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    Kenneth C. Bockhorst

    Chairman, President, and CEO at Badger Meter Inc
    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 Inc

    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

    OrganizationRoleDate RangeDetails
    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/AHeld earlier career roles
    Eaton Corporation Operational leadership roles N/AWorked in operational leadership roles

    External Roles

    OrganizationRoleDate Range
    Mirion Technologies, Inc. Director N/A

    Fixed Compensation

    Data from  FY 2023
    Component NameAmountPayment ScheduleAdditional Details
    Salary$750,000 AnnuallyBase salary for 2023
    Matching contributions to ESSOP$5,625 As incurredPart of All Other Compensation
    Defined contribution feature$19,896 As incurredPart of All Other Compensation
    Dividends on restricted stock awards$9,330 As incurredPaid on vesting of stock awards
    Vehicle usage$15,591 As incurredVehicle usage benefits
    Taxable Supplemental Long Term Disability$31,529 As incurredPremiums included in All Other Compensation
    Taxable financial planning assistance$2,335 As incurredProvided during 2023

    Performance Compensation

    Data from  FY 2023

    Non-Equity Incentive Plan (Annual Bonus)

    Metric (Unit/Scale)Threshold ValueTarget ValueMaximum ValueActual AchievementWeightBonus 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)

    ComponentDetails/QuantityValuation/Stock PriceVesting 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).