Woodward, Inc. — Director's Dealing 2007

Nov 20, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: WOODWARD GOVERNOR CO (WGOV)
CIK: 0000108312
Period of Report: 2007-11-15

Reporting Person: HALBROOK JOHN A (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-11-15	Woodward Governor Company Common Stock	M	153382	$10.75	Acquired	465249	Direct
2007-11-15	Woodward Governor Company Common Stock	F	24975	$66.02	Disposed	440274	Direct
2007-11-15	Woodward Governor Company Common Stock	F	47404	$66.02	Disposed	392870	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-11-16	Nonqualified Stock Option (right to buy)	$65.46	A	2850	Acquired	2017-11-16	Common Stock (2850)	Direct
2007-11-15	Nonqualified Stock Option (right to buy)	$10.75	M	153382	Disposed	2007-11-17	Common Stock (153382)	Direct

Footnotes

F1: Shares received incident to the exercise of a security issued in accordance with Rule 16b-3.

F2: Shares delivered in payment of exercise price incident to the exercise of a security issued in accordance with Rule 16b-3.

F3: Shares withheld to cover the tax liability incident to the exercise of a security issued in accordance with Rule 16b-3.

F4: Options become exercisable at the rate of 25% per year beginning one year from date of grant.

F5: Transaction is the exercise of a derivative security; exercise price reported in column 2.