[Form 4] Woodward, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Rajeev Bhalla, a director of Woodward, Inc. (WWD), was granted 610 Restricted Stock Units (RSUs) on 10/01/2025. The RSUs carry a grant price of $0.00 and are scheduled to vest 100% on 10/01/2026, with each RSU converting into one share of common stock plus additional shares from the issuer's dividend reinvestment provisions. After the grant, the reporting person beneficially owned 4,317 shares/units in total, which includes 4 additional shares issued for dividend reinvestment. The Form 4 was submitted by power of attorney on 10/03/2025.

Positive

• 610 RSUs granted to a director aligns management incentives with shareholders
• RSUs vest 100% on 10/01/2026, creating a clear one‑year retention period
• Post‑grant ownership of 4,317 shares/units increases insider stake disclosure

Negative

• None.

Insights

Corporate Governance Specialist

Director received time‑based equity that increases insider alignment with shareholders.

The grant of 610 RSUs vests fully on 10/01/2026, creating a one‑year retention horizon. Time‑based RSUs that convert to common stock upon vesting are a common compensation tool to align directors’ interests with long‑term shareholder value.

The reporting shows 4,317 total shares/units owned by the reporting person, including 4 dividend‑reinvestment shares; this level of disclosed ownership and a standard vesting schedule are routine governance disclosures and do not by themselves indicate control changes.

Insider Transactions Analyst

Transaction is a non‑cash equity grant disclosed under Section 16 reporting rules.

The Form 4 reports an acquisition coded as A with a price of $0.00, indicating an equity award rather than an open‑market purchase. The filing documents the conversion ratio (1 share per RSU) and the dividend reinvestment feature, which increases the post‑grant share count by 4.

The submission date of 10/03/2025 (signed by power of attorney) satisfies timely disclosure requirements for transactions by reporting persons.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

BHALLA RAJEEV

(Last) (First) (Middle)

1081 WOODWARD WAY

(Street)

FORT COLLINS CO 80524

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Woodward, Inc. [ WWD ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
10/01/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Woodward, Inc. Common Stock	10/01/2025		A		610(1)	A	$0.00	4,317(2)	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. The reporting person was granted an award of Restricted Stock Units ("RSUs"). All such RSUs will vest 100% on October 1, 2026. Upon vesting, the reporting person will receive one share of Woodward, Inc. common stock per RSU granted, as well as certain additional shares to be issued in connection with the dividend reinvestment provisions of the Issuer's RSU awards.

2. Total includes 4 additional shares and units issued in connection with the dividend reinvestment provisions of the Issuer's RSU awards.

	Rebecca L. Dees, by Power of Attorney	10/03/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did Rajeev Bhalla acquire according to the Form 4 for WWD?

The Form 4 reports a grant of 610 Restricted Stock Units (RSUs) on 10/01/2025 with a grant price of $0.00.

When do the RSUs granted to Rajeev Bhalla vest?

All RSUs are scheduled to vest 100% on 10/01/2026, at which time each RSU converts to one share plus dividend reinvestment shares.

How many shares does Rajeev Bhalla beneficially own after the reported transaction?

The filing states the reporting person beneficially owned 4,317 shares/units following the grant, which includes 4 shares from dividend reinvestment.

What does the $0.00 price indicate on the Form 4?

A reported price of $0.00 indicates the transaction was an equity award (RSU grant), not a purchase on the open market.

Who signed and filed the Form 4 for this transaction?

The Form 4 was submitted by Rebecca L. Dees by power of attorney and dated 10/03/2025.