<SEC-DOCUMENT>0001193125-20-099534.txt : 20200406
<SEC-HEADER>0001193125-20-099534.hdr.sgml : 20200406
<ACCEPTANCE-DATETIME>20200406162810
ACCESSION NUMBER:		0001193125-20-099534
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		20
CONFORMED PERIOD OF REPORT:	20200403
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Termination of a Material Definitive Agreement
ITEM INFORMATION:		Material Modifications to Rights of Security Holders
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20200406
DATE AS OF CHANGE:		20200406

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Woodward, Inc.
		CENTRAL INDEX KEY:			0000108312
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTRICAL INDUSTRIAL APPARATUS [3620]
		IRS NUMBER:				361984010
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-08408
		FILM NUMBER:		20777286

	BUSINESS ADDRESS:	
		STREET 1:		1081 WOODWARD WAY
		CITY:			FORT COLLINS
		STATE:			CO
		ZIP:			80524
		BUSINESS PHONE:		970-482-5811

	MAIL ADDRESS:	
		STREET 1:		1081 WOODWARD WAY
		CITY:			FORT COLLINS
		STATE:			CO
		ZIP:			80524

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	WOODWARD GOVERNOR CO
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
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<td style="font-family:Times New Roman;text-align:left;font-size:10pt;margin-bottom:0pt;margin-top:0pt;">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</td></tr></table> <p style="margin-bottom:0px;margin-top:6pt"></p>
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<td style="font-family:Times New Roman;text-align:left;font-size:10pt;margin-bottom:0pt;margin-top:0pt;">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</td></tr></table> <p style="margin-bottom:0px;margin-top:6pt"></p>
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<td style="font-family:Times New Roman;text-align:left;font-size:10pt;margin-bottom:0pt;margin-top:0pt;">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</td></tr></table> <p style="margin-bottom:0px;margin-top:6pt"></p>
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<td style="width:4%;vertical-align:top;white-space:nowrap;"> <span style="font-family:Times New Roman;font-weight:normal"><ix:nonNumeric name="dei:PreCommencementIssuerTenderOffer" contextRef="duration_2020-04-03_to_2020-04-03" format="ixt-sec:boolballotbox">&#9744;</ix:nonNumeric></span>&#32;</td>
<td style="font-family:Times New Roman;text-align:left;font-size:10pt;margin-bottom:0pt;margin-top:0pt;">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</td></tr></table> <p style="font-family:Times New Roman;text-align:left;font-size:10pt;margin-bottom:0px;margin-top:12pt">Securities registered pursuant to Section 12(b) of the Act:</p>
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<td style="border-bottom:1pt solid #000000;white-space:nowrap;vertical-align:bottom;"> <p style="font-family:Times New Roman;font-weight:bold;text-align:center;font-size:8pt;margin-bottom:0pt;margin-top:0pt">Title of each class</p></td>
<td style="vertical-align:bottom;">&#160;</td>
<td style="border-bottom:1pt solid #000000;vertical-align:bottom;"> <p style="font-family:Times New Roman;font-weight:bold;text-align:center;font-size:8pt;margin-bottom:0pt;margin-top:0pt">Trading</p> <p style="font-family:Times New Roman;font-weight:bold;text-align:center;font-size:8pt;margin-bottom:0pt;margin-top:0pt">Symbol(s)</p></td>
<td style="vertical-align:bottom;">&#160;</td>
<td style="border-bottom:1pt solid #000000;vertical-align:bottom;"> <p style="font-family:Times New Roman;font-weight:bold;text-align:center;font-size:8pt;margin-bottom:0pt;margin-top:0pt">Name of each exchange</p> <p style="font-family:Times New Roman;font-weight:bold;text-align:center;font-size:8pt;margin-bottom:0pt;margin-top:0pt">on which registered</p></td></tr>
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<td style="vertical-align:top;padding:0;"> <ix:nonNumeric name="dei:Security12bTitle" contextRef="duration_2020-04-03_to_2020-04-03"><p style="font-family:Times New Roman;font-weight:bold;text-align:center;font-size:10pt;margin-bottom:0pt;margin-top:0pt">Common Stock,</p> <p style="font-family:Times New Roman;font-weight:bold;text-align:center;font-size:10pt;margin-bottom:0pt;margin-top:0pt">par value of $0.001455 per share</p></ix:nonNumeric></td>
<td style="vertical-align:top;">&#160;</td>
<td style="vertical-align:top;padding:0;"> <p style="font-family:Times New Roman;font-weight:bold;text-align:center;font-size:10pt;margin-bottom:0pt;margin-top:0pt"><ix:nonNumeric name="dei:TradingSymbol" contextRef="duration_2020-04-03_to_2020-04-03">WWD</ix:nonNumeric></p></td>
<td style="vertical-align:top;">&#160;</td>
<td style="vertical-align:top;padding:0;"> <p style="font-family:Times New Roman;font-weight:bold;text-align:center;font-size:10pt;margin-bottom:0pt;margin-top:0pt"><ix:nonNumeric name="dei:SecurityExchangeName" contextRef="duration_2020-04-03_to_2020-04-03" format="ixt-sec:exchnameen">Nasdaq Global Select Market</ix:nonNumeric></p></td></tr></table> <p style="font-family:Times New Roman;text-align:left;font-size:10pt;margin-bottom:0px;margin-top:12pt">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR &#167;230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR &#167;240.12b-2). Emerging growth company&#160;&#160;<span style="font-family:Times New Roman;font-weight:normal"><ix:nonNumeric name="dei:EntityEmergingGrowthCompany" contextRef="duration_2020-04-03_to_2020-04-03" format="ixt-sec:boolballotbox">&#9744;</ix:nonNumeric></span></p> <p style="font-family:Times New Roman;text-align:left;font-size:10pt;margin-bottom:0px;margin-top:12pt">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.&#160;&#160;<span style="font-family:Times New Roman;font-weight:normal">&#9744;</span></p> <p style="margin-bottom:0px;margin-top:10pt"></p> <div style="text-align:center"> <p style="line-height:0.5pt;border-bottom:0.50px solid #000000;width:100%;margin-top:0pt;margin-bottom:0pt">&#160;</p></div> <div style="text-align:center"> <p style="line-height:3pt;border-bottom:0.50px solid #000000;width:100%;margin-top:0pt;margin-bottom:2pt">&#160;</p></div> <div></div> <p style="margin-top:1em;margin-bottom:0em"></p></div>

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<td style="width:10%;vertical-align:top;white-space:nowrap;">Item&#160;1.01. </td>
<td style="font-family:Times New Roman;font-weight:bold;text-align:left;font-size:10pt;margin-bottom:0pt;margin-top:0pt;">Entry into a Material Definitive Agreement.</td> </tr> </table> <p style="font-family:Times New Roman;text-align:left;font-size:10pt;margin-bottom:0px;margin-top:6pt">On April&#160;6, 2020, Woodward, Inc. (the &#8220;Company&#8221;) announced the authorization and declaration of a dividend distribution of one right (a &#8220;Right&#8221;) for each outstanding share of common stock, par value $0.001455 per share (the &#8220;Common Stock&#8221;), of the Company to stockholders of record as of the close of business on April&#160;16, 2020 (the &#8220;Record Date&#8221;). Each Right entitles the registered holder to purchase from the Company one <span style="white-space:nowrap">one-thousandth</span> of a share of Series B Participating Preferred Stock, par value $0.003 per share (the &#8220;Preferred Stock&#8221;), of the Company at an exercise price of $480.00 (the &#8220;Exercise Price&#8221;). The complete terms of the Rights are set forth in a Preferred Stock Rights Agreement (the &#8220;Rights Agreement&#8221;), dated as of April&#160;5, 2020, between the Company and American Stock Transfer&#160;&#038; Trust Company, LLC, as rights agent. </p> <p style="font-family:Times New Roman;text-align:left;font-size:10pt;margin-bottom:0px;margin-top:12pt">The Board of Directors of the Company (the &#8220;Board&#8221;) adopted the Rights Agreement to protect stockholders from coercive or otherwise unfair takeover tactics. In general terms, it works by imposing a significant penalty upon any person or group that acquires 15% or more of the Common Stock without the approval of the Board. As a result, the overall effect of the Rights Agreement and the issuance of the Rights may be to render more difficult or discourage a merger, tender or exchange offer or other business combination involving the Company that is not approved by the Board. However, neither the Rights Agreement nor the Rights should interfere with any merger, tender or exchange offer or other business combination approved by the Board. </p> <p style="font-family:Times New Roman;text-align:left;font-size:10pt;margin-bottom:0px;margin-top:12pt">The following is a summary of the terms of the Rights Agreement. The summary does not purport to be complete and is qualified in its entirety by reference to the Rights Agreement, a copy of which is attached as Exhibit 4.1 and is incorporated herein by reference. A copy of the Rights Agreement is available free of charge from the Company. </p> <p style="font-family:Times New Roman;font-style:italic;text-align:left;font-size:10pt;margin-bottom:0px;margin-top:18pt">Distribution and Transfer of Rights; Rights Certificates </p> <p style="font-family:Times New Roman;text-align:left;font-size:10pt;margin-bottom:0px;margin-top:6pt">The Board has declared a dividend of one Right for each outstanding share of Common Stock. Prior to the Distribution Date referred to below: </p> <p style="margin-bottom:0px;margin-top:6pt"></p>
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<td style="width:5%;text-align:left;">&#160;</td>
<td style="width:3%;vertical-align:top;">&#8226;</td>
<td style="font-family:Times New Roman;text-align:left;font-size:10pt;margin-bottom:0pt;margin-top:0pt;">the Rights will be evidenced by and trade with the certificates for the Common Stock (or, with respect to any uncertificated Common Stock registered in book entry form, by notation in book entry), and no separate rights certificates will be distributed;</td> </tr> </table> <p style="margin-bottom:0px;margin-top:6pt"></p>
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<td style="width:3%;vertical-align:top;">&#8226;</td>
<td style="font-family:Times New Roman;text-align:left;font-size:10pt;margin-bottom:0pt;margin-top:0pt;">new Common Stock certificates issued after the Record Date will contain a legend incorporating the Rights Agreement by reference (for uncertificated Common Stock registered in book entry form, this legend will be contained in a notation in book entry); and</td> </tr> </table> <p style="margin-bottom:0px;margin-top:6pt"></p>
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<td style="width:5%;text-align:left;">&#160;</td>
<td style="width:3%;vertical-align:top;">&#8226;</td>
<td style="font-family:Times New Roman;text-align:left;font-size:10pt;margin-bottom:0pt;margin-top:0pt;">the surrender for transfer of any certificates for Common Stock (or the surrender for transfer of any uncertificated Common Stock registered in book entry form) will also constitute the transfer of the Rights associated with such Common Stock.</td> </tr> </table> <p style="font-family:Times New Roman;text-align:left;font-size:10pt;margin-bottom:0px;margin-top:12pt">Rights will accompany any new Common Stock that are issued after the Record Date. </p> <p style="font-family:Times New Roman;font-style:italic;text-align:left;font-size:10pt;margin-bottom:0px;margin-top:18pt">Distribution Date </p> <p style="font-family:Times New Roman;text-align:left;font-size:10pt;margin-bottom:0px;margin-top:6pt">Subject to certain exceptions specified in the Rights Agreement, the Rights will separate from the Common Stock and become exercisable following (i)&#160;the 10th business day (or such later date as may be determined by the Board) after the public announcement that a person or group of affiliated or associated persons (such person or group, an &#8220;Acquiring Person&#8221;) has acquired beneficial ownership of 15% or more of the Common Stock or (ii)&#160;the 10th business day (or such later date as may be determined by the Board) after a person or group announces a tender or exchange offer that would result in ownership by a person or group of 15% or more of the Common Stock. For purposes of the Rights Agreement, beneficial ownership is defined to include the ownership of derivative securities. Coordinated or parallel actions by persons or groups may implicate the Rights Agreement. </p> <p style="font-family:Times New Roman;text-align:left;font-size:10pt;margin-bottom:0px;margin-top:12pt">The date on which the Rights separate from the Common Stock and become exercisable is referred to as the &#8220;Distribution Date.&#8221; </p> <p style="font-family:Times New Roman;text-align:left;font-size:10pt;margin-bottom:0px;margin-top:12pt">After the Distribution Date, the Company will mail Rights certificates to the Company&#8217;s stockholders as of the close of business on the Distribution Date, and the Rights will become transferable apart from the Common Stock. Thereafter, such Rights certificates alone will represent the Rights. </p> <div></div> <p style="margin-top:1em;margin-bottom:0em"></p>
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 <div style="font-size:10pt;width:8.5in;margin:0 auto"> <p style="font-family:Times New Roman;font-style:italic;text-align:left;font-size:10pt;margin-bottom:0pt;margin-top:0pt">Preferred Stock Purchasable Upon Exercise of Rights </p> <p style="font-family:Times New Roman;text-align:left;font-size:10pt;margin-bottom:0px;margin-top:6pt">After the Distribution Date, each Right will entitle the holder to purchase, for $480.00 (the &#8220;Exercise Price&#8221;), one <span style="white-space:nowrap">one-thousandth</span> of a share of Preferred Stock having economic and other terms similar to that of one share of Common Stock. This portion of a share of Preferred Stock is intended to give the stockholder approximately the same dividend, voting and liquidation rights as would one share Common Stock, and should approximate the value of one share of Common Stock. </p> <p style="font-family:Times New Roman;text-align:left;font-size:10pt;margin-bottom:0px;margin-top:12pt">More specifically, each one <span style="white-space:nowrap">one-thousandth</span> of a share of Preferred Stock, if issued, will: </p> <p style="margin-bottom:0px;margin-top:6pt"></p>
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<td style="font-family:Times New Roman;text-align:left;font-size:10pt;margin-bottom:0pt;margin-top:0pt;">not be redeemable;</td> </tr> </table> <p style="margin-bottom:0px;margin-top:6pt"></p>
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<td style="font-family:Times New Roman;text-align:left;font-size:10pt;margin-bottom:0pt;margin-top:0pt;">entitle holders to quarterly dividend payments of $0.001 per <span style="white-space:nowrap">one-thousandth</span> of a share, or an amount equal to the dividend paid on one share of Common Stock, whichever is greater;</td> </tr> </table> <p style="margin-bottom:0px;margin-top:6pt"></p>
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<td style="width:5%;text-align:left;">&#160;</td>
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<td style="font-family:Times New Roman;text-align:left;font-size:10pt;margin-bottom:0pt;margin-top:0pt;">entitle holders upon liquidation either to receive $1 per <span style="white-space:nowrap">one-thousandth</span> of a share or an amount equal to the payment made on one share of Common Stock, whichever is greater;</td> </tr> </table> <p style="margin-bottom:0px;margin-top:6pt"></p>
<table cellspacing="0" cellpadding="0" border="0" style="font-family:Times New Roman;border-collapse:collapse;text-align:left;width:100%;font-size:10pt;margin-bottom:0pt;margin-top:0pt;border:0;">
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<td style="font-family:Times New Roman;text-align:left;font-size:10pt;margin-bottom:0pt;margin-top:0pt;">have the same voting power as one share of Common Stock; and</td> </tr> </table> <p style="margin-bottom:0px;margin-top:6pt"></p>
