach by the Company of any agreement between the Participant and the Company that remains uncured for a period of at least sixty (60) days following written
notice by Employee to the Company of the breach. 

  
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	 	(b)	A material change in reporting location not agreed to by the Participant. 

  

	 	(c)	A material reduction in the Participant’s responsibilities or base salary. 

  

	2.12	“Grant” means the grant of Restricted Stock made subject to the Restricted Stock Grant Terms embodied in this document. 

 

	2.13	“Implied Net Asset Value” means the formula for determining net asset value as set forth in the exhibit attached to these Restricted Stock Grant Terms.

  

	2.14	“Implied Net Asset Value Annual Cumulative Percentage Increase” means the cumulative annual percentage increase, year over year in Implied Net Asset Value, commencing
with Implied Net Asset Value calculated as of December 31, 2010. 

  

	2.15	“Participant” means any Employee who meets the requirements for participation set forth in Article I. 

 

	2.16	“Restricted Stock” means Common Stock of the Company subject to the Restricted Stock Grant Terms hereunder. 

 

	2.17	“Retirement Age” means the attainment of age 65 by a Participant. 

  

	2.18	“Stockholders” means the holders of common stock of the Company. 

 ARTICLE III 
 PARTICIPATION AND VESTING 

 

	3.1	Participation. An Employee who is selected by the Committee to receive a grant of restricted stock on September 30, 2011 will be so notified by the Committee.

  

	3.2	Time-Based Vesting. One-third of the grant of Restricted Stock made as of the Effective Date shall be time-based vested only. 

 

	 	(a)	Time-Based Vesting of Time-Based Restricted Stock. Each Participant must be employed on December 31, 2013 to vest in the time-based amounts of Restricted Stock
described in this Section 3.2. If a Participant terminates employment or the Participant’s employment is terminated prior to December 31, 2013 for reasons of Cause, resignation or other voluntary termination other than for Good
Reason, the Participant shall forfeit all of his or her time-based Restricted Stock. 

  

	 	(b)	 Treatment of Vesting of Time-Based Restricted Stock Upon Certain Early Termination Events Not Involving a Change in Control. Notwithstanding the
provisions of Section 3.2 (a) and except as otherwise provided in Section 3.2(c) and (d) below, any Participant who terminates employment prior to December 31, 2013 for reasons of death, Participant’s

  
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being of or attaining Retirement Age, Disability or termination for Good Reason, or whose employment is terminated by the Company for reasons other than Cause (but excluding resignation or other
voluntary termination by the Participant other than for Good Reason) shall have the unvested portion of his or her time-based Restricted Stock vest pro rata for each full month worked between the Effective Date and the date of termination. For
example, if a Participant’s employment terminates or is terminated on July 1, 2012 for one of the reasons set forth above in this Section 3.2(b), such Participant’s vested time-based Restricted Stock shall be 9/27 of the amount
of time-based Restricted Stock granted. 

  

	 	(c)	Participants Whose Employment is Terminated in Connection With a Change in Control Prior to December 31, 2013. Notwithstanding the provisions of Sections 3.2(a) and
3.2(b) above, any Participant whose employment is terminated prior to December 31, 2013 in connection with a Change in Control or after a Change of Control for Good Reason shall be 100% vested in his or her time-based Restricted Stock as of the
date of the Change in Control or termination for Good Reason, as the case may be. 

  

	 	(d)	Participants Whose Employment is Not Terminated in Connection With a Change in Control Prior to December 31, 2013 and Common Stock is No Longer Outstanding.
Notwithstanding the provisions of Sections 3.2(a) and 3.2(b) above, if a Change in Control occurs prior to December 31, 2013, the Company’s Common Stock does not remain outstanding following such Change in Control and the
Participant’s employment is not terminated in connection with the Change in Control, the Participant shall have the vested portion of his or her time-based Restricted Stock vested pro rata for each full month worked between the Effective Date
and the date of the Change in Control. 

  

	3.3	Performance-Based Vesting. Two-thirds of the grant of Restricted Stock made as of the Effective Date shall be subject both to performance-based vesting requirements and
time-based vesting requirements as set forth in this Section 3.3. 

  

	 	(a)	Performance Vesting. Each Participant’s performance vesting percentage shall be determined after the close of the year ended December 31, 2013, by reference to
the Implied Net Asset Value Annual Cumulative Percentage Increase from December 31, 2010 through December 31, 2013 and the corresponding vesting percentage set forth in the grid below. Any increase that does not equal a specified
percentage shall be rounded down. For example, an Implied Net Asset Value Annual Cumulative Percentage Increase during the performance period of 18% shall result in 40% of the Restricted Stock vesting if the time-based vesting requirements also are
met. 

  
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				September 30,				September 30,				September 30,				September 30,				September 30,				September 30,	
	 VESTING PERCENTAGE AT END OF PERFORMANCE
PERIOD
	 
	 	    	-0-	 	 	20%	 	 	40%	 	 	60%	 	 	80%	 	 	100%	 
	 Implied Net Asset Value Annual Cumulative Percentage Increase
	    	 	< 10	% 	 	 	10	% 	 	 	15	% 	 	 	20	% 	 	 	25	% 	 	 	30	% 

  

	 	(b)	Time-Based Vesting of Performance-Based Restricted Stock. Each Participant must be employed on December 31, 2013 to vest in the amounts described in the performance
grid in Section 3.3(a). 

  

	 	(c)	Participants Who Terminate Due to Retirement Prior to December 31, 2013. Notwithstanding the provisions of Sections 3.3(a) and 3.3(b) above and unless
Section 3.3(f) below applies, any Participant who terminates employment prior to December 31, 2013 due to Participant’s being of or attaining Retirement Age shall have the vested portion of his or her performance-based Restricted
Stock determined by the factors on the performance vesting grid set forth in Section 3.3(a), without regard to time-based vesting, with the performance period measured from December 31, 2010 through the date of retirement or as close to
such date as practicable. 

