Woodward, Inc. — Director's Dealing 2020

May 28, 2020

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Woodward, Inc. (WWD)
CIK: 0000108312
Period of Report: 2020-05-26

Reporting Person: DONOVAN PAUL (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2020-05-26	Woodward, Inc. Common Stock	M	6200	$32.04	Acquired	6200	Indirect
2020-05-26	Woodward, Inc. Common Stock	S	6200	$67.09	Disposed	0	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2019-12-27	Non-Qualified Stock Option (Right to Buy)	$32.04	G	6200	Disposed	2020-10-01	Woodward, Inc. Common Stock (6200)	Direct
2019-12-27	Non-Qualified Stock Option (Right to Buy)	$32.04	G	6200	Acquired	2020-10-01	Woodward, Inc. Common Stock (6200)	Indirect
2020-05-26	Non-Qualified Stock Option (Right to Buy)	$32.04	M	6200	Disposed	2020-10-01	Woodward, Inc. Common Stock (6200)	Indirect
2019-12-27	Non-Qualified Stock Option (Right to Buy)	$25.57	G	6700	Disposed	2021-10-03	Woodward, Inc. Common Stock (6700)	Direct
2019-12-27	Non-Qualified Stock Option (Right to Buy)	$25.57	G	6700	Acquired	2021-10-03	Woodward, Inc. Common Stock (6700)	Indirect
2019-12-27	Non-Qualified Stock Option (Right to Buy)	$33.64	G	5100	Disposed	2022-10-01	Woodward, Inc. Common Stock (5100)	Direct
2019-12-27	Non-Qualified Stock Option (Right to Buy)	$33.64	G	5100	Acquired	2022-10-01	Woodward, Inc. Common Stock (5100)	Indirect
2019-12-27	Non-Qualified Stock Option (Right to Buy)	$40.99	G	5395	Disposed	2023-10-01	Woodward, Inc. Common Stock (5395)	Direct
2019-12-27	Non-Qualified Stock Option (Right to Buy)	$40.99	G	5395	Acquired	2023-10-01	Woodward, Inc. Common Stock (5395)	Indirect
2019-12-27	Non-Qualified Stock Option (Right to Buy)	$46.55	G	6000	Disposed	2024-10-01	Woodward, Inc. Common Stock (6000)	Direct
2019-12-27	Non-Qualified Stock Option (Right to Buy)	$46.55	G	6000	Acquired	2024-10-01	Woodward, Inc. Common Stock (6000)	Indirect
2019-12-27	Non-Qualified Stock Option (Right to Buy)	$40.26	G	9600	Disposed	2025-10-01	Woodward, Inc. Common Stock (9600)	Direct
2019-12-27	Non-Qualified Stock Option (Right to Buy)	$40.26	G	9600	Acquired	2025-10-01	Woodward, Inc. Common Stock (9600)	Indirect
2020-02-06	Non-Qualified Stock Option (Right to Buy)	$62.57	G	5250	Disposed	2026-10-03	Woodward, Inc. Common Stock (5250)	Direct
2020-02-06	Non-Qualified Stock Option (Right to Buy)	$62.57	G	5250	Acquired	2026-10-03	Woodward, Inc. Common Stock (5250)	Indirect
2020-02-06	Non-Qualified Stock Option (Right to Buy)	$78.97	G	3000	Disposed	2027-10-02	Woodward, Inc. Common Stock (3000)	Direct
2020-02-06	Non-Qualified Stock Option (Right to Buy)	$78.97	G	3000	Acquired	2027-10-02	Woodward, Inc. Common Stock (3000)	Indirect
2020-02-06	Non-Qualified Stock Option (Right to Buy)	$79.81	G	1300	Disposed	2028-10-01	Woodward, Inc. Common Stock (1300)	Direct
2020-02-06	Non-Qualified Stock Option (Right to Buy)	$79.81	G	1300	Acquired	2028-10-01	Woodward, Inc. Common Stock (1300)	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Woodward, Inc. Common Stock	7634	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 $67.00 to $67.32 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 are fully vested and exercisable.

F3: Reflects the Reporting Person's transfer of vested options to DJPC&G, LLC (the "LLC"). The Reporting Person and his spouse are members of the LLC.