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<td style="font-family:Times New Roman;text-align:left;font-size:10pt;margin-bottom:0pt;margin-top:0pt;">entitle holders to a payment per <span style="white-space:nowrap">one-thousandth</span> of a share equal to the payment made on one share of Common Stock if the Common Stock is exchanged via merger, consolidation or a similar transaction.</td> </tr> </table> <p style="font-family:Times New Roman;font-style:italic;text-align:left;font-size:10pt;margin-bottom:0px;margin-top:18pt"> <span style="white-space:nowrap">Flip-In</span> Trigger </p> <p style="font-family:Times New Roman;text-align:left;font-size:10pt;margin-bottom:0px;margin-top:6pt">If an Acquiring Person obtains beneficial ownership of 15% or more of the Common Stock, <span style="font-style:Italic">then</span> each Right will entitle the holder thereof to purchase, for the Exercise Price, a number of shares of Common Stock (or, in certain circumstances, cash, property or other securities of the Company) having a then-current market value of twice the Exercise Price. However, the Rights are not exercisable following the occurrence of the foregoing event until such time as the Rights are no longer redeemable by the Company, as further described below. </p> <p style="font-family:Times New Roman;text-align:left;font-size:10pt;margin-bottom:0px;margin-top:12pt">Following the occurrence of an event set forth in preceding paragraph, all Rights that are or, under certain circumstances specified in the Rights Agreement, were beneficially owned by an Acquiring Person or certain of its transferees will be void. </p> <p style="font-family:Times New Roman;font-style:italic;text-align:left;font-size:10pt;margin-bottom:0px;margin-top:18pt">Flip-Over Trigger </p> <p style="font-family:Times New Roman;text-align:left;font-size:10pt;margin-bottom:0px;margin-top:6pt">If, after an Acquiring Person obtains 15% or more of the Common Stock, (i)&#160;the Company merges into another entity, (ii)&#160;an acquiring entity merges into the Company or (iii)&#160;the Company sells or transfers more than 50% of its assets, cash flow or earning power, <span style="font-style:Italic">then</span>&#32;each Right (except for Rights that have previously been voided as set forth above) will entitle the holder thereof to purchase, for the Exercise Price, a number of shares of common stock of the person engaging in the transaction having a then-current market value of twice the Exercise Price. </p> <p style="font-family:Times New Roman;font-style:italic;text-align:left;font-size:10pt;margin-bottom:0px;margin-top:18pt">Redemption of the Rights </p> <p style="font-family:Times New Roman;text-align:left;font-size:10pt;margin-bottom:0px;margin-top:6pt">The Rights will be redeemable at the Company&#8217;s option for $0.001 per Right (payable in cash, Common Stock or other consideration deemed appropriate by the Board) at any time on or prior to the 10th business day (or such later date as may be determined by the Board) after the public announcement that an Acquiring Person has acquired beneficial ownership of 15% or more of the Common Stock. Immediately upon the action of the Board ordering redemption, the Rights will terminate and the only right of the holders of the Rights will be to receive the $0.001 redemption price. The redemption price will be adjusted if the Company undertakes a stock dividend or a stock split. </p> <p style="font-family:Times New Roman;font-style:italic;text-align:left;font-size:10pt;margin-bottom:0px;margin-top:18pt">Exchange Provision </p> <p style="font-family:Times New Roman;text-align:left;font-size:10pt;margin-bottom:0px;margin-top:6pt">At any time after the date on which an Acquiring Person beneficially owns 15% or more of the Common Stock and prior to the acquisition by the Acquiring Person of 50% of the Common Stock, the Board may exchange the Rights (except for Rights that have previously been voided as set forth above), in whole or in part, for Common Stock at an exchange ratio of one share of Common Stock per Right (subject to adjustment). In certain circumstances, the Company may elect to exchange the Rights for cash or other securities of the Company having a value approximately equal to one share of Common Stock. </p> <div></div> <p style="margin-top:1em;margin-bottom:0em"></p>
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 <div style="font-size:10pt;width:8.5in;margin:0 auto"> <p style="font-family:Times New Roman;font-style:italic;text-align:left;font-size:10pt;margin-bottom:0pt;margin-top:0pt">Expiration of the Rights </p> <p style="font-family:Times New Roman;text-align:left;font-size:10pt;margin-bottom:0px;margin-top:6pt">The Rights expire on the earliest of (i) 5:00 p.m., New York City time, on April&#160;5, 2021 (unless such date is extended) or (ii)&#160;the redemption or exchange of the Rights as described above. </p> <p style="font-family:Times New Roman;font-style:italic;text-align:left;font-size:10pt;margin-bottom:0px;margin-top:18pt">Amendment of Terms of Rights Agreement and Rights </p> <p style="font-family:Times New Roman;text-align:left;font-size:10pt;margin-bottom:0px;margin-top:6pt">The terms of the Rights and the Rights Agreement may be amended in any respect without the consent of the holders of the Rights on or prior to the Distribution Date. Thereafter, the terms of the Rights and the Rights Agreement may be amended without the consent of the holders of Rights in order to (i)&#160;cure any ambiguities, (ii)&#160;shorten or lengthen any time period pursuant to the Rights Agreement or (iii)&#160;make changes that do not adversely affect the interests of holders of the Rights. </p> <p style="font-family:Times New Roman;font-style:italic;text-align:left;font-size:10pt;margin-bottom:0px;margin-top:18pt">Voting Rights; Other Stockholder Rights </p> <p style="font-family:Times New Roman;text-align:left;font-size:10pt;margin-bottom:0px;margin-top:6pt">The Rights will not have any voting rights. Until a Right is exercised, the holder thereof, as such, will have no separate rights as stockholder of the Company. </p> <p style="font-family:Times New Roman;font-style:italic;text-align:left;font-size:10pt;margin-bottom:0px;margin-top:18pt">Anti-Dilution Provisions </p> <p style="font-family:Times New Roman;text-align:left;font-size:10pt;margin-bottom:0px;margin-top:6pt">The Board may adjust the Exercise Price, the number of shares of Preferred Stock issuable and the number of outstanding Rights to prevent dilution that may occur from a stock dividend, a stock split or a reclassification of the Preferred Stock or Common Stock. </p> <p style="font-family:Times New Roman;text-align:left;font-size:10pt;margin-bottom:0px;margin-top:12pt">With certain exceptions, no adjustments to the Exercise Price will be made until the cumulative adjustments amount to at least 1% of the Exercise Price. No fractional shares of Preferred Stock will be issued and, in lieu thereof, an adjustment in cash will be made based on the current market price of the Preferred Stock. </p> <p style="font-family:Times New Roman;font-style:italic;text-align:left;font-size:10pt;margin-bottom:0px;margin-top:18pt">Taxes </p> <p style="font-family:Times New Roman;text-align:left;font-size:10pt;margin-bottom:0px;margin-top:6pt">The distribution of Rights should not be taxable for federal income tax purposes. However, following an event that renders the Rights exercisable or upon redemption of the Rights, stockholders may recognize taxable income. </p> <p style="font-family:Times New Roman;text-align:left;font-size:10pt;margin-bottom:0px;margin-top:12pt">The foregoing description of the Preferred Stock Rights Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Preferred Stock Rights Agreement, which is attached hereto as Exhibit 4.1 and is incorporated herein by reference. </p> <p style="font-family:Times New Roman;text-align:left;font-size:10pt;margin-bottom:0px;margin-top:12pt">On April&#160;6, 2020, the Company issued a press release announcing the adoption of the Rights Agreement and the declaration of the dividend of the Rights. A copy of the press release is attached as Exhibit 99.1 and incorporated herein by reference. </p> <p style="margin-bottom:0px;margin-top:18pt"></p>
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<td style="width:10%;vertical-align:top;white-space:nowrap;">Item&#160;1.02. </td>
<td style="font-family:Times New Roman;font-weight:bold;text-align:left;font-size:10pt;margin-bottom:0pt;margin-top:0pt;">Termination of a Material Definitive Agreement.</td> </tr> </table> <p style="font-family:Times New Roman;text-align:left;font-size:10pt;margin-bottom:0px;margin-top:6pt">As previously disclosed, on January&#160;12, 2020, the Company entered into an Agreement and Plan of Merger (the &#8220;Merger Agreement&#8221;) with Hexcel Corporation (&#8220;Hexcel&#8221;) and Genesis Merger Sub, Inc., a wholly owned subsidiary of Woodward (&#8220;Merger Sub&#8221;). The Merger Agreement provided that, upon the terms and subject to the conditions set forth therein, Merger Sub would merge with and into Hexcel, with Hexcel surviving the merger (the &#8220;Merger&#8221;) as a wholly owned subsidiary of Woodward. </p> <p style="font-family:Times New Roman;text-align:left;font-size:10pt;margin-bottom:0px;margin-top:12pt">On April&#160;5, 2020, the Company, Hexcel and Merger Sub entered into an agreement to terminate the Merger Agreement (such agreement, the &#8220;Termination Agreement&#8221;), without liability to Woodward, Hexcel, or any of their respective subsidiaries, directors or officers. The material circumstances surrounding the decision to enter into the Termination Agreement include the economic uncertainties in both the aerospace and industrial sectors resulting from the global health crisis caused by the coronavirus <span style="white-space:nowrap">(COVID-19) </span>&#32;pandemic. Neither party will be required to pay the other a termination fee as a result of the mutual decision to terminate the Merger Agreement. </p> <div></div> <p style="margin-top:1em;margin-bottom:0em"></p>
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 <div style="font-size:10pt;width:8.5in;margin:0 auto"> <p style="font-family:Times New Roman;text-align:left;font-size:10pt;margin-bottom:0pt;margin-top:0pt">The foregoing summary of the Termination Agreement does not purport to be complete and is subject to, and qualified in its entirety by, the full text of the Termination Agreement, which is attached as Exhibit 10.1 and incorporated by reference. </p> <p style="font-family:Times New Roman;text-align:left;font-size:10pt;margin-bottom:0px;margin-top:12pt">On April&#160;6, 2020, the Company and Hexcel issued a joint press release announcing the termination of the Merger Agreement. A copy of the press release is attached as Exhibit 99.2 and incorporated herein by reference. </p> <p style="margin-bottom:0px;margin-top:18pt"></p>
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<td style="width:10%;vertical-align:top;white-space:nowrap;">Item&#160;3.03. </td>
<td style="font-family:Times New Roman;font-weight:bold;text-align:left;font-size:10pt;margin-bottom:0pt;margin-top:0pt;">Material Modification to Rights of Security Holders.</td> </tr> </table> <p style="font-family:Times New Roman;text-align:left;font-size:10pt;margin-bottom:0px;margin-top:6pt">The information included in Item 1.01 and Item 5.03 of this Current Report on Form <span style="white-space:nowrap">8-K</span> is incorporated by reference into this Item 3.03. </p> <p style="margin-bottom:0px;margin-top:18pt"></p>
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<td style="width:10%;vertical-align:top;white-space:nowrap;">Item&#160;5.02. </td>
<td style="font-family:Times New Roman;font-weight:bold;text-align:left;font-size:10pt;margin-bottom:0pt;margin-top:0pt;">Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers</td> </tr> </table> <p style="font-family:Times New Roman;font-style:italic;text-align:left;font-size:10pt;margin-bottom:0px;margin-top:6pt">Officer and Director Compensation Changes </p> <p style="font-family:Times New Roman;text-align:left;font-size:10pt;margin-bottom:0px;margin-top:6pt">On April&#160;3, 2020, the Compensation Committee of the Board approved a reduction of company officers&#8217; salaries through 2020, effective immediately, and the elimination of any annual bonus payments in 2020. The CEO&#8217;s salary was reduced by 25% and all other officers&#8217; salaries were reduced by 10%. In addition, the Board approved a reduction of the directors&#8217; base retainers by 25%, effective as of the next regular quarterly installment payment. </p> <p style="font-family:Times New Roman;text-align:left;font-size:10pt;margin-bottom:0px;margin-top:12pt">The reductions were approved at management&#8217;s request as part of a broader cash conservation effort to mitigate the impact of the <span style="white-space:nowrap">COVID-19</span> pandemic on the Company&#8217;s business. </p> <p style="font-family:Times New Roman;font-style:italic;text-align:left;font-size:10pt;margin-bottom:0px;margin-top:18pt">Thomas Gendron Withdrawal of Retirement </p> <p style="font-family:Times New Roman;text-align:left;font-size:10pt;margin-bottom:0px;margin-top:6pt">As part of the original announcement of the Merger, Thomas A. Gendron, 59, the Company&#8217;s Chairman, Chief Executive Officer and President, had announced his intention to retire one year following the closing of the Merger. With the termination of the Merger Agreement, Mr.&#160;Gendron no longer plans to retire and will continue to serve in his current capacity. </p> <p style="margin-bottom:0px;margin-top:18pt"></p>
<table cellspacing="0" cellpadding="0" border="0" style="font-family:Times New Roman;font-weight:bold;border-collapse:collapse;text-align:left;width:100%;font-size:10pt;margin-bottom:0pt;margin-top:0pt;border:0;">
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<td style="width:10%;vertical-align:top;white-space:nowrap;">Item&#160;5.03. </td>
<td style="font-family:Times New Roman;font-weight:bold;text-align:left;font-size:10pt;margin-bottom:0pt;margin-top:0pt;">Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year.</td> </tr> </table> <p style="font-family:Times New Roman;text-align:left;font-size:10pt;margin-bottom:0px;margin-top:6pt">In connection with the adoption of the Rights Agreement, on April&#160;6, 2020, the Company filed a Certificate of Designation of Rights, Preferences and Privileges of Series B Participating Preferred Stock (the &#8220;Certificate of Designation&#8221;) with the Secretary of State of the State of Delaware. The Certificate of Designation sets forth the rights, powers and preferences of the Preferred Stock. </p> <p style="font-family:Times New Roman;text-align:left;font-size:10pt;margin-bottom:0px;margin-top:12pt">The summary of the rights, powers and preferences of the Preferred Stock set forth in Item 1.01 of this Current Report on Form <span style="white-space:nowrap">8-K</span> is incorporated by reference into this Item 5.03. A copy of the Certificate of Designation is attached as Exhibit 3.1 and is incorporated herein by reference. </p> <p style="margin-bottom:0px;margin-top:18pt"></p>
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<td style="width:10%;vertical-align:top;white-space:nowrap;">Item&#160;7.01. </td>
<td style="font-family:Times New Roman;font-weight:bold;text-align:left;font-size:10pt;margin-bottom:0pt;margin-top:0pt;">Regulation FD Disclosure.</td> </tr> </table> <p style="font-family:Times New Roman;text-align:left;font-size:10pt;margin-bottom:0px;margin-top:6pt">On April&#160;6, 2020, the Company announced that, due to significant global uncertainty resulting from the coronavirus <span style="white-space:nowrap">(COVID-19) </span>&#32;pandemic, the Company is withdrawing its full-year 2020 guidance. </p> <p style="font-family:Times New Roman;text-align:left;font-size:10pt;margin-bottom:0px;margin-top:12pt">On April&#160;6, 2020, the Company also announced it will implement certain actions in response to the <span style="white-space:nowrap">COVID-19</span> pandemic, including a hiring freeze, layoffs, furloughs, salary reductions for officers, a company-wide wage freeze and elimination of annual bonus payments for officers and <span style="white-space:nowrap">non-officers,</span> as well as reduction of working capital, capital expenditures, and <span style="white-space:nowrap">non-essential</span> costs. The Company continues to evaluate what additional actions may be necessary related to the ongoing economic uncertainty. </p> <p style="font-family:Times New Roman;text-align:left;font-size:10pt;margin-bottom:0px;margin-top:12pt">On April&#160;6, 2020, the Company also announced a reduction of its quarterly dividend to $0.08125 per share. </p> <p style="font-family:Times New Roman;text-align:left;font-size:10pt;margin-bottom:0px;margin-top:12pt">A copy of the press release announcing these actions is filed herewith as Exhibit 99.1 and such press release is incorporated by reference herein. </p> <div></div> <p style="margin-top:1em;margin-bottom:0em"></p>
