Woodward, Inc. — Director's Dealing 2014

May 2, 2014

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Woodward, Inc. (WWD)
CIK: 0000108312
Period of Report: 2014-04-30

Reporting Person: Rittenberg Larry E (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2014-04-30	Woodward, Inc. Common Stock	M	6000	$11.855	Acquired	23802	Direct
2014-04-30	Woodward, Inc. Common Stock	S	2000	$44.365	Disposed	21802	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2014-04-30	Non-Qualified Stock Option (Right to Buy)	$11.855	M	6000	Disposed	2015-01-27	Woodward, Inc. Common Stock (6000)	Direct

Footnotes

F1: Shares sold to partially cover the tax liability incident to the exercise of a security issued in accordance with Rule 16b-3.

F2: Options, which will expire in January 2015, became exercisable at the rate of 25% per year beginning January 27, 2006.