  

	 	(d)	Participants Whose Employment is Terminated in Connection With a Change in Control Prior to December 31, 2013. Notwithstanding the provisions of Sections 3.3(a) and
3.3(b) above, any Participant whose employment is terminated prior to December 31, 2013 in connection with a Change in Control shall be 100% vested in his or her performance-based Restricted Stock as of the date of the Change in Control.

  

	 	(e)	Participants Whose Employment is Not Terminated in Connection With a Change in Control Prior to December 31, 2013. Notwithstanding the provisions of Sections 3.3(a)
and 3.3(b) above, if a Change in Control occurs prior to December 31, 2013, the Participant’s employment is not terminated in connection with the Change in Control and the Participant remains employed by the Company as of December 31,
2013, the Participant shall have the vested portion of his or her performance-based Restricted Stock determined by the factors on the performance vesting grid set forth in Section 3.3(a), without regard to time-based vesting, with the
performance period measured from December 31, 2010 through the later of the date of the Change in Control or, if the Implied Net Asset Value Annual Cumulative Percentage Increase can be measured as of such date, December 31, 2013.

  
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	 	(f)	Participants Whose Employment is Not Terminated in Connection With a Change in Control But Retires Due to Attainment of Retirement Age Prior to December 31, 2013.
Notwithstanding the provisions of Sections 3.3(a) and 3.3(b) above, if a Change in Control occurs prior to December 31, 2013, the Participant’s employment is not terminated in connection with the Change in Control and the Participant
thereafter terminates employment prior to December 31, 2013 due to attainment of Retirement Age, the Participant shall have the vested portion of his or her performance-based Restricted Stock determined by the factors on the performance vesting
grid set forth in Section 3.3(a), without regard to time-based vesting, with the performance period measured from December 31, 2010 through the later of the date of the Change in Control or, if the Implied Net Asset Value Annual Cumulative
Percentage Increase can be measured as of such date, through the date of retirement or as close to such date as practicable. 

  

	 	(g)	Participants Whose Employment is Terminated Due to Death or Disability. Notwithstanding the provisions of Sections 3.3(a) and 3.3(b) above, any Participant who terminates
employment prior to December 31, 2013 for reasons of death or Disability shall have the vested portion of his or her performance-based Restricted Stock determined by the factors on the performance vesting grid set forth in Section 3.3(a),
without regard to time-based vesting, with the performance period measured from December 31, 2010 through the date of death or Disability or as close to such date as practicable. 

 

	 	(h)	Forfeiture of Performance-Based Restricted Stock. If a Participant terminates employment prior to December 31, 2013 for reasons of Cause, resignation or other
voluntary termination other than for Good Reason, the Participant shall forfeit all of his or her performance-based Restricted Stock. 

 ARTICLE V 
 PAYMENTS OF VESTED RESTRICTED STOCK 

 

	5.1	Right to Payment. Each Participant shall become entitled to payment of the Participant’s Restricted Stock as soon as practicable after it vests. Notwithstanding the
previous sentence, the Company shall withhold Common Stock for Federal and state income tax purposes, as required by law. 

  

	5.2	No Right to Specific Assets. Payments due and owing to Participants will be made in the form of Common Stock and no Participant shall have rights to any specific assets of
the Company or of any Affiliates. 

  

	5.3	Payments to Beneficiaries. If a Participant dies before separating from service, the Committee will make payment of vested Restricted Stock to the Participant’s
Beneficiary in the form of Common Stock. 

  
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 ARTICLE VI 
 MISCELLANEOUS 
  

	7.1	Restricted Stock Not Transferable. No unvested Restricted Stock held by a Participant shall be subject to disposition by transfer, alienation, anticipation, pledge,
encumbrance, assignment, or any other means, whether such disposition is voluntary or involuntary, or by operation of law by judgment, levy, attachment, garnishment or any other legal or equitable proceedings, including bankruptcy. Any attempted
disposition of unvested Restricted Stock shall be null and void and of no effect. 

  

	7.2	Not a Contract of Employment. Nothing in the Grant Notice or in the Restricted Stock Grant Terms shall confer upon the Participant any right to continue in the employ of
the Company or any of its Affiliates or shall interfere with or restrict in any way the rights of the Company or its Affiliates, which are hereby expressly reserved, to discharge the Participant at any time for any reason whatsoever, with or without
cause, except as may otherwise be provided by any written agreement entered into by and between the Company and the Participant. 

  

	7.3	Powers and Duties of the Committee. The Committee has the duty to administer this Plan to the best of its ability. The Committee has all powers necessary to administer
this Plan in all particulars provided, and in all ways reasonably implied, by this Restricted Stock Grant Terms document. The Committee shall have the discretion to interpret a grant, including all matters involving eligibility and benefits, and all
matters involving the intent of the Company in offering a grant under these Restricted Stock Grant Terms. The Committee shall make the determination of the Implied Net Asset Value of the Company for performance-based Restricted Stock vesting
purposes, and the Committee shall make the final determination regarding the Implied Net Asset Value Annual Cumulative Percentage Increase for performance-based Restricted Stock vesting purposes. The Committee in its sole discretion may modify or
amend the definition of Implied Net Asset Value to reflect changes in circumstances of the Company occurring after the Effective Date or to clarify the intent of the Committee. 

 

	7.4	Governing Law. The provisions of these Restricted Stock Grant Terms shall be construed and interpreted according to the laws of the State of Colorado, except as preempted
by Federal law. 

  

	7.5	Amendment, Suspension and Termination. Any grant made hereunder may be wholly or partially amended or otherwise modified, suspended or terminated at any time or from time
to time by the Committee or the Board, provided that the amendment, suspension or termination of the grant shall not, without the consent of the Participant, alter or impair any rights or obligations already accrued under the grant. Notwithstanding
the previous sentence, any modification or amendment by the Committee of the definition of Implied Net Asset Value pursuant to Section 7.3 shall not be deemed to alter or impair rights or obligations already accrued under the grant, and the
Committee or the Board may amend the 2007 Plan, the grant or these restricted Stock Grant Terms at any time, and as it deems necessary, in order to maintain compliance with applicable laws and regulations. 

