[Form 4] Woodward, Inc. Insider Trading Activity

Rhea-AI Filing Summary

David P. Hess, a director of Woodward, Inc. (WWD), was granted 610 Restricted Stock Units (RSUs) on 10/01/2025. The RSUs were issued at a $0.00 purchase price and will vest 100% on 10/01/2026, with each RSU converting to one share of common stock upon vesting plus additional shares from the RSU dividend reinvestment provision. After the grant, the reporting person beneficially owned 17,938 shares, which includes 4 additional shares/units from dividend reinvestment. The Form 4 was reported as a single-person filing and signed by Rebecca L. Dees, by Power of Attorney on 10/03/2025.

Positive

• 610 RSUs granted on 10/01/2025 with 100% vesting on 10/01/2026
• Beneficial ownership reported at 17,938 shares, including 4 dividend‑reinvestment shares

Negative

• None.

Insights

Corporate Governance Specialist

TL;DR: Director received time‑based RSUs vesting in one year; filing discloses current beneficial ownership.

The filing shows a 610 RSU award to David P. Hess dated 10/01/2025 that vests 100% on 10/01/2026. This is a standard equity grant mechanism that ties value to future company share performance because each RSU converts to one share at vesting.

The Form 4 also reports 17,938 shares beneficially owned following the grant, including 4 shares from dividend reinvestment. The filing was executed by power of attorney on 10/03/2025, satisfying disclosure requirements.

Executive Compensation Analyst

TL;DR: Award is entirely time‑based RSUs with a one‑year vest; no exercise price or options involved.

The transaction is coded as an acquisition of RSUs at a $0.00 price and contains no derivative instruments or exercise price, indicating a straightforward restricted stock unit grant rather than stock options.

The disclosure notes additional shares issued via the issuer's dividend reinvestment provisions, which increases the reported beneficial ownership to 17,938 shares.

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
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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^*

Hess David P

(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	17,938(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 David P. Hess file for Woodward (WWD)?

The Form 4 reports a grant of 610 RSUs to David P. Hess on 10/01/2025, filed by power of attorney on 10/03/2025.

When do the RSUs granted to the director vest for WWD?

The RSUs vest 100% on 10/01/2026, at which time each RSU converts to one share plus any additional dividend‑reinvestment shares.

How many shares does the reporting person beneficially own after the transaction?

The reporting person beneficially owned 17,938 shares following the reported transaction, which includes 4 shares from dividend reinvestment.

What price was paid for the RSUs reported on the Form 4?

The RSUs were reported with a $0.00 price, consistent with typical restricted stock unit grants.

Who signed the Form 4 for this transaction?

The Form 4 was signed by Rebecca L. Dees, by Power of Attorney on 10/03/2025.