Kenneth C. Bockhorst

Chairman, President, and CEO at BADGER METER

Board

Since January 2019

Age

52 years

Tenure

Joined Badger Meter in October 2017 as Chief Operating Officer and has since held positions such as President in April 2018, Chief Executive Officer in January 2019, and Chairman in January 2020.

Also at BADGER METER

DRW

Daniel R. Weltzien

Vice President – Controller

JFS

James F. Stern

Executive Vice President, General Counsel, and Secretary

RAW

Robert A. Wrocklage

Senior Vice President – CFO

About

Kenneth C. Bockhorst is 52 years old as of February 28, 2025. With a solid background in operational leadership, he entered the industrial sector with roles in product management and operations before transitioning to leadership positions at renowned companies.

After joining Badger Meter in October 2017 as Chief Operating Officer , he rapidly advanced through key roles. Later, he was promoted to President in April 2018, then Chief Executive Officer in January 2019, and finally assumed the role of Chairman in January 2020. His journey reflects a steady commitment to innovation and operational excellence.

Prior to his time at Badger Meter, he accumulated invaluable experience at Actuant Corporation (now Enerpac Tool Group) and other industrial giants like IDEX and Eaton. His expertise extends to strategic growth, operational execution, and mergers and acquisitions, as evidenced by his leadership in expanding smart water solutions and record financial performances at BMI.

$BMI Performance Under Kenneth C. Bockhorst

Past Roles

Organization	Role	Date Range	Details
Badger Meter, Inc. (BMI)	President	April 2018 - January 2019	Promoted before assuming CEO role
Badger Meter, Inc. (BMI)	Senior Vice President - Chief Operating Officer	October 2017 - April 2018	Held before promotion
Actuant Corporation (Enerpac Tool Group)	Various roles in product management and operational leadership	6 years	Gained significant experience
IDEX Corporation	Product management and operational leadership roles	N/A	Held earlier career roles
Eaton Corporation	Operational leadership roles	N/A	Worked in operational leadership roles

External Roles

Organization	Role	Date Range
Mirion Technologies, Inc.	Director	N/A

Fixed Compensation

Data from FY 2023

Component Name	Amount	Payment Schedule	Additional Details
Salary	$750,000	Annually	Base salary for 2023
Matching contributions to ESSOP	$5,625	As incurred	Part of All Other Compensation
Defined contribution feature	$19,896	As incurred	Part of All Other Compensation
Dividends on restricted stock awards	$9,330	As incurred	Paid on vesting of stock awards
Vehicle usage	$15,591	As incurred	Vehicle usage benefits
Taxable Supplemental Long Term Disability	$31,529	As incurred	Premiums included in All Other Compensation
Taxable financial planning assistance	$2,335	As incurred	Provided during 2023

Performance Compensation

Data from FY 2023

Non-Equity Incentive Plan (Annual Bonus)

Metric (Unit/Scale)	Threshold Value	Target Value	Maximum Value	Actual Achievement	Weight	Bonus Impact
Adjusted EBITDA (Millions $)	$113.9 million	$121.9 million	$131.0 million	$146.5 million	50%	Achieved 200% payout
Adjusted Absolute Free Cash Flow (Millions $)	$76.0 million	$82.0 million	$89.0 million	$98.1 million	50%	Achieved 200% payout

Target Bonus Level: 110% of base salary (i.e., $825,000 ).
Actual Bonus Earned: $1,650,000 (reflecting a 200% payout based on performance).
Payment Timing: Paid in February 2024 based on 2023 performance.

Stock Awards (Performance Share Units & Restricted Stock Awards)

Component	Details/Quantity	Valuation/Stock Price	Vesting Schedule
Restricted Stock Awards (RSAs)	4,757 shares	Grant Date Fair Value: $588,774	Vests ratably over 3 years (one-third each year)
Performance Share Units (PSUs)	Threshold: 5,550 shares ; Target: 11,100 shares ; Maximum: 22,200 shares	Grant Date Fair Value: $1,373,847 ; Stock Price: $123.77/share	Vest on the third anniversary of the grant date (March 3, 2026) contingent on performance

Performance Metrics for PSUs:
- Payout Levels: 50% at threshold, 100% at target, 200% at maximum.
Grant Date: March 3, 2023 .

Long-Term Incentive Plan (LTIP) Equity Component

Note: The LTIP for 2023 does not include a cash component. Instead, it is structured entirely as equity awards with an equity mix of 70% PSUs and 30% RSAs.
Performance Metrics:
- Adjusted Free Cash Flow Conversion (50% weighting):
  - Threshold: 100.0% [?]**; Target: 115.0% ; Maximum: 125.0% .
- Adjusted Return on Invested Capital (ROIC) (50% weighting):
  - Threshold: 13.5% ; Target: 16.0% ; Maximum: 18.5% .
Vesting & Evaluation:
- PSUs vest on the third anniversary of the grant date (March 3, 2026) if performance targets are met; no interim vesting.
- RSAs vest ratably over three years.
Additional Details: Performance metrics for LTIP are evaluated over a three-year performance period (2023-2025).