  
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	7.6	Code Section 280G and Section 4999 Provisions. In the event that the benefits provided hereunder, together with other payments to a Participant in connection
with a Change in Control (“Change in Control Benefits”), constitute “parachute payments” within the meaning of Section 280G of the Code, and but for this Section 7.6 would be subject to the excise tax imposed by
Section 4999 of the Code, then the benefits provided hereunder will be either: (i) delivered in full, or (ii) delivered as to such lesser extent that would result in no portion of such benefits being subject to excise tax under
Section 4999 of the Code, whichever of the foregoing amounts, taking into account the applicable federal, state and local income taxes and the excise tax imposed by Section 4999, results in the receipt by the Participant on an after-tax
basis, of the greatest amount of Change in Control Benefits, notwithstanding that all or some portion of such Change in Control Benefits may be taxable under Section 4999 of the Code; provided, however, that the Participant may elect to receive
Change in Control Benefits that would result in no portion of such Change in Control Benefits being subject to excise tax under Section 4999 of the Code even if such payment would not result in the greatest amount of Change in Control Benefits
to the Participant. Unless the Company and the Participant otherwise agree in writing, any determination required under this Section 7.6 will be made in writing by the Company’s independent public accountants immediately prior to the
Change in Control (the “Accountants”), whose determination will be conclusive and binding upon the Participant and the Company for all purposes. For purposes of making the calculations required by this Section, the Accountants may make
reasonable assumptions and approximations concerning applicable taxes and may rely on reasonable, good faith interpretations concerning the application of Sections 280G and 4999 of the Code. The Company and the Participant will furnish to the
Accountants such information and documents as the Accountants may reasonably request in order to make a determination under this Section. The Company will bear all costs the Accountants may reasonably incur in connection with any calculations
contemplated by this Section. In the event the Accountants determine that this Section requires a reduction in the Participant’s Change in Control Benefits, the Participant will be provided the reasonable opportunity to determine the order in
which Change in Control Benefits will be reduced. If the Participant fails to make an appropriate reduction election within the reasonable time period determined by the Committee, or the Board if no Committee exists, in its sole discretion, the
order of reduction will be determined by the Committee or the Board, if applicable. 

  
 10EX-4.2

 Exhibit 4.2 
 Loan Agreements dated February 16, 2012 between Badger Meter, Inc. and BMO Harris Bank 
 N.A. relating to Badger Meter, Inc.’s revolving credit loan. 
 PROMISSORY NOTE

  

																			
	 Principal
	  	Loan Date	 	  	Maturity	 	  	Loan No.	  	Call / Coll	  	Account	  	Officer	  	Initials
	 $90,000,000.00
	  	 	02-16-2012	  	  	 	06-16-2012	  	  		  		  		  		  	

  

	
	References in the boxes above are for Lender’s use only and do not limit the applicability of this
document to any particular loan or item. Any item above containing “***” has been omitted due to text length limitations.

  

							
	Borrower:	 	Badger Meter, Inc.	 	Lender:	 	BMO Harris Bank N.A.
		 	4545 W. Brown Deer Rd.	 		 	SE Wisconsin Region Commercial Lending
		 	Milwaukee, WI 53223-2413	 		 	770 North Water Street
		 		 		 	Milwaukee, WI 53202

  

			
	Principal Amount: $90,000,000.00	  	                             Date
of Note: February 16, 2012

 PROMISE TO PAY. Badger Meter, Inc. (“Borrower”) promises to pay to BMO Harris Bank N.A. (“Lender”),
or order, in lawful money of the United States of America, the principal amount of Ninety Million & 00/100 Dollars ($90,000,000.00) or so much as may be outstanding, together with interest on the unpaid outstanding principal balance of each
advance. Interest shall be calculated from the date of each advance until repayment of each advance. 
 PAYMENT. Borrower will pay this loan in
one payment of all outstanding principal plus all accrued unpaid interest on June 16, 2012. In addition, Borrower will pay regular monthly payments of all accrued unpaid interest due as of each payment date, beginning March 16, 2012, with
all subsequent interest payments to be due on the same day of each month after that. Unless otherwise agreed or required by applicable law, payments will be applied to Accrued Interest, Principal, Late Charges, and Escrow. Borrower will pay Lender
at Lender’s address shown above or at such other place as Lender may designate in writing. 
 VARIABLE INTEREST RATE. The interest rate on
this Note is subject to change from time to time based on changes in an independent index which is the one month British Bankers Association (BBA) LIBOR and reported by a major news service selected by Lender (such as Reuters, Bloomberg or Moneyline
Telerate). If BBA LIBOR for the one month period is not provided or reported on the first day of a month because, for example, it is a weekend or holiday or for another reason, the One Month Libor Rate shall be established as of the preceding day on
which a BBA LIBOR rate is provided for the one month period and reported by the selected news service (the “Index”). The Index is not necessarily the lowest rate charged by Lender on its loans. If the Index becomes unavailable during the
term of this loan, Lender may designate a substitute index after notifying Borrower. Lender will tell Borrower the current Index rate upon Borrower’s request. The interest rate change will not occur more often than each first day of each
calendar month and will become effective without notice to the Borrower. Borrower understands that Lender may make loans based on other rates as well. The index currently is 0.264% per annum. Interest on the unpaid principal balance of this
Note will be calculated as described in the “INTEREST CALCULATION METHOD” paragraph using a rate of 1.500 percentage points over the Index, resulting in an initial rate of 1.764% per annum based on a year of 360 days. NOTICE: Under no
circumstances will the interest rate on this Note be more than the maximum rate allowed by applicable law. 
 INTEREST CALCULATON METHOD.
Interest on this Note is computed on a 365/360 basis; that is, by applying the ratio of the interest rate over a year of 360 days, multiplied by the outstanding principal balance, multiplied by the actual number of days the principal balance is
outstanding. All interest payable under this Note is computed using this method. This calculation method results in a higher effective interest rate than the numeric interest rate stated in this Note. 