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 <div style="font-size:10pt;width:8.5in;margin:0 auto"> <p style="font-family:Times New Roman;font-weight:bold;text-align:left;font-size:10pt;margin-bottom:0pt;margin-top:0pt">Notice Regarding Forward-Looking Statements </p> <p style="font-family:Times New Roman;text-align:left;font-size:10pt;margin-bottom:0px;margin-top:6pt">Certain of the matters discussed in this report which are not statements of historical fact constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties. Words such as &#8220;strategy,&#8221; &#8220;expects,&#8221; &#8220;continues,&#8221; &#8220;plans,&#8221; &#8220;anticipates,&#8221; &#8220;believes,&#8221; &#8220;will,&#8221; &#8220;estimates,&#8221; &#8220;intends,&#8221; &#8220;projects,&#8221; &#8220;goals,&#8221; &#8220;targets&#8221; and other words of similar meaning are intended to identify forward-looking statements but are not the exclusive means of identifying these statements. Forward looking statements in this report include, but are not limited to statements regarding Woodward&#8217;s beliefs regarding the economy and planned actions in relation to the current economic environment, including actions with respect to cash management, employees, working capital, expenses and compensation of officers and employees, the company&#8217;s dividend and strategies for navigating the current environment and the expected consequences of such strategies as well as statements about the Rights Plan. Important factors that may cause actual results and outcomes to differ materially from those contained in such forward-looking statements include, without limitation, risks relating to the coronavirus <span style="white-space:nowrap">(COVID-19)</span> pandemic and its effect on U.S. and world financial markets, changes in consumer behaviors and impacts on and modifications to the operations and business of Woodward relating thereto, the business, economic and political conditions in the markets in which Woodward operates; and the fact that Woodward&#8217;s reported earnings and financial position may fluctuate or be adversely affected by factors outside of Woodward&#8217;s control. Other important factors that may cause actual results and outcomes to differ materially from those contained in the forward-looking statements included in this report are described in Woodward&#8217;s and Hexcel&#8217;s publicly filed reports, including Woodward&#8217;s Annual Report on Form <span style="white-space:nowrap">10-K</span> for the year ended September&#160;30, 2019 and its Quarterly Report on Form <span style="white-space:nowrap">10-Q</span> for the quarter ended December&#160;31, 2019. </p> <p style="font-family:Times New Roman;text-align:left;font-size:10pt;margin-bottom:0px;margin-top:12pt">Woodward cautions that the foregoing list of important factors is not complete and does not undertake to update any forward-looking statements that it makes except as required by applicable law. </p> <p style="margin-bottom:0px;margin-top:18pt"></p>
<table cellspacing="0" cellpadding="0" border="0" style="font-family:Times New Roman;font-weight:bold;border-collapse:collapse;text-align:left;width:100%;font-size:10pt;margin-bottom:0pt;margin-top:0pt;border:0;">
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<td style="width:10%;vertical-align:top;white-space:nowrap;">Item&#160;9.01. </td>
<td style="font-family:Times New Roman;font-weight:bold;text-align:left;font-size:10pt;margin-bottom:0pt;margin-top:0pt;">Financial Statements and Exhibits.</td> </tr> </table> <p style="font-family:Times New Roman;text-align:left;font-size:10pt;margin-bottom:0px;margin-top:6pt">(d) Exhibits. </p>
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<td style="vertical-align:bottom;padding-right:2pt;margin-bottom:0pt;margin-top:0pt;">&#160;</td>
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<td style="height:8px;">&#160;</td>
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<td style="white-space:nowrap;vertical-align:top;padding:0;font-family:Times New Roman;font-size:10pt;margin-bottom:0pt;margin-top:0pt;">&#160;</td>
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<td style="white-space:nowrap;vertical-align:top;padding-right:2pt;margin-bottom:0pt;margin-top:0pt;">&#160;</td>
<td style="vertical-align:top;">&#160;</td>
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<td style="white-space:nowrap;vertical-align:top;padding:0;font-family:Times New Roman;font-size:10pt;margin-bottom:0pt;margin-top:0pt;">&#160;</td>
<td style="white-space:nowrap;vertical-align:top;padding:0;text-align:left"> <p style="font-family:Times New Roman;font-size:10pt;margin-bottom:0pt;margin-top:0pt">10.1 </p> </td>
<td style="white-space:nowrap;vertical-align:top;padding-right:2pt;margin-bottom:0pt;margin-top:0pt;">&#160;</td>
<td style="vertical-align:top;">&#160;</td>
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<td style="white-space:nowrap;vertical-align:top;padding:0;font-family:Times New Roman;font-size:10pt;margin-bottom:0pt;margin-top:0pt;">&#160;</td>
<td style="white-space:nowrap;vertical-align:top;padding:0;text-align:left"> <p style="font-family:Times New Roman;font-size:10pt;margin-bottom:0pt;margin-top:0pt">99.1 </p> </td>
<td style="white-space:nowrap;vertical-align:top;padding-right:2pt;margin-bottom:0pt;margin-top:0pt;">&#160;</td>
<td style="vertical-align:top;">&#160;</td>
<td style="vertical-align:top;padding:0;"> <p style="font-family:Times New Roman;margin-left:0.00em;text-align:left;text-indent:0.00em;font-size:10pt;margin-bottom:0pt;margin-top:0pt"> <a href="d847440dex991.htm">Press Release of Woodward, Inc., dated April&#160;6, 2020. </a> </p> </td> </tr>
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<td style="height:8px;">&#160;</td>
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<td style="white-space:nowrap;vertical-align:top;padding:0;font-family:Times New Roman;font-size:10pt;margin-bottom:0pt;margin-top:0pt;">&#160;</td>
<td style="white-space:nowrap;vertical-align:top;padding:0;text-align:left"> <p style="font-family:Times New Roman;font-size:10pt;margin-bottom:0pt;margin-top:0pt">99.2 </p> </td>
<td style="white-space:nowrap;vertical-align:top;padding-right:2pt;margin-bottom:0pt;margin-top:0pt;">&#160;</td>
<td style="vertical-align:top;">&#160;</td>
<td style="vertical-align:top;padding:0;"> <p style="font-family:Times New Roman;margin-left:0.00em;text-align:left;text-indent:0.00em;font-size:10pt;margin-bottom:0pt;margin-top:0pt"> <a href="d847440dex992.htm">Joint Press Release of Woodward, Inc. and Hexcel Corporation, dated April&#160;6, 2020. </a> </p> </td> </tr>
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<td style="height:8px;">&#160;</td>
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<td style="white-space:nowrap;vertical-align:top;padding:0;font-family:Times New Roman;font-size:10pt;margin-bottom:0pt;margin-top:0pt;">&#160;</td>
<td style="white-space:nowrap;vertical-align:top;padding:0;text-align:left"> <p style="font-family:Times New Roman;font-size:10pt;margin-bottom:0pt;margin-top:0pt">104 </p> </td>
<td style="white-space:nowrap;vertical-align:top;padding-right:2pt;margin-bottom:0pt;margin-top:0pt;">&#160;</td>
<td style="vertical-align:top;">&#160;</td>
<td style="vertical-align:top;padding:0;"> <p style="font-family:Times New Roman;margin-left:0.00em;text-align:left;text-indent:0.00em;font-size:10pt;margin-bottom:0pt;margin-top:0pt">Cover Page Interactive Data File (embedded within the Inline XBRL document) </p> </td> </tr> </table> <div></div> <p style="margin-top:1em;margin-bottom:0em"></p>
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 <div style="font-size:10pt;width:8.5in;margin:0 auto"> <p style="font-family:Times New Roman;font-weight:bold;text-align:center;font-size:10pt;margin-bottom:0pt;margin-top:0pt">SIGNATURE </p> <p style="font-family:Times New Roman;text-align:left;font-size:10pt;margin-bottom:0px;margin-top:12pt">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. </p> <div style="float:right;width:100%">
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<td colspan="3" style="vertical-align:top;padding:0;"> <p style="font-family:Times New Roman;font-weight:bold;text-align:left;font-size:10pt;margin-bottom:0pt;margin-top:0pt">WOODWARD, INC. </p> </td> </tr>
<tr style="font-size:1pt;">
<td style="height:16px;">&#160;</td>
<td style="height:16px;">&#160;</td>
<td style="height:16px;">&#160;</td> </tr>
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<td style="vertical-align:top;padding:0;"> <p style="font-family:Times New Roman;text-align:left;font-size:10pt;margin-bottom:0pt;margin-top:0pt">By: </p> </td>
<td style="vertical-align:top;">&#160;</td>
<td style="vertical-align:bottom;"> <p style="font-family:Times New Roman;text-align:left;margin-bottom:1pt;font-size:10pt;margin-top:0pt;border-bottom:1px solid #000000">/s/ A. Christopher Fawzy</p> </td> </tr>
<tr style="page-break-inside:avoid;font-size:10pt;">
<td style="vertical-align:top;padding:0;"> <p style="font-family:Times New Roman;text-align:left;font-size:10pt;margin-bottom:0pt;margin-top:0pt"></p> </td>
<td style="vertical-align:top;">&#160;</td>
<td style="vertical-align:bottom;"> <p style="font-family:Times New Roman;text-align:left;font-size:10pt;margin-bottom:0pt;margin-top:0pt">A. Christopher Fawzy </p> </td> </tr>
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<td style="vertical-align:top;padding:0;"> <p style="font-family:Times New Roman;text-align:left;font-size:10pt;margin-bottom:0pt;margin-top:0pt"></p> </td>
<td style="vertical-align:top;">&#160;</td>
<td style="vertical-align:bottom;"> <p style="font-family:Times New Roman;text-align:left;font-size:10pt;margin-bottom:0pt;margin-top:0pt">Corporate Vice President, <br />General Counsel, Corporate Secretary and Chief Compliance Officer </p> </td> </tr> </table> </div> <div style="clear:both"></div> <p style="font-family:Times New Roman;margin-left:0%;text-align:left;text-indent:0%;font-size:10pt;margin-bottom:0px;margin-top:12pt">Dated: April&#160;6, 2020 </p> <div></div> <p style="margin-top:1em;margin-bottom:0em"></p>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 3.1 </B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CERTIFICATE OF DESIGNATION OF RIGHTS, PREFERENCES AND PRIVILEGES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>OF SERIES B PARTICIPATING PREFERRED STOCK OF </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>WOODWARD, INC. </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Pursuant to
Section&nbsp;151 of the </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">General Corporation Law of the State of Delaware </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Woodward, Inc., a corporation organized and existing under the General Corporation Law of the State of Delaware (the
&#147;<B>Corporation</B>&#148;), in accordance with the provisions of Section&nbsp;103 thereof, does hereby certify: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">That pursuant to the
authority conferred upon the Board of Directors of the Corporation (the &#147;<B>Board</B>&#148;) by the Restated Certificate of Incorporation of the Corporation, as amended (the &#147;<B>Charter</B>&#148;), effective April&nbsp;5, 2020, the Board
adopted the following resolutions creating a series of preferred stock, par value $0.003 per share (&#147;<B>Preferred Stock</B>&#148;), of the Corporation designated as Series B Participating Preferred Stock: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>RESOLVED</B>: That pursuant to the authority vested in the Board by the Charter, the Board does hereby provide for the issuance of a series
of Preferred Stock of the Corporation and does hereby fix and herein state and express the designations, powers, preferences and relative and other special rights, and the qualifications, limitations and restrictions, of such series of Preferred
Stock as follows: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;1. <I>Designation and Amount</I>. The shares of such series shall be designated as &#147;<B>Series B
Participating Preferred Stock</B>.&#148; The Series B Participating Preferred Stock shall have a par value of $0.003 per share, and the number of shares constituting such series shall be 75,000. Such number of shares may be increased or decreased by
resolution of the Board; <I>provided</I>, <I>however</I>, that no decrease shall reduce the number of shares of Series B Participating Preferred Stock to a number less than the number of shares then outstanding plus the number of shares reserved for
issuance upon the exercise of outstanding options, rights or warrants or upon the exercise of any options, rights or warrants issuable upon conversion of any outstanding securities issued by the Corporation convertible into Series B Participating
Preferred Stock. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;2. <I>Proportional Adjustment</I>. In the event that the Corporation shall at any time after the issuance
of any share or shares of Series B Participating Preferred Stock (the &#147;<B>Rights Declaration Date</B>&#148;) (a)&nbsp;declare any dividend on the common stock of the Corporation, par value $0.001455 per share (the &#147;<B>Common
Stock</B>&#148;), payable in shares of Common Stock, (b)&nbsp;subdivide the outstanding Common Stock or (c)&nbsp;combine the outstanding Common Stock into a smaller number of shares, then in each such case the Corporation shall simultaneously effect
a proportional adjustment to the number of outstanding shares of Series B Participating Preferred Stock by an amount the numerator of which is the number of shares of Common Stock outstanding immediately after such event and the denominator of which
is the number of shares of Common Stock that were outstanding immediately prior to such event. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-1 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3. <I>Dividends and Distributions</I>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) Subject to Section&nbsp;2 and to the prior and superior rights of the holders of any other shares of any series of Preferred Stock ranking
prior and superior to the shares of Series B Participating Preferred Stock with respect to dividends, the holders of shares of Series B Participating Preferred Stock shall be entitled to receive, when, as and if declared by the Board out of funds
legally available for the purpose, quarterly dividends payable in cash on the last day of March, June, September and December in each year (each such date being referred to herein as a &#147;<B>Quarterly Dividend Payment Date</B>&#148;), commencing
on the first Quarterly Dividend Payment Date after the first issuance of a share or fraction of a share of Series B Participating Preferred Stock, in an amount per share (rounded to the nearest cent) equal to the greater of (i)&nbsp;$1.00 and
(ii)&nbsp;subject to Section&nbsp;2, 1,000 times the aggregate per share amount of all cash dividends, and 1,000 times the aggregate per share amount (payable in kind) of all <FONT STYLE="white-space:nowrap">non-cash</FONT> dividends or other
distributions other than a dividend payable in shares of Common Stock or a subdivision of the outstanding shares of Common Stock (by reclassification or otherwise), declared on the Common Stock since the immediately preceding Quarterly Dividend
Payment Date, or, with respect to the first Quarterly Dividend Payment Date, since the first issuance of any share or fraction of a share of Series B Participating Preferred Stock. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) The Corporation shall declare a dividend or distribution on the Series B Participating Preferred Stock as provided in paragraph&nbsp;(a)
above immediately after it declares a dividend or distribution on the Common Stock (other than a dividend payable in shares of Common Stock); <I>provided</I>, <I>however</I>, that, in the event that no dividend or distribution shall have been
declared on the Common Stock during the period between any Quarterly Dividend Payment Date and the next subsequent Quarterly Dividend Payment Date, a dividend of $1.00 per share on the Series B Participating Preferred Stock shall nevertheless be
payable on such subsequent Quarterly Dividend Payment Date. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) Dividends shall begin to accrue and be cumulative on outstanding shares of
Series B Participating Preferred Stock from the Quarterly Dividend Payment Date next preceding the date of issue of such shares of Series B Participating Preferred Stock, unless the date of issue of such shares is prior to the record date for the
first Quarterly Dividend Payment Date, in which case dividends on such shares shall begin to accrue from the date of issue of such shares, or unless the date of issue is a Quarterly Dividend Payment Date or is a date after the record date for the
determination of holders of shares of Series B Participating Preferred Stock entitled to receive a quarterly dividend and before such Quarterly Dividend Payment Date, in either of which events such dividends shall begin to accrue and be cumulative
from such Quarterly Dividend Payment Date. Accrued but unpaid dividends shall not bear interest. Dividends paid on the shares of Series B Participating Preferred Stock in an amount less than the total amount of such dividends at the time accrued and
payable on such shares shall be allocated pro rata on a <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">share-by-share</FONT></FONT> basis among all such shares at the time outstanding. The Board may fix a record date for the
determination of holders of shares of Series B Participating Preferred Stock entitled to receive payment of a dividend or distribution declared thereon, which record date shall be no more than 60 days prior to the date fixed for the payment thereof.
