Woodward, Inc. — Director's Dealing 2021

Feb 5, 2021

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Woodward, Inc. (WWD)
CIK: 0000108312
Period of Report: 2021-02-03

Reporting Person: Patel Sagar A (President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2021-02-03	Woodward, Inc. Common Stock	M	22500	$40.99	Acquired	24116.399	Direct
2021-02-03	Woodward, Inc. Common Stock	M	26100	$46.55	Acquired	50216.399	Direct
2021-02-03	Woodward, Inc. Common Stock	M	34800	$40.26	Acquired	85016.399	Direct
2021-02-03	Woodward, Inc. Common Stock	S	56938	$115.5498	Disposed	28078.399	Direct
2021-02-03	Woodward, Inc. Common Stock	S	25194	$116.5138	Disposed	2884.399	Direct
2021-02-03	Woodward, Inc. Common Stock	S	1168	$117.2627	Disposed	1716.399	Direct
2021-02-03	Woodward, Inc. Common Stock	S	100	$118.38	Disposed	1616.399	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2021-02-03	Nonqualifed Stock Option (Right to Buy)	$40.99	M	22500	Disposed	2023-10-01	Woodward, Inc. Common Stock (22500)	Direct
2021-02-03	Nonqualifed Stock Option (Right to Buy)	$46.55	M	26100	Disposed	2024-10-01	Woodward, Inc. Common Stock (26100)	Direct
2021-02-03	Nonqualifed Stock Option (Right to Buy)	$40.26	M	34800	Disposed	2025-10-01	Woodward, Inc. Common Stock (34800)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Woodward, Inc. Common Stock	1447	Indirect

Footnotes

F1: The reporting person sold shares in multiple same day, same way open market sales, with prices ranging from $115.08 to $116.075 per share. The reporting person has reported these sales on an aggregate basis using the weighted average price for the sales. The reporting person undertakes to provide, upon request by the Securities and Exchange Commission staff, the Issuer or a security holder of the Issuer, full information regarding the number of shares sold at each separate price.

F2: The reporting person sold shares in multiple same day, same way open market sales, with prices ranging from $116.08 to $117.07 per share. The reporting person has reported these sales on an aggregate basis using the weighted average price for the sales. The reporting person undertakes to provide, upon request by the Securities and Exchange Commission staff, the Issuer or a security holder of the Issuer, full information regarding the number of shares sold at each separate price.

F3: The reporting person sold shares in multiple same day, same way open market sales, with prices ranging from $117.09 to $117.94 per share. The reporting person has reported these sales on an aggregate basis using the weighted average price for the sales. The reporting person undertakes to provide, upon request by the Securities and Exchange Commission staff, the Issuer or a security holder of the Issuer, full information regarding the number of shares sold at each separate price.

F4: 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 February 3, 2021.

F5: Options, which expire October 1, 2023, became exercisable as to 25% of the shares on October 1, 2014, and each one-year anniversary thereafter.

F6: Options, which expire October 1, 2024, became exercisable as to 25% of the shares on October 1, 2015, and each one-year anniversary thereafter.

F7: Options, which expire October 1, 2025, became exercisable as to 25% of the shares on October 1, 2016, and each one-year anniversary thereafter.