PREPAYMENT. Borrower agrees that all loan fees and other prepaid finance charges are earned fully as of the date of the loan and will not be subject to
refund upon early payment (whether voluntary or as a result of default), except as otherwise required by law. Except for the foregoing, Borrower may pay without penalty all or a portion of the amount owed earlier than it is due. Early payment will
not, unless agreed to by Lender in writing, relieve Borrower of Borrower’s obligation to continue to make payments of accrued unpaid interest. Rather, early payments will reduce the principal balance due. Borrower agrees not to send Lender
payments marked “paid in full”, “without recourse”, or similar language. If Borrower sends such a payment, Lender may accept it without losing any of Lender’s rights under this Note, and Borrower will remain obligated to pay
any further amount owed to Lender. All written communications concerning disputed amounts, including any check or other payment instrument that indicates that the payment constitutes “payment in full” of the amount owed or that is tendered
with other conditions or limitations or as full satisfaction of a disputed amount must be mailed or delivered to: BMO Harris Bank N.A., SE Wisconsin Region Commercial Lending, 770 North Water Street, Milwaukee, WI 53202. 

 LATE CHARGE. If a payment is not made on or before the 10th day after its due date, Borrower will be charged 5.000% of the
unpaid portion of the regularly scheduled payment. 
 INTEREST AFTER DEFAULT. Upon default, including failure to pay upon final maturity, the
interest rate on this Note shall be increased by adding a 5.000 percentage point margin (“Default Rate Margin”). The Default Rate Margin shall also apply to each succeeding interest rate change that would have applied had there been no
default. However, in no event will the interest rate exceed the maximum rate permitted by applicable law. 
 DEFAULT. Each of the following
shall constitute an event of default (“Event of Default”) under this Note: 
 Payment Default. Borrower fails to make
any payment when due under this Note. 
 Other Defaults. Borrower fails to comply with or to perform any other term, obligation,
covenant or condition contained in this Note or in any of the related documents or to comply with or to perform any term, obligation, covenant or condition contained in any other agreement between Lender and Borrower. 

Default in Favor of Third Parties. Borrower or any Grantor defaults under any loan, extension of credit, security agreement, purchase or
sales agreement, or any other agreement, in favor of any other creditor or person that may materially affect any of Borrower’s property or Borrower’s ability to repay this Note or perform Borrower’s obligations under this Note or any
of the related documents. 
 False Statements. Any warranty, representation or statement made or furnished to Lender by Borrower
or on Borrower’s behalf under this Note or the related documents is false or misleading in any material respect, either now or at the time made or furnished or becomes false or misleading at any time thereafter. 

Insolvency. The dissolution or termination of Borrower’s existence as a going business, the insolvency of Borrower, the appointment
of a receiver for any part of Borrower’s property, any assignment for the benefit of creditors, any type of creditor workout, or the commencement of any proceeding under any bankruptcy or insolvency laws by or against Borrower. 

Creditor or Forfeiture Proceedings. Commencement of foreclosure or forfeiture proceedings, whether by judicial proceeding, self-help,
repossession or any other method, by any creditor of Borrower or by any government agency against any collateral securing the loan. This includes a garnishment of any of Borrower’s accounts, including deposit accounts, with Lender. However,
this Event of Default shall not apply if there is a good faith dispute by Borrower as to the validity or reasonableness of the claim which is the basis of the creditor or forfeiture proceeding and if Borrower gives Lender written notice of the
creditor or forfeiture proceeding and deposits with Lender monies or a surety bond for the creditor or forfeiture proceeding, in an amount determined by Lender, in its sole discretion, as being an adequate reserve or bond for the dispute.

 Events Affecting Guarantor. Any of the preceding events occurs with respect to any guarantor, endorser, surety, or
accommodation party of any of the indebtedness or any guarantor, endorser, surety, or accommodation party dies or becomes incompetent, or revokes or disputes the validity of, or liability under, any guaranty of the indebtedness evidenced by this
Note. 
 Change in Ownership. Any change in ownership of twenty-five percent (25%) or more of the common stock of Borrower.

 Adverse Change. A material adverse change occurs in Borrower’s financial condition, or Lender believes the prospect of
payment or performance of this Note is impaired. 
 Insecurity. Lender in good faith believes itself insecure. 

LENDER’S RIGHTS. Upon default, Lender may declare the entire unpaid principal balance on this Note and all accrued unpaid interest immediately due,
and then Borrower will pay that amount. 
 ATTORNEY’S FEES; EXPENSES. Lender may hire or pay someone else to help collect this Note if
Borrower does not pay. Borrower will pay Lender that amount. This includes, subject to any limits under applicable law, Lender’s attorney’s fees and Lender’s legal expenses, whether or not there is a lawsuit, including attorney’s
fees, expenses for bankruptcy proceedings (including efforts to modify or vacate any automatic stay or injunction), and appeals. If not prohibited by applicable law, Borrower also will pay any court costs, in addition to all other sums provided by
law. 
 JURY WAIVER. Lender and Borrower hereby waive the right to any jury trial in any action, proceeding, or counterclaim brought by either
Lender or Borrower against the other. 
 GOVERNING LAW. This Note will be governed by federal law applicable to Lender and, to the extent not
preempted by federal law, the laws of the State of Wisconsin without regard to its conflicts of law provisions. This Note has been accepted by Lender in the State of Wisconsin. 
 CHOICE OF VENUE. If there is a lawsuit, Borrower agrees upon Lender’s request to submit to the jurisdiction of the courts of Milwaukee County, State of Wisconsin. 

DISHONORED ITEM FEE. Borrower will pay a fee to Lender of $30.00 if Borrower makes a payment on Borrower’s loan and the check or preauthorized
charge with which Borrower pays is later dishonored. 