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-2 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;4. <I>Voting Rights</I>. The holders of shares of Series B Participating
Preferred Stock shall have the following voting rights: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) Subject to the provision for adjustment hereinafter set forth, each share of
Series B Participating Preferred Stock shall entitle the holder thereof to 1,000 votes on all matters submitted to a vote of the stockholders of the Corporation. In the event that the Corporation shall at any time after the Rights Declaration Date
(i)&nbsp;declare any dividend on Common Stock payable in shares of Common Stock, (ii)&nbsp;subdivide the outstanding Common Stock or (iii)&nbsp;combine the outstanding Common Stock into a smaller number of shares, then in each such case the number
of votes per share to which holders of shares of Series B Participating Preferred Stock were entitled immediately prior to such event shall be adjusted by multiplying such number by a fraction the numerator of which is the number of shares of Common
Stock outstanding immediately after such event and the denominator of which is the number of shares of Common Stock that were outstanding immediately prior to such event. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) Except as otherwise provided herein, in any other Certificate of Designation creating a series of Preferred Stock or any similar stock, the
Charter or the Amended and Restated Bylaws of the Corporation (the &#147;<B>Bylaws</B>&#148;), or by law, the holders of shares of Series B Participating Preferred Stock and the holders of shares of Common Stock shall vote together as one class on
all matters submitted to a vote of stockholders of the Corporation. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) Except as set forth herein or as required by law, the holders of
Series B Participating Preferred Stock shall have no special voting rights and their consent shall not be required (except to the extent that holders of Series B Participating Preferred Stock are entitled to vote with holders of Common Stock as set
forth herein) for taking any corporate action. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d)&nbsp;(i) If at any time dividends on any Series B Participating Preferred Stock shall
be in arrears in an amount equal to six quarterly dividends thereon, then the occurrence of such contingency shall mark the beginning of a period (herein called a &#147;<B>default period</B>&#148;) that shall extend until such time as all accrued
and unpaid dividends for all previous quarterly dividend periods and for the current quarterly dividend period on all shares of Series B Participating Preferred Stock then outstanding shall have been declared and paid or set apart for payment.
During each default period, all holders of Preferred Stock (including holders of Series B Participating Preferred Stock) with dividends in arrears (the &#147;<B>Affected Preferred Stock</B>&#148;) in an amount equal to six quarterly dividends
thereon, voting as a class, irrespective of series, shall have the right to elect two directors. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(ii) During any default period, such
voting right of the holders of Series B Participating Preferred Stock may be exercised initially at a special meeting called pursuant to subparagraph&nbsp;(iii) of this Section&nbsp;4(d) or at any annual meeting of stockholders, and thereafter at
annual meetings of stockholders; <I>provided</I>, <I>however</I>, that such voting right shall not be exercised unless the holders of at least <FONT STYLE="white-space:nowrap">one-third</FONT> of the voting power of the shares of the Affected
Preferred </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-3 </P>

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Stock outstanding shall be present in person or by proxy. The absence of a quorum of the holders of Common Stock shall not affect the exercise by the holders of the Affected Preferred Stock of
such voting right. At any meeting at which the holders of the Affected Preferred Stock shall exercise such voting right initially during an existing default period, they shall have the right, voting as a class, to elect directors to fill such
vacancies, if any, in the Board as may then exist up to two directors or, if such right is exercised at an annual meeting of stockholders, to elect two directors. If the number that may be so elected at any special meeting does not amount to the
required number, the holders of the Affected Preferred Stock shall have the right to make such increase in the number of directors as shall be necessary to permit the election by them of the required number and any such newly created directorships
shall be apportioned among the classes of directors in accordance with Section C.(2) of Article Seventh of the Charter. After the holders of the Affected Preferred Stock shall have exercised their right to elect directors in any default period and
during the continuance of such period, the number of directors shall not be increased or decreased except by vote of the holders of the Affected Preferred Stock as herein provided or pursuant to the rights of any equity securities ranking senior to
or pari passu with the Series B Participating Preferred Stock. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(iii) Unless the holders of the Affected Preferred Stock shall, during an
existing default period, have previously exercised their right to elect directors, the Board or the Chairman of the Board may order, or any stockholder or stockholders owning in the aggregate not less than
<FONT STYLE="white-space:nowrap">two-thirds</FONT> of the total voting power of the shares of the Affected Preferred Stock outstanding, irrespective of series, may request, the calling of a special meeting of the holders of Preferred Stock, which
meeting shall thereupon be called by the Secretary of the Corporation. Notice of such meeting and of any annual meeting at which holders of the Affected Preferred Stock are entitled to vote pursuant to this paragraph&nbsp;(d)(iii) shall be given to
each holder of record of the Affected Preferred Stock by electronic transmission or by mailing a copy of such notice to such holder at such holder&#146;s last address as the same appears on the books of the Corporation. Such meeting shall be called
for a time not earlier than 20 days and not later than 60 days after such order or request, or in default of the calling of such meeting within 60 days after such order or request, such meeting may be called on similar notice by any stockholder or
stockholders owning in the aggregate not less than 10&nbsp;percent of the total number of shares of the Affected Preferred Stock outstanding. Notwithstanding the provisions of this paragraph&nbsp;(d)(iii), no such special meeting shall be called
during the period within 60 days immediately preceding the date fixed for the next annual meeting of the stockholders. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(iv) In any
default period, the holders of Common Stock and other classes of stock of the Corporation, if applicable, shall continue to be entitled to elect the whole number of directors until the holders of the Affected Preferred Stock shall have exercised
their right to elect two directors voting as a class, after the exercise of which right (A)&nbsp;the directors so elected by the holders of the Affected Preferred Stock shall continue in office until their successors shall have been elected by such
holders or until the expiration of the default period, and (B)&nbsp;any vacancy in the Board may (except as provided in subparagraph&nbsp;(ii) of this Section&nbsp;4(d)) be filled by vote of a majority of the remaining directors theretofore elected
by the holders of the class of stock that elected the director whose office shall have become vacant. References in this Section&nbsp;4(d) to directors elected by the holders of a particular class of stock shall include directors elected by such
directors to fill vacancies as provided in clause&nbsp;(B) of the foregoing sentence. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-4 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(v) Immediately upon the expiration of a default period, (A)&nbsp;the right of the holders
of any shares of Series B Participating Preferred Stock, voting as a class, to elect directors shall cease, (B)&nbsp;the term of any directors elected by the holders of the Affected Preferred Stock as a class shall terminate and (C)&nbsp;the number
of directors shall be such number as may be provided for in the Charter or the Bylaws irrespective of any increase made pursuant to the provisions of subparagraph&nbsp;(ii) of this Section&nbsp;4(d) (such number being subject, however, to change
thereafter in any manner provided by law or in the Charter or Bylaws). Any vacancies in the Board effected by the provisions of clauses&nbsp;(B) and&nbsp;(C) in the preceding sentence may be filled by a majority of the remaining directors. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;5. <I>Certain Restrictions</I>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) The Corporation shall not declare any dividend on, make any distribution on, or redeem or purchase or otherwise acquire for consideration
any shares of Common Stock after the first issuance of a share or fraction of a share of Series B Participating Preferred Stock unless concurrently therewith it shall declare a dividend on the Series B Participating Preferred Stock as required by
Section&nbsp;3 hereof. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) Whenever quarterly dividends or other dividends or distributions payable on the Series B Participating
Preferred Stock as provided in Section&nbsp;3 hereof are in arrears, thereafter and until all accrued and unpaid dividends and distributions, whether or not declared, on shares of Series B Participating Preferred Stock outstanding shall have been
paid in full, the Corporation shall not: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(i) declare or pay dividends on, make any other distributions on, or redeem or purchase or
otherwise acquire for consideration any shares of stock ranking junior (either as to dividends or upon liquidation, dissolution or winding up) to the Series B Participating Preferred Stock; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(ii) declare or pay dividends, or make any other distributions, on any shares of stock ranking on a parity (either as to dividends or upon
liquidation, dissolution or winding up) with the Series B Participating Preferred Stock, except dividends paid ratably on the Series B Participating Preferred Stock and all such parity stock on which dividends are payable or in arrears in proportion
to the total amounts to which the holders of all such shares are then entitled; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(iii) redeem or purchase or otherwise acquire for
consideration shares of any stock ranking on a parity (either as to dividends or upon liquidation, dissolution or winding up) with the Series B Participating Preferred Stock; <I>provided</I>, <I>however</I>, that the Corporation may at any time
redeem, purchase or otherwise acquire shares of any such parity stock in exchange for shares of any stock of the Corporation ranking junior (either as to dividends or upon dissolution, liquidation or winding up) to the Series B Participating
Preferred Stock; or </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-5 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(iv) redeem or purchase or otherwise acquire for consideration any shares of Series B
Participating Preferred Stock, or any shares of stock ranking on a parity with the Series B Participating Preferred Stock, except in accordance with a purchase offer made in writing or by publication (as determined by the Board) to all holders of
such shares upon such terms as the Board, after consideration of the respective annual dividend rates and other relative rights and preferences of the respective series and classes, shall determine in good faith will result in fair and equitable
treatment among the respective series or classes. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) The Corporation shall not permit any subsidiary of the Corporation to purchase or
otherwise acquire for consideration any shares of stock of the Corporation unless the Corporation could, pursuant to paragraph&nbsp;(a) of this Section&nbsp;5, purchase or otherwise acquire such shares at such time and in such manner. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;6. <I>Reacquired Shares of Preferred Stock</I>. Any shares of Series B Participating Preferred Stock purchased or otherwise
acquired by the Corporation in any manner whatsoever shall be retired and cancelled promptly after the acquisition thereof. All such shares shall upon their cancellation become authorized but unissued shares of Preferred Stock and may be reissued as
part of a new series of Preferred Stock to be created by resolution or resolutions of the Board, subject to the conditions and restrictions on issuance set forth herein, in the Charter or in any other Certificate of Designation creating a series of
Preferred Stock or any similar stock or as otherwise required by law. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;7. <I>Liquidation, Dissolution or Winding Up</I>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) Upon any liquidation (voluntary or otherwise), dissolution or winding up of the Corporation, no distribution shall be made to the holders
of shares of stock ranking junior (either as to dividends or upon liquidation, dissolution or winding up) to the Series B Participating Preferred Stock unless, prior thereto, the holders of shares of Series B Participating Preferred Stock shall have
received an amount equal to $1,000 per share of Series B Participating Preferred Stock, plus an amount equal to accrued and unpaid dividends and distributions thereon, whether or not declared, to the date of such payment (the &#147;<B>Series B
Liquidation Preference</B>&#148;). Following the payment of the full amount of the Series B Liquidation Preference, no additional distributions shall be made to the holders of shares of Series B Participating Preferred Stock unless, prior thereto,
the holders of shares of Common Stock shall have received an amount per share (the &#147;<B>Common Adjustment</B>&#148;) equal to the quotient obtained by dividing (i)&nbsp;the Series B Liquidation Preference by (ii)&nbsp;1,000 (as appropriately
adjusted to reflect events such as stock splits, stock dividends and recapitalizations with respect to the Common Stock) (such number in clause&nbsp;(ii), the &#147;<B>Adjustment Number</B>&#148;). Following the payment of the full amount of the
Series B Liquidation Preference and the Common Adjustment in respect of all outstanding shares of Series B Participating Preferred Stock and Common Stock, respectively, holders of Series B Participating Preferred Stock and holders of shares of
Common Stock shall receive their ratable and proportionate share of the remaining assets to be distributed in the ratio of the Adjustment Number to one with respect to such Preferred Stock and Common Stock, on a per share basis, respectively. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-6 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) In the event, however, that there are not sufficient assets available to permit payment
in full of the Series B Liquidation Preference and the liquidation preferences of all other series of Preferred Stock, if any, that rank on a parity with the Series B Participating Preferred Stock, then such remaining assets shall be distributed
ratably to the holders of such parity shares in proportion to their respective liquidation preferences. In the event, however, that there are not sufficient assets available to permit payment in full of the Common Adjustment, then such remaining
assets shall be distributed ratably to the holders of Common Stock. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) In the event that the Corporation shall at any time after the
Rights Declaration Date (i)&nbsp;declare any dividend on the Common Stock payable in shares of Common Stock, (ii)&nbsp;subdivide the outstanding Common Stock or (iii)&nbsp;combine the outstanding Common Stock into a smaller number of shares, then in
each such case the Corporation shall simultaneously effect a proportional adjustment to the Adjustment Number in effect immediately prior to such event by an amount the numerator of which is the number of shares of Common Stock outstanding
immediately after such event and the denominator of which is the number of shares of Common Stock that were outstanding immediately prior to such event. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;8. <I>Consolidation, Merger, etc</I>. In the event that the Corporation shall enter into any consolidation, merger, combination,
conversion, share exchange or other transaction in which the shares of Common Stock are exchanged for or changed into other stock, securities, cash and/or any other property (payable in kind), then in any such case the shares of Series B
Participating Preferred Stock shall at the same time be similarly exchanged or changed in an amount per share (subject to Section&nbsp;2) equal to 1,000 times the aggregate amount of stock, securities, cash and/or any other property (payable in
kind), as the case may be, into which or for which each share of Common Stock is changed or exchanged. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;9. <I>No
Redemption</I>. The shares of Series B Participating Preferred Stock shall not be redeemable. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;10. <I>Ranking</I>. The Series
B Participating Preferred Stock shall rank junior to all other series of the Preferred Stock as to the payment of dividends and the distribution of assets, unless the terms of any such series shall provide otherwise. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;11. <I>Amendment</I>. At any time when any shares of Series B Participating Preferred Stock are outstanding, neither the Charter
nor this Certificate of Designation shall be amended in any manner that would materially alter or change the powers, preferences or special rights of the Series B Participating Preferred Stock so as to affect them adversely without the affirmative
vote of the holders of at least <FONT STYLE="white-space:nowrap">two-thirds</FONT> of the outstanding shares of Series B Participating Preferred Stock, voting separately as a class. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;12. <I>Fractional Shares of Preferred Stock</I>. Series B Participating Preferred Stock may be issued in fractions of a share
that shall entitle the holder, in proportion to such holder&#146;s fractional shares, to exercise voting rights, receive dividends, participate in distributions and to have the benefit of all other rights of holders of Series B Participating
Preferred Stock. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; * </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-7 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">IN WITNESS WHEREOF, the undersigned has executed this Certificate as of the 6th day of
April, 2020. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top" COLSPAN="3"><B>WOODWARD, INC.</B></TD></TR>
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<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
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<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Thomas A. Gendron</TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name: Thomas A. Gendron</TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:&nbsp;&nbsp; Chairman, Chief Executive Officer and President</TD></TR>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 4.1 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>PREFERRED STOCK RIGHTS AGREEMENT </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Dated as of April&nbsp;5, 2020 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>by and between </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>WOOWARD, INC. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>and
</B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AMERICAN STOCK TRANSFER&nbsp;&amp; TRUST COMPANY, LLC, </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>as Rights Agent </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;1. Certain Definitions</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;2. Appointment of Rights Agent</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;3. Issuance of Rights Certificates</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;4. Form of Rights Certificates</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">13</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;5. Countersignature and Registration</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">14</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;6. Transfer, Split Up, Combination and Exchange of Rights Certificates; Mutilated,
