Woodward, Inc. — Director's Dealing 2018

May 1, 2018

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Woodward, Inc. (WWD)
CIK: 0000108312
Period of Report: 2018-04-30

Reporting Person: COHN JOHN D (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2018-04-30	Woodward, Inc. Common Stock	M	3800	$18.67	Acquired	23800	Direct
2018-04-30	Woodward, Inc. Common Stock	S	3800	$72.7287	Disposed	20000	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2018-04-30	Non-Qualified Stock Option (Right to Buy)	$18.67	M	3800	Disposed	2018-11-24	Woodward, Inc. Common Stock (3800)	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 $72.705 to $72.75 per share. The reporting person has reported these sales 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, which expire November 24, 2018, became exercisable as to 25% of the shares on November 24, 2009 and each one-year anniversary thereafter