  
 2 

 RIGHT OF SETOFF. To the extent permitted by applicable law, Lender reserves a right of setoff in all
Borrower’s accounts with Lender (whether checking, savings, or some other account). This includes all accounts Borrower holds jointly with someone else and all accounts Borrower may open in the future. However, this does not include any IRA or
Keogh accounts, or any trust accounts for which setoff would be prohibited by law. Borrower authorizes Lender, to the extent permitted by applicable law, to charge or setoff all sums owing on the debt against any and all such accounts, and, at
Lender’s option, to administratively freeze all such accounts to allow Lender to protect Lender’s charge and setoff rights provided in this paragraph. 
 LINE OF CREDIT. This Note evidences a revolving line of credit. Advances under this Note, as well as directions for payment from Borrower’s accounts, may be requested orally or in writing by Borrower
or by an authorized person. Lender may, but need not, require that all oral requests be confirmed in writing. Borrower agrees to be liable for all sums either: (A) advanced in accordance with the instructions of an authorized person, or
(B) credited to any of Borrower’s accounts with Lender. The unpaid principal balance owing on this Note at any time may be evidenced by endorsements on this Note or by Lender’s internal records, including daily computer print-outs.

 SUCCESSOR INTERESTS. The terms of this Note shall be binding upon Borrower, and upon Borrower’s heirs, personal representatives,
successors and assigns, and shall inure to the benefit of Lender and its successors and assigns. 
 GENERAL PROVISIONS. This Note benefits
Lender and its successors and assigns, and binds Borrower and Borrower’s heirs, successors, assigns, and representatives. If any part of this Note cannot be enforced, this fact will not affect the rest of the Note. Lender may delay or forgo
enforcing any of its rights or remedies under this Note without losing them. Borrower and any other person who signs, guarantees or endorses this Note, to the extent allowed by law, waive presentment, demand for payment, and notice of dishonor. Upon
any change in the terms of this Note, and unless otherwise expressly stated in writing, no party who signs this Note, whether as maker, guarantor, accommodation maker or endorser, shall be released from liability. All such parties agree that Lender
may renew or extend (repeatedly and for any length of time) this loan or release any party or guarantor or collateral; or impair, fail to realize upon or perfect Lender’s security interest in the collateral; and take any other action deemed
necessary by Lender without the consent of or notice to anyone. All such parties also agree that Lender may modify this loan without the consent of or notice to anyone other than the party with whom the modification is made. The obligations under
this Note are joint and several. 
 PRIOR TO SIGNING THIS NOTE, BORROWER READ AND UNDERSTOOD ALL THE PROVISIONS OF THIS NOTE, INCLUDING THE
VARIABLE INTEREST RATE PROVISIONS. BORROWER AGREES TO THE TERMS OF THE NOTE. 
 BORROWER ACKNOWLEDGES RECEIPT OF A COMPLETED COPY OF THIS
PROMISSORY NOTE. 
 BORROWER: 
  

					
	BADGER METER, INC.
			
	By:	 	 	 	 /s/ Richard A. Meeusen

		 		 	Chairman, President and CEO
			
	By:	 		 	 /s/ William R. A. Bergum

		 		 	Vice President – General Counsel and Secretary

 BUSINESS LOAN AGREEMENT 
  

																			
	 Principal
	  	Loan Date	 	  	Maturity	 	  	Loan No.	  	Call / Coll	  	Account	  	Officer	  	Initials
	 $90,000,000.00
	  	 	02-16-2012	  	  	 	06-16-2012	  	  		  		  		  		  	

  

	
	 References in the boxes above are for Lender’s use only and
do not limit the applicability of this document to any particular loan or item.
 Any item above containing “***” has been omitted due
to text length limitations.

  

							
	Borrower:	 	Badger Meter, Inc.	 	Lender:	 	BMO Harris Bank N.A.
		 	4545 W. Brown Deer Rd.	 		 	SE Wisconsin Region Commercial Lending
		 	Milwaukee, WI 53223-2413	 		 	770 North Water Street
		 		 		 	Milwaukee, WI 53202

 THIS BUSINESS LOAN AGREEMENT dated February 16, 2012, is made and executed between Badger Meter, Inc.
(“Borrower”) and BMO Harris Bank N.A. (“Lender”) on the following terms and conditions. Borrower has received prior commercial loans from Lender or has applied to Lender for a commercial loan or loans or other financial
accommodations, including those which may be described on any exhibit or schedule attached to this Agreement. Borrower understands and agrees that: (A) in granting, renewing, or extending any Loan, Lender is relying upon Borrower’s
representations, warranties, and agreements as set forth in this Agreement; (B) the granting, renewing, or extending of any Loan by Lender at all times shall be subject to Lender’s sole judgment

  
 3 

 
and discretion; and (C) all such Loans shall be and remain subject to the terms and conditions of this Agreement. 
 TERM. This Agreement shall be effective as of February 16, 2012, and shall continue in full force and effect until such time as all of Borrower’s Loans in favor of Lender have been paid in full,
including principal, interest, costs, expenses, attorneys’ fees, and other fees and charges, or until such time as the parties may agree in writing to terminate this Agreement. 
 CONDITIONS PRECEDENT TO EACH ADVANCE. Lender’s obligation to make the initial Advance and each subsequent Advance under this Agreement shall be subject to the fulfillment to Lender’s
satisfaction of all of the conditions set forth in this Agreement and in the Related Documents. 
 Loan Documents. Borrower shall
provide to Lender the following documents for the Loan: (1) the Note; (2) together with all such Related Documents as Lender may require for the Loan; all in form and substance satisfactory to Lender and Lender’s counsel. 

Borrower’s Authorization. Borrower shall have provided in form and substance satisfactory to Lender properly certified resolutions,
duly authorizing the execution and delivery of this Agreement, the Note and the Related Documents. In addition, Borrower shall have provided such other resolutions, authorizations, documents and instruments as Lender or its counsel, may require.

 Payment of Fees and Expenses. Borrower shall have paid to Lender all fees, charges, and other expenses which are then due and
payable as specified in this Agreement or any Related Document. 
 Representations and Warranties. The representations and
warranties set forth in this Agreement, in the Related Documents, and in any document or certificate delivered to Lender under this Agreement are true and correct. 
 No Event of Default. There shall not exist at the time of any Advance a condition which would constitute an Event of Default under this Agreement or under any Related Document. 

