Woodward, Inc. — Director's Dealing 2016

Mar 3, 2016

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Woodward, Inc. (WWD)
CIK: 0000108312
Period of Report: 2016-03-01

Reporting Person: GENDRON THOMAS A (Director, President and CEO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2016-03-01	Woodward, Inc. Common Stock	M	30000	$18.49	Acquired	239854	Direct
2016-03-01	Woodward, Inc. Common Stock	S	30000	$48.00	Disposed	209854	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2016-03-01	Nonqualified Stock Option (right to buy)	$18.49	M	30000	Disposed	2016-11-15	Woodward, Inc. Common Stock (30000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Woodward, Inc. Common Stock	19411.555	Indirect

Footnotes

F1: The information in this report regarding the number of shares held by Mr. Gendron in the Woodward Retirement Savings Plan (the "Plan") is based on a
calculation as of March 2, 2016 and includes 371.015 shares acquired under the Plan since the date of the reporting person's last Form 4 with
Table I reporting.

F2: Options, which expire November 15, 2016, became exercisable as to 25% of the shares on November 15, 2007 and each one-year anniversary
thereafter