Woodward, Inc. — Director's Dealing 2016

Nov 21, 2016

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Woodward, Inc. (WWD)
CIK: 0000108312
Period of Report: 2016-11-17

Reporting Person: Preiss Chad Robert (President, Engine Systems)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2016-11-17	Woodward, Inc. Common Stock	M	7000	$32.73	Acquired	23642.281	Direct
2016-11-17	Woodward, Inc. Common Stock	S	7000	$67.4351	Disposed	16642.281	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2016-11-17	Nonqualified Stock Option (Right to buy)	$32.73	M	7000	Disposed	2017-11-16	Woodward, Inc. Common Stock (7000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Woodward, Inc. Common Stock	14616	Indirect

Footnotes

F1: Total reflects 207.875 shares acquired upon reinvestment of dividends since the date of the reporting person's last Form 4 with Table I reporting.

F2: The information in this report regarding the number of shares held by Mr. Preiss in the Woodward Retirement Savings Plan (the "Plan") is based on a calculation as of November 18, 2016, and includes 25.18 shares acquired under the Plan since the date of the reporting person's last Form 4 with Table I
reporting.

F3: Options, which expire November 16, 2017, became exercisable as to 25% of the shares on November 16, 2008 and each one-year anniversary thereafter.