Woodward, Inc. — Director's Dealing 2016

Jan 28, 2016

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Woodward, Inc. (WWD)
CIK: 0000108312
Period of Report: 2016-01-26

Reporting Person: Rittenberg Larry E (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2016-01-26	Woodward, Inc. Common Stock	M	3000	$18.49	Acquired	28402	Direct
2016-01-26	Woodward, Inc. Common Stock	S	3000	$45.8433	Disposed	25402	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2016-01-26	Non-Qualified Stock Option (Right to Buy)	$18.49	M	3000	Disposed	2016-11-15	Woodward, Inc. Common Stock (3000)	Direct

Footnotes

F1: The reporting person executed a trade order through a broker-dealer which resulted in multiple same day, same way open market purchases, with prices ranging from $45.78 to $45.90 per share. The reporting person has reported these purchases 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 purchased at each separate price.

F2: Options become exercisable at a rate of 25% per year beginning on the exercisable date shown.