Eileen P. Drake - Jan 11, 2022 Form 4 Insider Report for Woodward, Inc. (WWD)

Role: Director
Signature: Rebecca L. Dees, by Power of Attorney
Stock symbol: WWD
Transactions as of: Jan 11, 2022
Transactions value $: $19,500
Form type: 4
Date filed: 1/13/2022, 04:25 PM
Previous filing: Mar 2, 2022
Next filing: Apr 14, 2022

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	WWD	Phantom Stock	Award	$19.5K	+172		$113.45	172	Jan 11, 2022	Woodward, Inc. Common Stock	172		Direct	F1, F2

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
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 Ms. Drake to defer a portion of her 2022 director retainer fees pursuant to the Plan, her director retainer fee was invested in phantom stock units on January 11, 2022.

Content

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.

Pursuant to an election made by Ms. Drake to defer a portion of her 2022 director retainer fees pursuant to the Plan, her director retainer fee was invested in phantom stock units on January 11, 2022.