Woodward, Inc. — Director's Dealing 2021

Sep 7, 2021

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Woodward, Inc. (WWD)
CIK: 0000108312
Period of Report: 2021-09-02

Reporting Person: Voskuil Terence J. (President, ATS)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2021-09-02	Woodward, Inc. Common Stock	M	2100	$40.26	Acquired	2100	Direct
2021-09-02	Woodward, Inc. Common Stock	S	2100	$22.043	Disposed	0	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2021-09-02	Nonqualified Stock Option (right to buy)	$40.26	M	2100	Disposed	2025-10-01	Woodward, Inc. Common Stock (2100)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Woodward, Inc. Common Stock	4274	Indirect

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 $121.99 to $122.10 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: The information in this report regarding the number of shares held by the reporting person in the Woodward Retirement Savings Plan (the "Plan") is based on a calculation as of September 3, 2021.

F3: Options, which expire October 1, 2025, became exercisable as to 25% of the shares on October 1, 2016, and each one-year anniversary thereafter.