Destroyed, Lost or Stolen Rights Certificates</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">14</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;7. Exercise of Rights; Exercise Price; Expiration Date of Rights</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">16</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;8. Cancellation and Destruction of Rights Certificates</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;9. Reservation and Availability of Shares of Capital Stock</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;10. Record Date for Securities Issued</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">20</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;11. Adjustment of Exercise Price, Number and Kind of Shares or Number of
Rights</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">21</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;12. Certificate of Adjusted Exercise Price or Number of Shares</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">28</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;13. Consolidation, Merger or Sale or Transfer of Assets, Cash Flow or Earning
Power</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">28</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;14. Fractional Rights and Fractional Shares</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">32</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;15. Rights of Action</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">33</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;16. Agreement of Rights Holders</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">34</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;17. Holder of Rights Certificate Not Deemed to be a Stockholder</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">35</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;18. Concerning the Rights Agent</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">35</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;19. Merger, Consolidation or Change of Name of Rights Agent</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">36</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;20. Duties of Rights Agent</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">37</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;21. Change of Rights Agent</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">40</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;22. Issuance of New Rights Certificates</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">41</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;23. Redemption</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">41</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;24. Exchange</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">42</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;25. Notice of Certain Events</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">45</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;26. Notices</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">46</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;27. Supplements and Amendments</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">47</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;28. Successors</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">47</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;29. Determinations and Actions by the Board</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">48</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;30. Benefits of this Agreement</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">48</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;31. Severability</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">48</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;32. Governing Law; Exclusive Jurisdiction</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">48</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;33. Counterparts</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">49</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;34. Interpretation</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">49</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;35. Costs of Enforcement</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">51</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;36. Force Majeure</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">51</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;37. USA PATRIOT Act</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">51</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-i- </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>TABLE OF CONTENTS </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(continued) </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

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<TD VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="bottom" ALIGN="center"><B>Page</B></TD></TR>


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<TD VALIGN="top" COLSPAN="3" NOWRAP><B>EXHIBITS</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
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<TD VALIGN="top" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Exhibit&nbsp;A</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Form of Certificate of Designation of Rights, Preferences and Privileges of Series B Participating Preferred Stock</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Exhibit&nbsp;B</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Form of Rights Certificate</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Exhibit&nbsp;C</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Form of Summary of Rights</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-ii- </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>PREFERRED STOCK RIGHTS AGREEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Preferred Stock Rights Agreement (this &#147;<B>Agreement</B>&#148;), dated as of April&nbsp;5, 2020, is by and between Woodward, Inc., a
Delaware corporation (the &#147;<B>Company</B>&#148;), and American Stock Transfer&nbsp;&amp; Trust Company, LLC, a New York limited liability trust company, as rights agent (the &#147;<B>Rights Agent</B>&#148;). Each of the Company and the Rights
Agent are sometimes referred to as a &#147;<B>Party</B>.&#148; All capitalized terms used in this Agreement have the meanings given to them in Section&nbsp;1. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>RECITALS </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A. Effective
April&nbsp;5, 2020 (the &#147;<B>Rights Dividend Declaration Date</B>&#148;), the Board of Directors of the Company (the &#147;<B>Board</B>&#148;) adopted this Agreement and authorized and declared a dividend of one preferred stock purchase right (a
&#147;<B>Right</B>&#148;) for each share of Common Stock outstanding as of the Close of Business on April&nbsp;16, 2020 (the &#147;<B>Record Date</B>&#148;). Upon the terms and subject to the conditions of this Agreement, each Right initially
represents the right to purchase one <FONT STYLE="white-space:nowrap">one-thousandth</FONT> of a share of Preferred Stock (as such number may be adjusted pursuant to the provisions of this Agreement) and has the rights, preferences and privileges
set forth in the form of Certificate of Designation of Rights, Preferences and Privileges of Series B Participating Preferred Stock attached as Exhibit&nbsp;A. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">B. The Board further authorized and directed the issuance of one Right (as such number may be adjusted pursuant to the provisions of this
Agreement) with respect to each share of Common Stock that becomes outstanding (whether as an original issuance or from the Company&#146;s treasury) between the Record Date and, subject to Section&nbsp;22, the earlier of the Distribution Date and
the Expiration Date. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AGREEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Parties therefore agree as follows: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;1. <I>Certain Definitions</I>. For purposes of this Agreement, the following terms have the meanings indicated: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) &#147;<B>Acquiring Person</B>&#148; means any Person who or that, together with all Affiliates and Associates of such Person, is the
Beneficial Owner of the Triggering Percentage or more of the shares of Common Stock then outstanding, but shall not include any Exempt Person. Notwithstanding anything in this definition of &#147;Acquiring Person&#148; to the contrary: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(i) no Person who Beneficially Owns, as of the time of the public announcement of this Agreement, the Triggering Percentage or more of the
shares of Common Stock then outstanding shall become an Acquiring Person unless such Person, after the time of the public announcement of this Agreement, becomes the Beneficial Owner of any additional shares of Common Stock (other than pursuant to a
dividend or distribution paid or made by the Company on the Common Stock in shares of Common Stock or pursuant to a split or subdivision of the Common Stock), unless, upon becoming the Beneficial Owner of such additional shares of Common Stock, such
Person is not then the Beneficial Owner of the Triggering Percentage or more of the shares of Common Stock then outstanding; </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(ii) no Person will be deemed to be an Acquiring Person as the result of an acquisition of
shares of Common Stock by an Exempt Person that, by reducing the number of shares of Common Stock then outstanding, increases the proportionate number of shares of Common Stock that are Beneficially Owned by such Person to the Triggering Percentage
or more of the shares of Common Stock then outstanding, it being understood that if a Person becomes the Beneficial Owner of the Triggering Percentage or more of the shares of Common Stock then outstanding solely as the result of a reduction in the
number of shares of Common Stock then outstanding due to an acquisition of shares of Common Stock by an Exempt Person and, after such acquisition by such Exempt Person, becomes the Beneficial Owner of one or more additional shares of Common Stock
(other than pursuant to a dividend or distribution paid or made by the Company on the Common Stock in shares of Common Stock or pursuant to a split or subdivision of the Common Stock), then such Person will be deemed to be an Acquiring Person
unless, upon becoming the Beneficial Owner of such additional shares of Common Stock, such Person does not Beneficially Own the Triggering Percentage or more of the shares of Common Stock then outstanding; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(iii) no Person will be deemed to be an Acquiring Person solely as a result of any unilateral grant of any security by the Company, or through
the exercise of any options, warrants, rights or similar interests (including restricted stock) granted by the Company to its directors, officers and employees, it being understood that if a Person becomes the Beneficial Owner of the Triggering
Percentage or more of the shares of Common Stock then outstanding by reason of a unilateral grant of a security by the Company, or through the exercise of any options, warrants, rights or similar interests (including restricted stock) granted by the
Company to its directors, officers and employees, and such Person becomes the Beneficial Owner of one or more additional shares of Common Stock (other than (A)&nbsp;pursuant to a dividend or distribution paid or made by the Company on the Common
Stock in shares of Common Stock or pursuant to a split or subdivision of the Common Stock; or (B)&nbsp;the unilateral grant of a security by the Company, or through the exercise of any options, warrants, rights or similar interest (including
restricted stock) granted by the Company to its directors, officers and employees), then such Person will be deemed to be an Acquiring Person unless, upon becoming the Beneficial Owner of such additional shares of Common Stock, such Person does not
Beneficially Own the Triggering Percentage or more of the shares of Common Stock then outstanding; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(iv) if the Board determines in
good faith that a Person who would otherwise be an Acquiring Person has become such inadvertently (including because (A)&nbsp;such Person was unaware that it Beneficially Owned a percentage of the shares of Common Stock then outstanding that would
otherwise cause such Person to be an Acquiring Person or (B)&nbsp;such Person was aware of the extent of the shares of Common Stock then outstanding that it Beneficially Owned but had no actual knowledge of the consequences of such Beneficial
Ownership pursuant to this Agreement) and without any intention of changing or influencing control of the Company, and if such Person divested or divests (including by entering into an agreement with the Company, which
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agreement is satisfactory to the Board in its sole discretion, to divest and subsequently divests in accordance with the terms of such agreement, without exercising or retaining any power,
including voting power, with respect to such shares of Common Stock) as promptly as practicable a sufficient number of shares of Common Stock so that such Person would no longer be an Acquiring Person, then such Person will not be deemed to be or to
have become an Acquiring Person at any time for any purposes of this Agreement. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) A Person will be deemed to be &#147;<B>Acting in
Concert</B>&#148; with another Person if such first Person knowingly acts (whether or not pursuant to an express agreement, arrangement or understanding), at any time after the time of the public announcement of this Agreement, in concert or in
parallel with such other Person, or toward a common goal with such other Person, relating to changing or influencing the control of the Company or in connection with or as a participant in any transaction having that purpose or effect, where
(i)&nbsp;each Person is conscious of the other Person&#146;s conduct and this awareness is an element in their respective decision-making processes; and (ii)&nbsp;at least one additional factor supports a determination by the Board that such Persons
intended to act in concert or in parallel, which additional factors may include, without limitation, exchanging information, attending meetings, conducting discussions, or making or soliciting invitations to act in concert or in parallel, it being
understood that the additional factor required shall not include actions by an officer or director of the Company acting in such capacities. A Person who is Acting in Concert with another Person shall be deemed to be Acting in Concert with any third
party who is also Acting in Concert with such other Person. No Person shall be deemed to be Acting in Concert with another Person solely as a result of (A)&nbsp;making or receiving a solicitation of, or granting or receiving, revocable proxies or
consents given in response to a public proxy or consent solicitation made to more than 10 holders of shares of a class of stock of the Company registered under Section&nbsp;12 of the Exchange Act; or (B)&nbsp;soliciting or being solicited for
tenders of, or tendering or receiving tenders of, securities in a public tender or exchange offer made pursuant to, and in accordance with, Section&nbsp;14(d) of the Exchange Act by means of a tender offer statement filed on Schedule TO. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) &#147;<B>Adjustment Shares</B>&#148; has the meaning set forth in Section&nbsp;11(a)(ii). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) &#147;<B>Affiliate</B>&#148; and &#147;<B>Associate</B>&#148; have the respective meanings ascribed to such terms in <FONT
STYLE="white-space:nowrap">Rule&nbsp;12b-2</FONT> of the General Rules and Regulations promulgated under the Exchange Act, as in effect on the Rights Dividend Declaration Date. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(e) &#147;<B>Agreement</B>&#148; has the meaning set forth in the preamble. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(f) &#147;<B>Appropriate Officers</B>&#148; means the Company&#146;s Chairman of the Board, Chief Executive Officer, President, Chief Financial
Officer, Treasurer or Secretary, or any Vice Chairman or Corporate Vice President. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(g) A Person will be deemed to be the &#147;<B>Beneficial Owner</B>&#148; of, and will be
deemed to &#147;<B>Beneficially Own</B>&#148; and have &#147;<B>Beneficial Ownership</B>&#148; of, any securities: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(i) that such Person
or any of such Person&#146;s Affiliates or Associates, directly or indirectly, owns or has the legal, equitable or contractual right or obligation to acquire (whether directly or indirectly and whether exercisable immediately or only after the
passage of time, compliance with regulatory requirements, satisfaction of one or more conditions (whether or not within the control of such Person) or otherwise) (A)&nbsp;pursuant to any agreement, arrangement or understanding whether or not in
writing (other than customary agreements with and between underwriters and selling group members with respect to a bona fide public offering of securities); (B)&nbsp;upon the exercise of any conversion rights, exchange rights, rights (other than the
Rights), warrants or options, or otherwise; (C)&nbsp;pursuant to the power to revoke a trust, discretionary account or similar arrangement; (D)&nbsp;pursuant to the power to terminate a repurchase or similar
<FONT STYLE="white-space:nowrap">so-called</FONT> &#147;stock borrowing&#148; agreement, arrangement or understanding; or (E)&nbsp;pursuant to the automatic termination of a trust, discretionary account or similar arrangement; <I>provided</I>,
<I>however</I>, that a Person will not be deemed pursuant to this Section&nbsp;1(g)(i) to be the Beneficial Owner of, or to Beneficially Own, securities (1)&nbsp;tendered pursuant to a tender or exchange offer made by or on behalf of such Person or
any of such Person&#146;s Affiliates or Associates until such tendered securities are accepted for purchase or exchange; (2)&nbsp;issuable upon the exercise of Rights at any time prior to the occurrence of a Triggering Event; (3)&nbsp;issuable upon
the exercise of Rights from and after the occurrence of a Triggering Event if such Rights were acquired by such Person or any of such Person&#146;s Affiliates or Associates prior to the Distribution Date or pursuant to Section&nbsp;3(a) or
Section&nbsp;22 (the &#147;<B>Original Rights</B>&#148;) or pursuant to Section&nbsp;11(h) in connection with an adjustment made with respect to any Original Rights; or (4)&nbsp;that a Person or any of such Person&#146;s Affiliates or Associates may
be deemed to have the right to acquire pursuant to any merger or other acquisition agreement between the Company and such Person (or one or more of its Affiliates or Associates), or any tender, voting or support agreement entered into by such Person
(or one or more of its Affiliates or Associates) in connection therewith, if such agreement has been approved by the Board prior to the existence of an Acquiring Person; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(ii) that such Person or any of such Person&#146;s Affiliates or Associates, directly or indirectly, has the right to vote (including the
power to vote or to direct the voting of) or dispose (or direct the disposition) of or has &#147;beneficial ownership&#148; of (as determined pursuant to <FONT STYLE="white-space:nowrap">Rule&nbsp;13d-3</FONT> of the General Rules and Regulations
promulgated under the Exchange Act, as in effect on the Rights Dividend Declaration Date), including pursuant to any agreement, arrangement or understanding whether or not in writing; <I>provided</I>, <I>however</I>, that a Person will not be deemed
the Beneficial Owner of, or to Beneficially Own, any security pursuant to this Section&nbsp;1(g)(ii) as a result of an agreement, arrangement or understanding whether or not in writing to vote such security if such agreement, arrangement or
understanding (A)&nbsp;arises solely from a revocable proxy or consent given to such Person in response to a public proxy or consent solicitation made pursuant to, and in accordance with, the applicable provisions of the General Rules and
Regulations promulgated under the Exchange Act; and (B)&nbsp;is not also then reportable by such Person on Schedule&nbsp;13D pursuant to the Exchange Act (or any comparable or successor report); </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(iii) that are Beneficially Owned, directly or indirectly, by any other Person (or any of such Person&#146;s Affiliates or Associates) with
