Woodward, Inc. — Director's Dealing 2014

Apr 30, 2014

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Woodward, Inc. (WWD)
CIK: 0000108312
Period of Report: 2014-04-28

Reporting Person: RULSEH JAMES R (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2014-04-28	Woodward, Inc. Common Stock	M	7600	$23.18	Acquired	25212	Direct
2014-04-28	Woodward, Inc. Common Stock	S	7600	$44.1058	Disposed	17612	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2014-04-28	Non-Qualified Stock Option (Right to Buy)	$23.18	M	7600	Disposed	2019-10-01	Woodward, Inc. Common Stock (7600)	Direct

Footnotes

F1: The reporting person executed a trade order through a broker-dealer which resulted in multiple same day, same way open market sales, with prices ranging from $43.98 to $44.27 per share. The reporting person has reported these shares on an aggregate basis using the weighted average price for the transactions. The reporting person undertakes to provide upon request by the Securities and Exchange Commission staff, the Company or a security holder of the Company, full information regarding the number of shares sold at each separate price.

F2: Options become exercisable at the rate of 25% per year beginning October 1, 2010.