REPRESENTATIONS AND WARRANTIES. Borrower represents and warrants to Lender, as of the date of this Agreement, as of the date of each disbursement of loan
proceeds, as of the date of any renewal, extension or modification of any Loan, and at all times any Indebtedness exists: 

Organization. Borrower is a corporation for profit which is, and at all times shall be, duly organized, validly existing, and in good
standing under and by virtue of the laws of the State of Wisconsin. Borrower is duly authorized to transact business in all other states in which Borrower is doing business, having obtained all necessary filings, governmental licenses and approvals
for each state in which Borrower is doing business. Borrower maintains an office at 4545 W Brown Deer Rd, Milwaukee, WI 53223-2413. Unless Borrower has designated otherwise in writing, the principal office is the office at which Borrower keeps its
books and records including its records concerning the Collateral. Borrower will notify Lender prior to any change in the location of Borrower’s state of organization or any change in Borrower’s name. 

Assumed Business Names. Borrower has filed or recorded all documents or filings required by law relating to all assumed business names
used by Borrower. Excluding the name of Borrower, the following is a complete list of all assumed business names under which Borrower does business: None. 
 Authorization. Borrower’s execution, delivery, and performance of this Agreement and all the Related Documents have been duly authorized by all necessary action of Borrower and do not conflict with,
result in a violation of, or constitute a default under (1) any provision of (a) Borrower’s articles of incorporation or organization, or bylaws, or (b) any agreement or other instrument binding upon Borrower or (2) any law,
governmental regulation, court decree, or order applicable to Borrower or to Borrower’s properties. 
 Properties. Except as
contemplated by this Agreement or as previously disclosed in Borrower’s financial statements or in writing to Lender and as accepted by Lender, and except for property tax liens for taxes not presently due and payable, Borrower owns and has
good title to all of Borrower’s properties free and clear of all liens and security interests, and has not executed any security documents or financing statements relating to such properties. All of Borrower’s properties are titled in
Borrower’s legal name, and Borrower has not used or filed a financing statement under any other name for at least the last five (5) years. 
 AFFIRMATIVE CONVENANTS. Borrower covenants and agrees with Lender that, so long as this Agreement remains in effect, Borrower will: 
 Notices of Claims and Litigation. Promptly inform Lender in writing of (1) all material adverse changes in Borrower’s financial condition, and (2) all existing and all threatened
litigation, claims, investigations, administrative proceedings or similar actions affecting Borrower or any Guarantor which could materially affect the financial condition of Borrower or the financial condition of any Guarantor. 

 
 Financial Records. Maintain its books and records in accordance with
accounting principles acceptable to Lender, applied on a consistent basis, and permit Lender to examine and audit Borrower’s books and records at all reasonable times. 
 Financial Statements. Furnish Lender with the following: 

  
 4 

 Annual Statements. As soon as available, but in no event later than one-hundred-twenty
(120) days after the end of each fiscal year, Borrower’s balance sheet and income statement for the year ended, audited by a certified public accountant satisfactory to Lender. 

Interim Statements. As soon as available, but in no event later than 45 days after the end of each fiscal quarter, Borrower’s balance
sheet and profit and loss statement for the period ended, prepared by Borrower. 
 Additional Requirements. Commercial Paper
Back-up Certificate. Within forty-five (45) days after the end of each quarter, a commercial paper back-up certificate in form and substance satisfactory to Lender. 
 All financial reports required to be provided under this Agreement shall be prepared in accordance with GAAP, applied on a consistent basis, and certified by Borrower as being true and correct.

 Financial Covenants and Ratios. Comply with the following covenants and ratios: 

Tangible Net Worth Requirements. Maintain a minimum Tangible Net Worth of not less than: $65,000,000.00. Other Net Worth requirements are
as follows: Minimum Tangible Net Worth should be maintained at all times and will be tested quarterly. For purposes of this Agreement, and notwithstanding any other definitions of Tangible Net Worth provided herein, “Tangible Net Worth”
shall mean Borrower’s total net worth minus patents minus deferred charges minus goodwill. 
 Except as provided above, all
computations made to determine compliance with the requirements contained in this paragraph shall be made in accordance with accounting principles acceptable to Lender, applied on a consistent basis, and certified by Borrower as being true and
correct. 
 Loan Proceeds. Use all Loan proceeds solely for Borrower’s business operations, unless specifically consented to
the contrary by Lender in writing. 
 Taxes, Charges and Liens. Pay and discharge when due all of its indebtedness and
obligations, including without limitation all assessments, taxes, governmental charges, levies and liens, of every kind and nature, imposed upon Borrower or its properties, income, or profits, prior to the date on which penalties would attach, and
all lawful claims that, if unpaid, might become a lien or charge upon any of Borrower’s properties, income, or profits. 

Provided however, Borrower will not be required to pay and discharge any such assessment, tax, charge, levy, lien or claim so long as
(1) the legality of the same shall be contested in good faith by appropriate proceedings, and (2) Borrower shall have established on Borrower’s books adequate reserves with respect to such contested assessment, tax, charge, levy,
lien, or claim in accordance with GAAP. 
 Performance. Perform and comply, in a timely manner, with all terms, conditions, and
provisions set forth in this Agreement, in the Related Documents, and in all other instruments and agreements between Borrower and Lender. Borrower shall notify Lender immediately in writing of any default in connection with any agreements.

 Operations. Maintain executive and management personnel with substantially the same qualifications and experience as the
present executive and management personnel; provide written notice to Lender of any change in executive and management personnel; conduct its business affairs in a reasonable and prudent manner. 

Compliance with Governmental Requirements. Comply with all laws, ordinances, and regulations, now or hereafter in effect, of all
governmental authorities applicable to the conduct of Borrower’s properties, businesses and operations, and to the use or occupancy of the Collateral, including without limitation, the Americans With Disabilities Act. Borrower may contest in
good faith any such law, ordinance, or regulation and withhold compliance during any proceeding, including appropriate appeals, so long as Borrower has notified Lender in writing prior to doing so and so long as, in Lender’s sole opinion,
Lender’s interests in the Collateral are not jeopardized. Lender may require Borrower to post adequate security or a surety bond, reasonably satisfactory to Lender, to protect Lender’s interest. 