which such first Person (or any of such first Person&#146;s Affiliates or Associates) is (1)&nbsp;Acting in Concert or (2)&nbsp;has any agreement, arrangement or understanding whether or not in writing (other than customary agreements with and
between underwriters and selling group members with respect to a bona fide public offering of securities) for </P>
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the purpose of acquiring, holding, voting (except pursuant to a revocable proxy to the extent contemplated by the proviso to Section&nbsp;1(g)(ii)) or disposing of any securities of the Company;
<I>provided</I>, <I>however</I>, that no person who is an officer, director or employee of an Exempt Person will be deemed, solely by reason of such person&#146;s status or authority as such, to be a Beneficial Owner of, to have Beneficial Ownership
of or to Beneficially Own any securities of the Company that are Beneficially Owned (including in a fiduciary capacity) by an Exempt Person or by any other officer, director or employee of an Exempt Person; or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(iv) that are the subject of a derivative instrument, swap, option, warrant, short interest, hedge or profit interest, or other transaction
entered into by such Person or any of such Person&#146;s Affiliates or Associates, including, for these purposes, any derivative security acquired by such Person or any of such Person&#146;s Affiliates or Associates that gives such Person or any of
such Person&#146;s Affiliates or Associates the economic equivalent of ownership of an amount of securities due to the fact that the value of the derivative security is explicitly determined by reference to the price or value of such securities, or
that provides such Person or any of such Person&#146;s Affiliates or Associates an opportunity, directly or indirectly, to profit or to share in any profit derived from any change in the value of such securities, in any case without regard to
whether (A)&nbsp;the derivative security conveys any voting rights in such securities to such Person or any of such Person&#146;s Affiliates or Associates; (B)&nbsp;the derivative security is required to be, or capable of being, settled through
delivery of such securities; or (C)&nbsp;such Person or any of such Person&#146;s Affiliates or Associates may have entered into other transactions that hedge the economic effect of the derivative security (it being understood that in determining
the number of shares of Common Stock that are Beneficially Owned by virtue of the operation of this Section&nbsp;1(g)(iv), the subject Person will be deemed to Beneficially Own (without duplication) the notional or other number of shares of Common
Stock that, pursuant to the documentation evidencing the derivative security, may be acquired upon the exercise or settlement of the applicable derivative security or as the basis upon which the value or settlement amount of such derivative
security, or the opportunity of the holder of such derivative security to profit or share in any profit, is to be calculated, in whole or in part, and in any case (or if no such number of shares of Common Stock is specified in such documentation or
otherwise) as determined by the Board in good faith to be the number of shares of Common Stock to which the derivative security relates). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(h) &#147;<B>Board</B>&#148; has the meaning set forth in the recitals at the beginning of this Agreement. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i) &#147;<B>Book Entry Shares</B>&#148; has the meaning set forth in Section&nbsp;3(a). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(j) &#147;<B>Business Day</B>&#148; means any day other than a Saturday, Sunday or a day on which the Federal Reserve Bank of New York is
closed. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(k) &#147;<B>Close of Business</B>&#148; on any given date means 5:00 p.m., New York City time, on such date. If such date is not
a Business Day, then it means 5:00 p.m., New York City time, on the next succeeding Business Day. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(l) &#147;<B>Common Stock</B>&#148; means, unless otherwise specified, the shares of common
stock, par value $0.001455 per share, of the Company. When used with reference to any Person other than the Company, Common Stock means the capital stock with the greatest voting power, or the equity securities or other equity interest having power
to control or direct the management, of such Person or, if such Person is a Subsidiary of another Person, of the Person that ultimately controls such first Person. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(m) &#147;<B>Common Stock Equivalents</B>&#148; has the meaning set forth in Section&nbsp;11(a)(iii). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(n) &#147;<B>Company</B>&#148; has the meaning set forth in the preamble, subject to the terms of Section&nbsp;13(a). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(o) &#147;<B>Current Per Share Market Price</B>&#148; of any security (a &#147;<B>Security</B>&#148; for purposes of this definition), for all
computations other than those made pursuant to Section&nbsp;11(a)(iii), means the average of the daily closing prices per share of such Security for the 30 consecutive Trading Days immediately prior to but not including such date, and for purposes
of computations made pursuant to Section&nbsp;11(a)(iii), the Current Per Share Market Price of any Security on any date will be deemed to be the average of the daily closing prices per share of such Security for the 10 consecutive Trading Days
immediately following but not including such date. If the Current Per Share Market Price of the Security is determined during any period following the announcement by the issuer of such Security of (i)&nbsp;a dividend or distribution on such
Security payable in shares of such Security or securities convertible into such shares (other than the Rights) or (ii)&nbsp;any subdivision, combination, consolidation, reverse stock split or reclassification of such Security, and the <FONT
STYLE="white-space:nowrap">ex-dividend</FONT> date for such dividend or distribution, or the record date for such subdivision, combination, consolidation, reverse stock split or reclassification, has not occurred prior to the commencement of the
requisite 30 consecutive Trading Day or 10 consecutive Trading Day period as set forth above, then, and in each such case, the Current Per Share Market Price will be appropriately adjusted to take into account
<FONT STYLE="white-space:nowrap">ex-dividend</FONT> trading. The closing price for each day will be the last sale price, regular way, reported at or prior to 4:00 p.m., New York City time, or, if no such sale takes place on such day, the average of
the bid and asked prices, regular way, reported as of 4:00 p.m. New York City time, in either case as reported in the principal consolidated transaction reporting system with respect to securities listed or admitted to trading on Nasdaq or, if the
Security is not listed or admitted to trading on Nasdaq, as reported in the principal consolidated transaction reporting system with respect to securities listed on the principal national securities exchange on which the Security is listed or
admitted to trading or, if the Security is not listed or admitted to trading on any national securities exchange, the last quoted price reported at or prior to 4:00 p.m., New York City time, or, if on such date the Security is not so quoted, the
average of the high bid and low asked prices in the <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">over-the-counter</FONT></FONT> market, as reported as of 4:00 p.m., New York City time, by Nasdaq or such other system then in use,
or, if on any such date the Security is not quoted by any such organization, the average of the closing bid and asked prices as furnished by a professional market maker making a market in the Security selected by the Board. If on any such date no
market maker is making a market in the Security, the fair value of the Security on such date as determined in good faith by the Board will be used, which determination will be described in a statement filed with the Rights Agent and will be
conclusive and binding on the Rights Agent and the holders of the Rights. If the Current </P>
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Per Share Market Price of the Preferred Stock cannot be determined in the manner provided above or if the shares of Preferred Stock are not publicly held or not listed or traded in a manner
described above, then the Current Per Share Market Price of the Preferred Stock will be conclusively deemed to be (x)&nbsp;the Current Per Share Market Price of the Common Stock as determined pursuant to this Section&nbsp;1(o) multiplied by
(y)&nbsp;1,000 (as such number may be appropriately adjusted to reflect any subdivision, combination, consolidation, reverse stock split or reclassification of Common Stock occurring after the Rights Dividend Declaration Date). If the Security
(other than the Preferred Stock) is not publicly held or not so listed or traded, or if on any such date the Security is not so quoted and no such market maker is making a market in the Security, then the Current Per Share Market Price means the
fair value per Security as determined in good faith by the Board, after consultation with a nationally recognized investment banking firm, whose determination will be described in a statement filed with the Rights Agent and will be conclusive and
binding on the Rights Agent and the holders of the Rights. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(p) &#147;<B>Current Exchange Value</B>&#148; means the product of the Current
Per Share Market Price of Common Stock on the date of the occurrence of an Exchange Determination (or the next Business Day, if such date is not a Business Day) multiplied by the number of shares of Common Stock for which the Right would otherwise
be exchangeable (without regard to whether there were sufficient shares of Common Stock available therefor). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(q) &#147;<B>Current
Value</B>&#148; has the meaning set forth in Section&nbsp;11(a)(iii). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(r) &#147;<B>Distribution Date</B>&#148; means the earlier of
(i)&nbsp;the Close of Business on the 10th Business Day (or such later date as may be determined by action of the Board, which action must be taken prior to the Distribution Date that otherwise would have occurred) after the Stock Acquisition Date
(or, if the 10th Business Day after the Stock Acquisition Date occurs before the Record Date, then the Close of Business on the Record Date); or (ii)&nbsp;the Close of Business on the 10th Business Day (or, if such 10th Business Day occurs before
the Record Date, then the Close of Business on the Record Date) (or such later date as may be determined by the Board) after the date that a tender or exchange offer by any Person (other than an Exempt Person) is first published, sent or given
within the meaning of <FONT STYLE="white-space:nowrap">Rule&nbsp;14d-2(a)</FONT> of the General Rules and Regulations promulgated under the Exchange Act if, assuming the successful consummation thereof, such Person would be an Acquiring Person. If
any tender or exchange offer referred to in clause (ii)&nbsp;of this Section&nbsp;1(r) is cancelled, terminated or otherwise withdrawn prior to the Distribution Date without the purchase or exchange of any shares of Common Stock pursuant thereto,
then such offer will be deemed, for purposes of this paragraph, never to have been made. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(s) &#147;<B>Equivalent Preferred Stock</B>&#148;
means any class or series of capital stock of the Company having the same rights, privileges and preferences as the Preferred Stock. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(t)
&#147;<B>Exchange Act</B>&#148; means the Securities Exchange Act of 1934, as amended. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(u) &#147;<B>Exchange Determination</B>&#148; has
the meaning set forth in Section&nbsp;24(a). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(v) &#147;<B>Exchange Ratio</B>&#148; has the meaning set forth in Section&nbsp;24(a). </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(w) &#147;<B>Exempt Person</B>&#148; means (i)&nbsp;the Company or any Subsidiary of the
Company, in each case including the officers and members of the board of directors thereof acting in their fiduciary capacities; or (ii)&nbsp;any employee benefit plan of the Company or of any Subsidiary of the Company, or any entity or trustee
holding (or acting in a fiduciary capacity in respect of) shares of capital stock of the Company for or pursuant to the terms of any such plan or for the purpose of funding other employee benefits for employees of the Company or any Subsidiary of
the Company. No Person who is an officer, director or employee of an Exempt Person will be deemed, solely by reason of such Person&#146;s status or authority as such, to be the Beneficial Owner of, to have Beneficial Ownership of or to Beneficially
Own any securities that are Beneficially Owned (including in a fiduciary capacity) by an Exempt Person or by any other such officer, director or employee of an Exempt Person. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(x) &#147;<B>Exercise Price</B>&#148; is initially $480.00 for each one <FONT STYLE="white-space:nowrap">one-thousandth</FONT> of a share of
Preferred Stock issuable pursuant to the exercise of a Right and is subject to adjustment from time to time as provided in Section&nbsp;11 or Section&nbsp;13. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(y) &#147;<B>Expiration Date</B>&#148; means the earliest to occur of (i)&nbsp;the Close of Business on the Final Expiration Date,
(ii)&nbsp;the Redemption Date or (iii)&nbsp;the time at which the Board orders the exchange of the Rights as provided in Section&nbsp;24. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(z) &#147;<B>Final Expiration Date</B>&#148; means April&nbsp;5, 2021. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(aa) &#147;<B>Nasdaq</B>&#148; means The Nasdaq Stock Market LLC. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(bb) &#147;<B>Original Rights</B>&#148; has the meaning set forth in Section&nbsp;1(g)(i). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(cc) &#147;<B>Person</B>&#148; means any individual, firm, corporation, partnership (general or limited), limited liability company, joint
venture, business trust, trust, association, syndicate, group (as such term is used in <FONT STYLE="white-space:nowrap">Rule&nbsp;13d-5</FONT> of the General Rules and Regulations promulgated under the Exchange Act, as in effect on the Rights
Dividend Declaration Date) or other entity, and, in each case, will include any successor (by merger or otherwise) of any such Person. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(dd) &#147;<B>Post-Event Transferee</B>&#148; has the meaning set forth in Section&nbsp;7(e). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(ee) &#147;<B><FONT STYLE="white-space:nowrap">Pre-Event</FONT> Transferee</B>&#148; has the meaning set forth in Section&nbsp;7(e). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(ff) &#147;<B>Preferred Stock</B>&#148; means shares of Series B Participating Preferred Stock, par value $0.003 per share, of the Company and,
to the extent that there are not a sufficient number of shares of Preferred Stock authorized to permit the full exercise of the Rights, any other series of preferred stock of the Company designated for such purpose containing terms substantially
similar to the terms of the Preferred Stock. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(gg) &#147;<B>Principal Party</B>&#148; has the meaning set forth in Section&nbsp;13(b). </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(hh) &#147;<B>Record Date</B>&#148; has the meaning set forth in the recitals at the
beginning of this Agreement. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(ii) &#147;<B>Redemption Date</B>&#148; has the meaning set forth in Section&nbsp;23(a). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(jj) &#147;<B>Redemption Price</B>&#148; has the meaning set forth in Section&nbsp;23(a). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(kk) &#147;<B>Right</B>&#148; has the meaning set forth in the recitals at the beginning of this Agreement. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(ll) &#147;<B>Rights Agent</B>&#148; has the meaning set forth in the preamble. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(mm) &#147;<B>Rights Certificate</B>&#148; means a certificate substantially in the form attached as Exhibit&nbsp;B. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(nn) &#147;<B>Rights Dividend Declaration Date</B>&#148; has the meaning set forth in the recitals at the beginning of this Agreement. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(oo) &#147;<B>SEC</B>&#148; means the United States Securities and Exchange Commission. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(pp) &#147;<B>Section</B><B></B><B>&nbsp;11(a)(ii) Event</B>&#148; means any event described in Section&nbsp;11(a)(ii). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(qq) &#147;<B>Section</B><B></B><B>&nbsp;11(a)(ii)</B><B></B><B>&nbsp;Trigger Date</B>&#148; has the meaning set forth in
Section&nbsp;11(a)(iii). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(rr) &#147;<B>Section</B><B></B><B>&nbsp;13 Event</B>&#148; means any event described in clause (i), (ii) or
(iii)&nbsp;of Section&nbsp;13(a). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(ss) &#147;<B>Securities Act</B>&#148; means the Securities Act of 1933, as amended. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(tt) &#147;<B>Security</B>&#148; has the meaning set forth in Section&nbsp;1(o). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(uu) &#147;<B>Spread</B>&#148; means the excess of (i)&nbsp;the Current Value over (ii)&nbsp;the Exercise Price. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(vv) &#147;<B>Stock Acquisition Date</B>&#148; means the first date of public announcement (which, for purposes of this definition, includes
the filing or amending of a report pursuant to Section&nbsp;13(d) of the Exchange Act or pursuant to a comparable successor statute) by the Company or an Acquiring Person that an Acquiring Person has become such or that discloses information that
reveals the existence of an Acquiring Person. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(ww) &#147;<B>Subsequent Transferee</B>&#148; has the meaning set forth in
Section&nbsp;7(e). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(xx) &#147;<B>Subsidiary</B>&#148; of any Person means any firm, corporation, partnership, limited liability company,
joint venture, business trust, trust, association, syndicate or other entity (whether or not incorporated) of which an amount of voting securities sufficient to elect a majority of the directors or Persons having similar authority, or a majority of
the equity or ownership interests, is Beneficially Owned, directly or indirectly, by such Person, or any firm, corporation, partnership, limited liability company, joint venture, business trust, trust, association, syndicate or other entity (whether
or not incorporated) otherwise controlled by such Person. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(yy) &#147;<B>Substitution Period</B>&#148; has the meaning set forth in
Section&nbsp;11(a)(iii). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(zz) &#147;<B>Summary of Rights</B>&#148; means a summary of this Agreement substantially in the form attached as
Exhibit&nbsp;C. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(aaa) &#147;<B>Trading Day</B>&#148; means a day on which the principal national securities exchange on which a referenced
security is listed or admitted to trading is open for the transaction of business or, if a referenced security is not listed or admitted to trading on any national securities exchange, a Business Day. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(bbb) &#147;<B>Triggering Percentage</B>&#148; means 15&nbsp;percent. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(ccc) &#147;<B>Triggering Event</B>&#148; means any Section&nbsp;11(a)(ii) Event or Section&nbsp;13 Event. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(ddd) &#147;<B>Trust</B>&#148; has the meaning set forth in Section&nbsp;24(b)(ii). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(eee) &#147;<B>Trust Agreement</B>&#148; has the meaning set forth in Section&nbsp;24(b)(ii). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;2. <I>Appointment of Rights Agent</I>. The Company hereby appoints the Rights Agent to act as rights agent for the Company and
the holders of the Rights (who, in accordance with Section&nbsp;3, will prior to the Distribution Date also be the holders of the Common Stock) in accordance with the terms and conditions hereof, and the Rights Agent hereby accepts such appointment.
