Woodward, Inc. — Director's Dealing 2022

Jan 13, 2022

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Woodward, Inc. (WWD)
CIK: 0000108312
Period of Report: 2022-01-11

Reporting Person: Korte Daniel G. (Director)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2022-01-11	Phantom Stock	$	A	171.881	Acquired		Woodward, Inc. Common Stock (171.881)	Direct

Footnotes

F1: Represents deferred director retainer fees invested in phantom stock units under the terms of the Woodward Executive Benefit Plan (the "Plan").
Phantom stock units are accrued under the Plan and are to be settled in 100% common stock on a one-for-one basis at the distribution date
specified at the time of election, or if earlier, upon separation from the Issuer. The total shown represents the dollar amount of director retainer fees
deferred, divided by the then current share price and, therefore, the number of shares reported may fluctuate from period to period.

F2: Pursuant to an election made by Mr. Korte to defer a portion of his 2022 director retainer fees pursuant to the Plan, his director retainer fee was invested in
phantom stock units on January 11, 2022.