Inspection. Permit employees or agents of Lender at any reasonable time to inspect any and all Collateral for the Loan or Loans and
Borrower’s other properties and to examine or audit Borrower’s books, accounts, and records and to make copies and memoranda of Borrower’s books, accounts, and records. If Borrower now or at any time hereafter maintains any records
(including without limitation computer generated records and computer software programs for the generation of such records) in the possession of a third party, Borrower, upon request of Lender, shall notify such party to permit Lender free access to
such records at all reasonable times and to provide Lender with copies of any records it may request, all at Borrower’s expense. 

RECOVERY OF ADDITIONAL COSTS. If the imposition of or any change in any law, rule, regulation or guideline, or the interpretation or application of any
thereof by any court or administrative or governmental authority (including any request or policy not having the force of law) shall impose, modify or make applicable any taxes (except federal, state or local income or franchise taxes imposed on
Lender), reserve requirements, capital adequacy requirements or other obligations which would (A) increase the cost to Lender for extending or maintaining the credit facility to which this Agreement relates, (B) reduce the amounts payable
to Lender under this Agreement or the Related Documents, or (C) reduce the rate of return on Lender’s capital as a consequence of Lender’s obligations with respect to the credit facilities to which this Lender’s written demand
for such payment, which demand shall be accompanied by an explanation of such imposition or charge and a calculation in reasonable detail of the additional amounts payable by Borrower, which explanation and calculations shall be conclusive in the
absence of manifest error. 

  
 5 

 LENDER’S EXPENDITURES. If any action or proceeding is commenced that would materially affect
Lender’s interest in the Collateral or if Borrower fails to comply with any provision of this Agreement or any Related Documents, including but not limited to Borrower’s failure to discharge or pay when due any amounts Borrower is required
to discharge or pay under this Agreement or any Related Documents, Lender on insuring, maintaining and preserving any Collateral. All such expenditures incurred or paid by Lender for such purposes will then bear interest at the rate charged under
the Note from the date incurred or paid by Lender to the date of repayment by Borrower. All such expenses will become a part of the indebtedness and, at Lender’s option, will (A) be payable on demand; (B) be added to the balance of
the Note and be apportioned among and be payable with any installment payments to become due during either (1) the term of any applicable insurance policy; or (2) the remaining term of the Note; or (C) be treated as a balloon payment
which will be due and payable at the Note’s maturity. 
 NEGATIVE COVENANTS. Borrower covenants and agrees with Lender that while this
Agreement is in effect, Borrower shall not, without the prior written consent of Lender: 
 Continuity of Operations.
(1) Engage in any business activities substantially different than those in which Borrower is presently engaged, (2) cease operations, liquidate, merge, transfer, acquire or consolidate with any other entity, change its name, dissolve or
transfer or sell Collateral out of the ordinary course of business. 
 Agreements. Enter into any agreement containing any
provisions which would be violated or breached by the performance of Borrower’s obligations under this Agreement or in connection herewith. 
 CESSATION OF ADVANCES. If Lender has made any commitment to make any Loan to Borrower, whether under this Agreement or under any other agreement, Lender shall have no obligation to make Loan advances or
to disburse Loan proceeds if: (A) Borrower or any guarantor is in default under the terms of this Agreement or any other agreement that Borrower or any guarantor has with Lender; (B) Borrower or any guarantor dies, becomes incompetent or
becomes insolvent, files a petition in bankruptcy or similar proceedings, or is adjudged a bankrupt; (C) there occurs a material adverse change in Borrower’s financial condition, in the financial condition of any guarantor, or in the value
of any collateral securing any Loan; or (D) any guarantor seeks, claims or otherwise attempts to limit, modify or revoke such guarantor’s guaranty of the Loan or any other loan with Lender; or (E) Lender in good faith deems itself
insecure, even though no Event of Default shall have occurred. 
 RIGHT OF SETOFF. To the extent permitted by applicable law, Lender reserves a
right of setoff in all Borrower’s accounts with Lender (whether checking, savings, or some other account). This includes all accounts Borrower holds jointly with someone else and all accounts Borrower may open in the future. However, this does
not include any IRA or Keogh accounts, or any trust accounts for which setoff would be prohibited by law. Borrower authorizes Lender, to the extent permitted by applicable law, to charge or setoff all sums owing on the debt against any and all such
accounts, and, at Lender’s option, to administratively freeze all such accounts to allow Lender to protect Lender’s charge and setoff rights provided in this paragraph. 
 DEFAULT. Each of the following shall constitute an Event of Default under this Agreement. 
 Payment Default. Borrower fails to make any payment when due under the Loan. 

Other Default. Borrower fails to comply with any other term, obligation, covenant or condition constrained in this Agreement or in any of
the Related Documents. 
 Default in Favor of Third Parties. Borrower defaults under any loan, extension of credit, security
agreement, purchase or sales agreement, or any other agreement, in favor of any other creditor or person that may materially affect any of Borrower’s property or Borrower’s ability to repay the Loans or perform Borrower’s obligations
under this Agreement or any related document. 
 False Statements. Any representation or statement made by Borrower to Lender is
false in any material respect. 
 Insolvency. The dissolution or termination of Borrower’s existence as a going business,
the insolvency of Borrower, the appointment of a receiver for any part of Borrower’s property, any assignment for the benefit of creditors, any type of creditor workout, or the commencement of any proceeding under any bankruptcy or insolvency
laws by or against Borrower. 
 Creditor or Forfeiture Proceedings. Commencement of foreclosure or forfeiture proceedings,
whether by judicial proceedings, self-help, repossession or any other method, by any creditor of Borrower or by any governmental agency against any collateral securing the Loan. 

Events Affecting Guarantor. Any of the preceding events occurs with respect to any Guarantor of any of the Indebtedness or any Guarantor
dies or becomes incompetent, or revokes or disputes the validity of, or liability under, any Guaranty of the Indebtedness. 