The Company may from time to time appoint such <FONT STYLE="white-space:nowrap">co-rights</FONT> agents as it may deem necessary or desirable. If the Company appoints one or more <FONT STYLE="white-space:nowrap">co-rights</FONT> agents, then the
respective duties of the Rights Agent and such <FONT STYLE="white-space:nowrap">co-rights</FONT> agents will be as the Company determines. The Rights Agent will have no duty to supervise, and will in no event be liable for the acts or omissions of,
any <FONT STYLE="white-space:nowrap">co-rights</FONT> agent. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3. <I>Issuance of Rights Certificates</I>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) <I>Rights Evidenced by Certificates for Shares of Common Stock and Book Entry Shares</I>. Until the Distribution Date, (i)&nbsp;the Rights
(unless earlier expired, redeemed or terminated) will be evidenced (subject to the provisions of Section&nbsp;3(b) and Section&nbsp;3(c)) by the certificates for shares of Common Stock registered in the names of the holders thereof or, in the case
of uncertificated shares of Common Stock registered in book entry form (&#147;<B>Book Entry Shares</B>&#148;), by notation in book entry accounts reflecting the ownership of such shares of Common Stock (which certificates and Book Entry Shares, as
applicable, will also be deemed to be Rights Certificates) and not by separate Rights Certificates; and (ii)&nbsp;the Rights (and the right to receive Rights Certificates) will be transferable only in connection with the transfer of the underlying
shares of Common Stock (including a transfer to the Company). As soon as practicable after the Distribution Date, the </P>
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Company will prepare and execute, the Rights Agent will countersign and the Company will send or cause to be sent (and the Rights Agent will, if so requested and provided with all necessary
information and documents, send) (by mailing, in accordance with Section&nbsp;26 or by such means as may be selected by the Company) to each record holder of Common Stock as of the Close of Business on the Distribution Date (other than any Acquiring
Person or any of its Affiliates or Associates), at the address of such holder shown on the transfer books of the Company or the transfer agent for the Common Stock, one or more Rights Certificates evidencing one Right for each share of Common Stock
so held, subject to adjustment as provided in this Agreement. Receipt of a Rights Certificate by any Person will not preclude a later determination that all or part of the Rights represented by such Rights Certificate are void pursuant to
Section&nbsp;7(e). To the extent that a Section&nbsp;11(a)(ii) Event has also occurred, the Company may implement such procedures as it deems appropriate in its sole discretion to minimize the possibility that Rights are received by any Person whose
Rights are null and void pursuant to Section&nbsp;7(e). In the event that an adjustment in the number of Rights per share of Common Stock has been made pursuant to Section&nbsp;11, then at the time of distribution of the Rights Certificates, the
Company will make the necessary and appropriate rounding adjustments (in accordance with Section&nbsp;14(a)) so that Rights Certificates representing only whole numbers of Rights are distributed and cash is paid in lieu of any fractional Rights (in
accordance with Section&nbsp;14(a)). As of and after the Distribution Date, the Rights will be evidenced solely by the Rights Certificates and may be transferred by the transfer of the Rights Certificates as permitted hereby, separately and apart
from any transfer of shares of Common Stock, and the holders of such Rights Certificates as shown on the transfer books of the Company or the transfer agent for the Rights (which may be the Rights Agent) will be the record holders thereof. The
Company will promptly notify the Rights Agent in writing upon the occurrence of the Distribution Date. Until such notice is provided to the Rights Agent, it may presume conclusively for all purposes that the Distribution Date has not occurred. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) <I>Summary of Rights; Outstanding Shares of Common Stock</I>. The Company will make available, or cause to be made available, promptly
after the Record Date, a copy of the Summary of Rights to any holder of Rights who may so request from time to time prior to the Expiration Date. With respect to certificates representing shares of Common Stock and Book Entry Shares, as applicable,
outstanding as of the Record Date or issued subsequent to the Record Date, until the earlier of the Distribution Date or the Expiration Date, the Rights will be evidenced by such certificates or Book Entry Shares, and the registered holders of the
Common Stock will also be the registered holders of the associated Rights. Until the earlier of the Distribution Date or the Expiration Date, the surrender for transfer of any shares of Common Stock in respect of which Rights have been issued (with
or without a copy of the Summary of Rights) will also constitute the transfer of the Rights associated with such shares of Common Stock. Notwithstanding anything to the contrary in this Agreement, upon the effectiveness of a redemption pursuant to
Section&nbsp;23 or an exchange pursuant to Section&nbsp;24, the Company will not thereafter issue any additional Rights and, for the avoidance of doubt, no Rights will be attached to or will be issued with any Common Stock (including any shares of
Common Stock issued pursuant to an exchange) at any time thereafter. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) <I>Legend</I>. Rights will be issued in respect of all shares of Common Stock that are
issued (whether as an original issuance or from the Company&#146;s treasury) after the Record Date but prior to the earlier of the Distribution Date or the Expiration Date. Certificates representing such shares of Common Stock will also be deemed to
be certificates for Rights, and will bear substantially the following legend if such certificates are issued after the Record Date but prior to the earlier of the Distribution Date or the Expiration Date: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; margin-right:4%; font-size:10pt; font-family:Times New Roman">THIS CERTIFICATE ALSO EVIDENCES AND ENTITLES THE HOLDER HEREOF TO CERTAIN RIGHTS AS SET FORTH IN A PREFERRED STOCK RIGHTS
AGREEMENT, DATED AS OF APRIL&nbsp;5, 2020, BETWEEN WOODWARD, INC. (THE &#147;COMPANY&#148;) AND AMERICAN STOCK TRANSFER&nbsp;&amp; TRUST COMPANY, LLC, AS RIGHTS AGENT, AS THE SAME MAY BE AMENDED FROM TIME TO TIME (THE &#147;RIGHTS AGREEMENT&#148;),
THE TERMS OF WHICH ARE HEREBY INCORPORATED HEREIN BY REFERENCE AND A COPY OF WHICH IS ON FILE AT THE PRINCIPAL EXECUTIVE OFFICES OF THE COMPANY. UNDER CERTAIN CIRCUMSTANCES, AS SET FORTH IN THE RIGHTS AGREEMENT, SUCH RIGHTS (AS DEFINED IN THE RIGHTS
AGREEMENT) MAY BE REDEEMED, MAY BECOME EXERCISABLE FOR SECURITIES OR ASSETS OF THE COMPANY OR SECURITIES OF ANOTHER ENTITY, MAY BE EXCHANGED FOR SHARES OF COMMON STOCK OR OTHER SECURITIES OR ASSETS OF THE COMPANY, MAY EXPIRE OR MAY BE EVIDENCED BY
SEPARATE CERTIFICATES AND MAY NO LONGER BE EVIDENCED BY THIS CERTIFICATE. THE COMPANY WILL MAIL TO THE HOLDER OF THIS CERTIFICATE A COPY OF THE RIGHTS AGREEMENT AS IN EFFECT ON THE DATE OF MAILING WITHOUT CHARGE AFTER RECEIPT OF A WRITTEN REQUEST
THEREFOR. <B>UNDER CERTAIN CIRCUMSTANCES AS SET FORTH IN THE RIGHTS AGREEMENT, RIGHTS THAT ARE BENEFICIALLY OWNED BY, TRANSFERRED TO OR HAVE BEEN OWNED BY AN ACQUIRING PERSON (AS DEFINED IN THE RIGHTS AGREEMENT) OR ANY OF ITS AFFILIATES (AS DEFINED
IN THE RIGHTS AGREEMENT) OR ASSOCIATES (AS DEFINED IN THE RIGHTS AGREEMENT) WILL BE NULL AND VOID AND WILL NO LONGER BE TRANSFERABLE.</B> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">With respect to
any Book Entry Shares, a legend in substantially similar form will be included in a notice to the record holder of such shares in accordance with applicable law. With respect to such certificates representing shares of Common Stock or Book Entry
Shares, as applicable, containing the foregoing legend, until the earlier of the Distribution Date or the Expiration Date, (i)&nbsp;the Rights associated with the shares of Common Stock represented by such certificates or Book Entry Shares will be
evidenced solely by such certificates or Book Entry Shares; (ii)&nbsp;the registered holders of the shares of Common Stock will also be the registered holders of the associated Rights; and (iii)&nbsp;the surrender for transfer of any such
certificates or Book Entry Shares (with or without a copy of the Summary of Rights) will also constitute the transfer of the Rights associated with the shares of Common Stock represented thereby. Notwithstanding this Section&nbsp;3(c), the omission
of the legend required hereby, the inclusion of a legend that makes reference to a rights agreement other than this Agreement or the failure to provide notice thereof will not affect the enforceability of any part of this Agreement or the rights of
any holder of Rights. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) <I>Acquisitions of Rights by the Company</I>. In the event that the Company purchases or
acquires any shares of Common Stock after the Record Date but prior to the earlier of the Distribution Date or the Expiration Date, any Rights associated with such shares of Common Stock will be deemed cancelled and retired so that the Company will
not be entitled to exercise any Rights associated with the shares of Common Stock that are no longer outstanding. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;4. <I>Form
of Rights Certificates</I>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) <I>Rights Certificates</I>. The Rights Certificates (and the form of election to purchase and form of
assignment, including the certifications therein, to be printed on the reverse thereof) will be substantially in the form of Exhibit&nbsp;B, and may have such marks of identification or designation and such legends, summaries or endorsements printed
thereon as the Company may deem appropriate (but which do not affect the rights, duties, responsibilities or liabilities of the Rights Agent) and are not inconsistent with the provisions of this Agreement, or as may be required to comply with any
applicable law or with any rule or regulation made pursuant thereto, with any applicable rule or regulation of any applicable stock exchange or trading system on which the Rights may from time to time be listed or quoted or of the Financial Industry
Regulatory Authority, or to conform to customary usage. Subject to the provisions of Section&nbsp;11 and Section&nbsp;22, the Rights Certificates, whenever distributed, will be dated as of the Record Date (or in the case of Rights issued with
respect to shares of Common Stock issued by the Company after the Record Date, as of the date of issuance of such Common Stock) and on their face will entitle the holders thereof to purchase such number of one
<FONT STYLE="white-space:nowrap">one-thousandths</FONT> of a share of Preferred Stock as will be set forth therein at the Exercise Price, but the number and type of securities purchasable upon the exercise of each Right and the Exercise Price will
be subject to adjustment as provided in this Agreement. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) <I>Certain Legends</I>. Any Rights Certificate issued pursuant to
Section&nbsp;3(a), Section&nbsp;11(h) or Section&nbsp;22 that represents Rights that are Beneficially Owned by an Acquiring Person, an Affiliate or Associate of an Acquiring Person, a Post-Event Transferee, a
<FONT STYLE="white-space:nowrap">Pre-Event</FONT> Transferee, a Subsequent Transferee or any nominee of any of the foregoing, and any Rights Certificate issued pursuant to Section&nbsp;6 or Section&nbsp;11 upon transfer, exchange, replacement or
adjustment of any other Rights Certificate referred to in this sentence, will contain (to the extent that the Rights Agent has notice thereof and to the extent feasible) substantially the following legend: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; margin-right:4%; font-size:10pt; font-family:Times New Roman">THE RIGHTS REPRESENTED BY THIS RIGHTS CERTIFICATE ARE OR WERE BENEFICIALLY OWNED BY A PERSON WHO WAS OR BECAME AN ACQUIRING
PERSON OR AN AFFILIATE OR ASSOCIATE OF AN ACQUIRING PERSON (AS SUCH TERMS ARE DEFINED IN THE RIGHTS AGREEMENT). ACCORDINGLY, THIS RIGHTS CERTIFICATE AND THE RIGHTS (AS SUCH TERMS ARE DEFINED IN THE RIGHTS AGREEMENT) REPRESENTED HEREBY MAY BECOME
NULL AND VOID IN THE CIRCUMSTANCES SPECIFIED IN SECTION 7(e) OF THE RIGHTS AGREEMENT. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) <I>Uncertificated Rights</I>. Notwithstanding anything to the contrary in this
Agreement, the Company and the Rights Agent may amend this Agreement to provide for uncertificated Rights in addition to or in place of Rights evidenced by Rights Certificates. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;5. <I>Countersignature and Registration</I>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) <I>Countersignature</I>. The Rights Certificates will be executed on behalf of the Company by one of its Appropriate Officers, which
execution will be attested to by such officers as the Board may designate, in each case either manually or by facsimile or other electronic signature, and will have affixed thereto the Company&#146;s seal (if any) or a facsimile or other electronic
copy thereof. The Rights Certificates will be countersigned, either manually or by facsimile or other electronic signature, by an authorized signatory of the Rights Agent, but it will not be necessary for the same signatory to countersign all of the
Rights Certificates. No Rights Certificate will be valid for any purpose unless countersigned by the Rights Agent. If any director or officer of the Company who has signed or attested to any of the Rights Certificates ceases to be such director or
officer of the Company before countersignature by the Rights Agent and issuance and delivery by the Company, such Rights Certificates nevertheless may be countersigned by the Rights Agent and issued and delivered by the Company with the same force
and effect as though the person who signed or attested to such Rights Certificates on behalf of the Company had not ceased to be a director or officer of the Company. Any Rights Certificate may be signed or attested to on behalf of the Company by
any person who, as of the actual date of the execution of such Rights Certificate, is a proper director or officer of the Company to sign such Rights Certificate, although at the date of the execution of this Agreement any such person was not such a
director or officer. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) <I>Transfer Books</I>. Following the Distribution Date, the Rights Agent will keep or cause to be kept, at its
office designated for such purposes, books for registration and transfer of the Rights Certificates issued hereunder. Such books will show the names and addresses of the respective holders of the Rights Certificates, the number of Rights evidenced
on its face by each of the Rights Certificates, the certificate number of each of the Rights Certificates and the date of each of the Rights Certificates. The Rights Agent will not register, or permit to be registered, any transfer or exchange of
any Rights Certificates (or the underlying Rights) that have become null and void pursuant to Section&nbsp;7(e), have been redeemed pursuant to Section&nbsp;23 or have been exchanged pursuant to Section&nbsp;24. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;6. <I>Transfer, Split Up, Combination and Exchange of Rights Certificates; Mutilated, Destroyed, Lost or Stolen Rights
Certificates</I>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) <I>Transfer, Split Up, Combination and Exchange of Rights Certificates</I>. Subject to the provisions of
Section&nbsp;4(b), Section&nbsp;7(e), Section&nbsp;14 and Section&nbsp;24, at any time after the Close of Business on the Distribution Date, and at or prior to the Close of Business on the Expiration Date, any Rights Certificate (other than any
Rights Certificate representing Rights that have become null and void pursuant to Section&nbsp;7(e), that have been redeemed pursuant to Section&nbsp;23 or that have been exchanged pursuant to Section&nbsp;24) may be transferred, split up, combined
or exchanged for another Rights Certificate entitling the registered holder to purchase a like number of one <FONT STYLE="white-space:nowrap">one-thousandths</FONT> of a share of Preferred Stock (or, following a Triggering Event, other securities,
cash or other assets, as </P>
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the case may be) as the Rights Certificate surrendered then entitled such holder (or former holder in the case of a transfer) to purchase. Any registered holder desiring to transfer, split up,
combine or exchange any Rights Certificate will make such request in writing delivered to the Rights Agent, and will surrender the Rights Certificate, together with any required form of assignment duly executed and properly completed, to be
transferred, split up, combined or exchanged at the office of the Rights Agent designated for such purpose. The Rights Certificates are transferable only on the books and records of the Rights Agent. Notwithstanding anything in this Agreement to the
contrary, neither the Rights Agent nor the Company will be obligated to take any action whatsoever with respect to the transfer of any such surrendered Rights Certificate until the registered holder has properly completed and duly executed the
certificate contained in the form of assignment on the reverse side of such Rights Certificate and has provided such additional evidence of the identity of the Beneficial Owner (or former Beneficial Owner) or Affiliates or Associates thereof of the
Rights represented by such Rights Certificates, in each case as the Company or the Rights Agent reasonably requests. Thereupon, subject to Section&nbsp;4(b), Section&nbsp;7(e), Section&nbsp;14 and Section&nbsp;24, the Rights Agent will countersign
(by manual or facsimile or other electronic signature) and deliver to the Person entitled thereto a Rights Certificate as so requested. The Company or the Rights Agent may require payment from the holder of a Rights Certificate of a sum sufficient
to cover any tax or governmental charge that may be imposed in connection with any transfer, split up, combination or exchange of any Rights Certificate. If and to the extent that the Company does require payment of any such tax or governmental