Change in Ownership. Any change in ownership of twenty-five (25%) or more of the common stock of Borrower. 

Insecurity. Lender in good faith believes itself insecure. 
 EFFECT OF AN EVENT OF DEFAULT. If any Event of Default shall occur, except where otherwise provided in this Agreement of the Related Documents, all commitments and obligations of Lender under this
Agreement immediately will terminate (including any obligation to make further Loan Advances or disbursements), and, at Lender’s option, all Indebtedness immediately will become due and payable, all without notice of any kind to Borrower,
except that in the case of an Event of Default of the type described in the 

  
 6 

 
“Insolvency” subsection above, such acceleration shall be automatic and not optional. In addition, Lender shall have all the rights and remedies provided in the Related Documents or
available at law, in equity, or otherwise. Except as may be prohibited by applicable law, all of Lender’s rights and remedies shall be cumulative and may be exercised singularly or concurrently. Election by Lender to pursue any remedy shall not
exclude pursuit of any other remedy, and an election to make expenditures or to take action to perform an obligation of Borrower or of any Grantor shall not affect Lender’s right to declare a default and to exercise its rights and remedies.

 HEDGING INSTRUMENTS. The obligations and indebtedness secured hereby shall include, without limitation, all obligations, indebtedness and
liabilities of Borrower to Lender arising pursuant to or in connection with any swap, collar, cap, future, forward or derivative transaction, including any involving, or settled by reference to, one or more interest rates, currencies, commodities,
equity or debt instruments, any economic, financial or pricing index or basis, or any similar transaction, including any option with respect to any of these transactions and any combination of these transactions. 

DEFINITIONS. The following capitalized words and terms shall have the following meanings when used in this Agreement. Unless specifically stated to the
contrary, all reference to dollar amounts shall mean amounts in lawful money of the United States of America. Words and terms used in the singular shall include the plural, and the plural shall include the singular, as the context may require. Words
and terms not otherwise defined in this Agreement shall have the meanings attributed to such terms in the Uniform Commercial Code. Accounting words and terms not otherwise defined in this Agreement shall have the meanings assigned to them in
accordance with generally accepted accounting principles as in effect on the date of this Agreement: 
 Advance. The word
“Advance” means a disbursement of Loan funds made, or to be made, to Borrower or on Borrower’s behalf on a line of credit or multiple advance basis under the terms and conditions of this Agreement. 

Agreement. The word “Agreement” means this Business Loan Agreement, as this Business Loan Agreement may be amended or modified
from time to time, together with all exhibits and schedules attached to this Business Loan Agreement from time to time. 

Borrower. The word “Borrower” means Badger Meter, Inc. and includes all co-signers and co-makers signing the Note and all their
successors and assigns. 
 Collateral. The word “Collateral” means all property and assets granted as collateral
security for a Loan, whether real or personal property, whether granted directly or indirectly, whether granted now or in the future, and whether granted in the form of a security interest, mortgage, collateral mortgage, deed of trust, assignment,
pledge, crop pledge, chattel mortgage, collateral chattel mortgage, chattel trust, factor’s lien, equipment trust, conditional sale, trust receipt, lien, charge, lien or title retention contract, lease or consignment intended as a security
device, or any other security or lien interest whatsoever, whether created by law, contract, or otherwise. 
 Event of Default.
The words “Event of Default” mean any of the events of default set forth in this Agreement in the default section of this Agreement. 
 GAAP. The word “GAAP” means generally accepted accounting principles. 

Grantor. The work “Grantor” means each and all of the persons or entities granting a Security Interest in any Collateral for the
Loan, including without limitation all Borrowers granting such a Security Interest. 
 Guarantor. The word “Guarantor”
means any guarantor, surety, or accommodation party of any or all of the Loan. 
 Guaranty. The word “Guaranty” means
the guaranty from Guarantor to Lender, including without limitation a guaranty of all or part of the Note. 
 Indebtedness. The
word “Indebtedness means the indebtedness evidenced by the Note or Related Documents, including all principal and interest together with all other indebtedness and costs and expenses for which Borrower is responsible under this Agreement or
under any of the Related Documents. 
 Lender. The word “Lender” means BMO Harris Bank N.A., its successors and
assigns. 
 Loan. The word “Loan” means any and all loans and financial accommodations from Lender to Borrower whether
now or hereafter existing, and however evidenced, including without limitation those loans and financial accommodations described herein or described on any exhibit or schedule attached to this Agreement from time to time. 

Note. The word “Note” means the Note executed by Badger Meter, Inc. in the principal amount of $90,000,000.00 dated February 16,
2012, together with all renewals of, extensions of, modifications of, refinancing of, consolidations of, and substitutions for the note or credit agreement. 
 Related Documents. The words “Related Documents” mean all promissory notes, credit agreements, loan agreements, environmental agreements, guaranties, security agreements, mortgages, deeds of
trust, security deeds, collateral mortgages, and all other instruments, agreements and documents, whether now or hereafter existing, executed in connection with the Loan. 
 Tangible Net Worth. The words “Tangible Net Worth” mean Borrower’s total assets excluding all intangible assets (i.e., 

  
 7 

 
goodwill, trademarks, patents, copyrights, organizational expenses, and similar intangible items, but including leaseholds and leasehold improvements) less total debt. 

BORROWER ACKNOWLEDGES HAVING READ ALL THE PROVISIONS OF THIS BUSINESS LOAN AGREEMENT AND BORROWER AGREES TO ITS TERMS. THIS BUSINESS LOAN AGREEMENT IS
DATED FEBRUARY 16, 2012. 
 BORROWER: 
  

													
	 BADGER METER, INC.
	 		 		 	BMO HARRIS BANK N.A.
						
	 By:
	 	 /s/ Richard A. Meeusen
	 		 		 	 By:
	 	/s/ David C. Doran
		 	Chairman, President and CEO	 		 		 		 	Senior Vice President
						
	 By:
	 	 /s/ William R. A. Bergum
	 		 		 	By:	 	/s/ Cassie Bisgrove
		 	Vice President – General Counsel and Secretary	 	Vice President

  
 8

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