charge, the Company will provide the Rights Agent prompt written notice thereof and the Rights Agent will not deliver any Rights Certificate unless and until the Rights Agent is satisfied that all such payments have been made, and the Rights Agent
will forward any such sum collected by it to the Company or to such Person as the Company specifies by written notice. The Rights Agent will not have any duty or obligation to take any action pursuant to any Section of this Agreement related to the
issuance or delivery of Rights Certificates unless and until it is satisfied that all such taxes or charges have been paid. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b)
<I>Mutilated, Destroyed, Lost or Stolen Rights Certificates</I>. Subject to the provisions of Section&nbsp;7(e), Section&nbsp;11(a)(ii) and Section&nbsp;24, at any time after the Distribution Date and prior to the Expiration Date, upon receipt by
the Company and the Rights Agent of evidence reasonably satisfactory to each of the Company and the Rights Agent of the loss, theft, destruction or mutilation of a Rights Certificate and such additional evidence of the identity of the Beneficial
Owner (or former Beneficial Owner) or Affiliates or Associates thereof as the Company or the Rights Agent may request, and, in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to each of the Company and the Rights
Agent, and reimbursement to the Company and the Rights Agent of all reasonable expenses incidental thereto, and upon surrender to the Rights Agent and cancellation of the Rights Certificate if mutilated, the Company will make and deliver a new
Rights Certificate of like tenor to the Rights Agent for countersignature and delivery to the registered holder in lieu of the Rights Certificate so lost, stolen, destroyed or mutilated. Every new Rights Certificate issued pursuant to this
Section&nbsp;6(b) in lieu of any lost, stolen, destroyed or mutilated Rights Certificate will evidence a contractual obligation of the Company, whether or not the lost, stolen, destroyed or mutilated Rights Certificate will be at any time
enforceable by anyone, and, subject to Section&nbsp;7(e), will be entitled to all the benefits of this Agreement equally and proportionately with any and all other Rights duly issued hereunder. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;7. <I>Exercise of Rights; Exercise Price; Expiration Date of Rights</I>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) <I>Exercise of Rights</I>. Subject to Section&nbsp;7(e), Section&nbsp;23(b) and Section&nbsp;24(a), the registered holder of any Rights
Certificate may exercise the Rights evidenced thereby (except as otherwise provided in this Agreement) in whole or in part on any Business Day at or after the Distribution Date and prior to the Close of Business on the Expiration Date by surrender
of the Rights Certificate, with the form of election to purchase and certificate on the reverse side thereof properly completed and duly executed, to the Rights Agent at the office of the Rights Agent designated for such purpose, together with
payment of the Exercise Price for each one <FONT STYLE="white-space:nowrap">one-thousandth</FONT> of a share of Preferred Stock (or, following a Triggering Event, other securities, cash or other assets, as the case may be) as to which the Rights are
exercised. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) <I>Exercise Price</I>. The Exercise Price is payable in accordance with Section&nbsp;7(c). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) <I>Payment</I>. Except as otherwise provided in this Agreement, upon receipt of a Rights Certificate representing exercisable Rights, with
the form of election to purchase and certificate properly completed and duly executed, accompanied by payment of the aggregate Exercise Price for the total number of one <FONT STYLE="white-space:nowrap">one-thousandths</FONT> of a share of Preferred
Stock (or, following a Triggering Event, other securities, cash or other assets, as the case may be) to be purchased and an amount equal to any applicable transfer tax or governmental charge required to be paid by the holder of such Rights
Certificate in accordance with Section&nbsp;9(e), the Rights Agent will, subject to Section&nbsp;7(f) and Section&nbsp;20(k), thereupon promptly (i)&nbsp;(A)&nbsp;requisition from any transfer agent of the Preferred Stock (or make available, if the
Rights Agent is the transfer agent for the Preferred Stock) a certificate for the total number of one <FONT STYLE="white-space:nowrap">one-thousandths</FONT> of a share of Preferred Stock (or, following a Triggering Event, other securities, cash or
other assets, as the case may be) to be purchased (or, in the case of uncertificated shares or other securities, requisition from the transfer agent a notice setting forth such number of shares or other securities to be purchased for which
registration will be made on the transfer books of the Company), and the Company hereby irrevocably authorizes its transfer agent to comply with all such requests; or (B)&nbsp;if the Company has elected to deposit the total number of one <FONT
STYLE="white-space:nowrap">one-thousandths</FONT> of a share of Preferred Stock (or, following a Triggering Event, other securities, cash or other assets, as the case may be) issuable upon exercise of the Rights hereunder with a depositary agent,
requisition from such depositary agent depositary receipts representing interests in such number of one <FONT STYLE="white-space:nowrap">one-thousandths</FONT> of a share of Preferred Stock (or, following a Triggering Event, other securities, cash
or other assets, as the case may be) as are to be purchased (in which case certificates representing shares of the Preferred Stock (or, following a Triggering Event, other securities, cash or other assets, as the case may be) represented by such
receipts will be deposited by the transfer agent with such depositary agent) and the Company hereby irrevocably directs such depositary agent to comply with such request; (ii)&nbsp;when necessary to comply with the terms of this Agreement,
requisition from the Company the amount of cash, if any, to be paid in lieu of the issuance of fractional shares in accordance with Section&nbsp;14; (iii)&nbsp;after receipt of such certificates, notices, or depositary receipts, cause the same to be
delivered to or upon the order of the registered holder of such Rights Certificate, registered in such name or names as may be designated by such holder; and (iv)&nbsp;when necessary to comply with the terms of this Agreement, after receipt thereof,
deliver such cash to or upon the order of the registered </P>
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holder of such Rights Certificate. The payment of the Exercise Price (as such amount may be reduced (including to zero) pursuant to Section&nbsp;11(a)(iii)), and an amount equal to any applicable
transfer tax or governmental charge required to be paid by the holder of such Rights Certificate in accordance with Section&nbsp;9(e), may be made by certified bank check, money order, cashier&#146;s check or bank draft payable to the order of the
Company. In the event that the Company is obligated to issue securities of the Company other than Preferred Stock, pay cash or distribute other property pursuant to Section&nbsp;11(a), then the Company will make all arrangements necessary so that
such other securities, cash or other property are available for distribution by the Rights Agent, if and when necessary to comply with the terms of this Agreement. Notwithstanding anything to the contrary in this Agreement, the Company reserves the
right to require that prior to the occurrence of a Triggering Event, upon any exercise of Rights, a number of Rights be exercised so that only whole shares of Preferred Stock would be issued. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) <I>Partial Exercise</I>. If the registered holder of any Rights Certificate exercises less than all the Rights evidenced thereby, then a
new Rights Certificate evidencing Rights equivalent to the Rights remaining unexercised will be issued by the Rights Agent and delivered to or upon the order of the registered holder of such Rights Certificate, registered in such name as may be
designated by such holder, subject to the provisions of Section&nbsp;14. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(e) <I>Prohibited Issuances</I>. Notwithstanding anything to the
contrary in this Agreement, from and after the first occurrence of a Triggering Event, any Rights that are or were acquired or Beneficially Owned by (i)&nbsp;an Acquiring Person or an Affiliate or Associate of an Acquiring Person, (ii)&nbsp;a
transferee of an Acquiring Person (or an Affiliate or Associate of an Acquiring Person) who becomes a transferee after the Acquiring Person becomes such (a &#147;<B>Post-Event Transferee</B>&#148;), (iii)&nbsp;a transferee of an Acquiring Person (or
an Affiliate or Associate of an Acquiring Person) who becomes a transferee prior to or concurrently with the Acquiring Person becoming such and receives such Rights pursuant to either (A)&nbsp;a transfer (whether or not for consideration) from the
Acquiring Person (or an Affiliate or Associate of the Acquiring Person) to holders of equity interests in such Acquiring Person (or an Affiliate or Associate of such Acquiring Person) or to any Person with whom the Acquiring Person (or an Affiliate
or Associate of the Acquiring Person) has any continuing agreement, arrangement or understanding whether or not in writing regarding the transferred Rights or (B)&nbsp;a transfer that the Board has determined is part of a plan, arrangement or
understanding that has as a primary purpose or effect the avoidance of this Section&nbsp;7(e) (a &#147;<B><FONT STYLE="white-space:nowrap">Pre-Event</FONT> Transferee</B>&#148;), (iv)&nbsp;any subsequent transferee receiving transferred Rights from
a Post-Event Transferee or a <FONT STYLE="white-space:nowrap">Pre-Event</FONT> Transferee, either directly or through one or more intermediate transferees (a &#147;<B>Subsequent Transferee</B>&#148;), or (v)&nbsp;any nominee of any of the foregoing
will, in each case, become null and void without any further action, and no holder (whether or not such holder is an Acquiring Person or an Affiliate or Associate of an Acquiring Person) of such Rights will have any rights whatsoever (including the
right to exercise) with respect to such Rights or any Rights Certificates that formerly evidenced such Rights, whether pursuant to any provision of this Agreement or otherwise. From and after the first occurrence of a Triggering Event, no Rights
Certificate will be issued pursuant to this Agreement (including to an Acquiring Person, an Affiliate or Associate of an Acquiring Person, a Post-Event Transferee, a <FONT STYLE="white-space:nowrap">Pre-Event</FONT> Transferee, a Subsequent
Transferee or any nominee of any of the foregoing) that represents one or more Rights that are or </P>
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have become null and void pursuant to this Section&nbsp;7(e) or with respect to any Common Stock otherwise deemed to be Beneficially Owned by any of the foregoing, and any Rights Certificate
delivered to the Rights Agent that represents Rights that are or have become null and void pursuant to this Section&nbsp;7(e) will be cancelled. The Company will use all reasonable efforts to ensure that the provisions of this Section&nbsp;7(e) and
Section&nbsp;4(b) are complied with, but neither the Company nor the Rights Agent will have any liability to any holder of Rights Certificates or to any other Person as a result of the Company&#146;s failure to make any determinations with respect
to an Acquiring Person, an Affiliate or Associate of an Acquiring Person, a Post-Event Transferee, a <FONT STYLE="white-space:nowrap">Pre-Event</FONT> Transferee, a Subsequent Transferee or any nominee of any of the foregoing. The Company will
provide the Rights Agent with written notice of the identity of any such Acquiring Person, Affiliate or Associate of an Acquiring Person, Post-Event Transferee, <FONT STYLE="white-space:nowrap">Pre-Event</FONT> Transferee, Subsequent Transferee or
any nominee of any of the foregoing, and the Rights Agent may rely on such notice in carrying out its duties pursuant to this Agreement and will be deemed not to have any knowledge of the identity of any such Person unless and until it has received
such notice. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(f) <I>Information Concerning Ownership</I>. Notwithstanding anything to the contrary in this Agreement or any Rights
Certificate, neither the Rights Agent nor the Company is obligated to undertake any action with respect to a registered holder of Rights upon the occurrence of any purported exercise or transfer of Rights as set forth in this Section&nbsp;7 unless
such registered holder, in addition to having complied with the requirements of Section&nbsp;7(a), has (i)&nbsp;properly completed and duly executed the certificate contained in the form of election to purchase or form of assignment, as applicable,
set forth on the reverse side of the Rights Certificate surrendered for such exercise or assignment; and (ii)&nbsp;provided such additional evidence (including the identity of the Beneficial Owner (or former Beneficial Owner) thereof and of the
Rights evidenced thereby, and the Affiliates or Associates of such Beneficial Owner or former Beneficial Owner) as the Company or the Rights Agent may reasonably request. If such registered holder does not comply with the foregoing requirements,
then the Company will be entitled to conclusively deem such Rights to be Beneficially Owned by an Acquiring Person (or an Affiliate or Associate of an Acquiring Person, a Post-Event Transferee, a <FONT STYLE="white-space:nowrap">Pre-Event</FONT>
Transferee, a Subsequent Transferee or any nominee of any of the foregoing, as applicable) and, accordingly, such Rights will be null and void and not exercisable or transferable. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;8. <I>Cancellation and Destruction of Rights Certificates</I>. All Rights Certificates surrendered for the purpose of exercise,
transfer, split up, combination, redemption or exchange will, if surrendered to the Company or to any of its agents, be delivered to the Rights Agent for cancellation or in cancelled form, or, if surrendered to the Rights Agent, will be cancelled by
it, and no Rights Certificates will be issued in lieu thereof except as expressly permitted by any of the provisions of this Agreement. The Company will deliver to the Rights Agent for cancellation and retirement, and the Rights Agent will so cancel
and retire, any Rights Certificate purchased or acquired by the Company otherwise than upon the exercise thereof. Subject to applicable law, the Rights Agent will maintain electronic or physical records of all Rights Certificates that have been
cancelled or destroyed by the Rights Agent. The Rights Agent must maintain such electronic or physical records for the time period required by applicable law. The Rights Agent must deliver all cancelled Rights Certificates to the Company, or shall,
at the written request of the Company, destroy, or cause to be destroyed, such cancelled Rights Certificates, and in such case must promptly deliver a certificate evidencing the destruction thereof to the Company (or, at the Company&#146;s option,
appropriate copies of the electronic or physical records relating to Rights Certificates so cancelled or destroyed by the Rights Agent). </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;9. <I>Reservation and Availability of Shares of Capital Stock</I>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) <I>Reservation</I>. The Company covenants and agrees that it will use all reasonable efforts to cause to be reserved and kept available out
of its authorized and unissued Preferred Stock not reserved for another purpose (and, following the occurrence of a Triggering Event, out of its authorized and unissued Common Stock or other securities, or out of its authorized and issued shares
held in treasury), the number of shares of Preferred Stock (and, following the occurrence of a Triggering Event, shares of Common Stock or other securities) that will be sufficient to permit the exercise in full of all outstanding Rights. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) <I>Listing</I>. So long as the Preferred Stock (and, following the occurrence of a Triggering Event, Common Stock or other securities)
issuable and deliverable upon the exercise of the Rights may be listed on any national securities exchange, the Company must use all reasonable efforts to cause, from and after such time as the Rights become exercisable (but only to the extent that
it is reasonably likely that the Rights will be exercised), all shares reserved for such issuance to be listed on such exchange upon official notice of issuance upon such exercise. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) <I>Registration</I>. The Company must use all reasonable efforts to (i)&nbsp;file, as soon as practicable following the earliest date after
the first occurrence of a Section&nbsp;11(a)(ii) Event in which the consideration to be delivered by the Company upon exercise of the Rights is described in Section&nbsp;11(a)(ii) or Section&nbsp;11(a)(iii), or as soon as is required by law
following the Distribution Date, as the case may be, a registration statement pursuant to the Securities Act with respect to the securities purchasable upon exercise of the Rights on an appropriate form; (ii)&nbsp;cause such registration statement
to become effective as soon as practicable after such filing; and (iii)&nbsp;cause such registration statement to remain effective (with a prospectus at all times meeting the requirements of the Securities Act) until the earlier of (A)&nbsp;the date
as of which the Rights are no longer exercisable for such securities and (B)&nbsp;the Expiration Date. The Company may temporarily suspend (with prompt written notice of any suspension provided to the Rights Agent), from time to time for a period
not to exceed 120 days after the date set forth in clause&nbsp;(i) of the first sentence of this Section&nbsp;9(c), the exercisability of the Rights in order to prepare and file such registration statement and permit it to become effective or in
order to prepare and file any supplement or amendment to such registration statement that the Board determines to be necessary pursuant to applicable law. Upon any such suspension, the Company will issue a public announcement stating, and promptly
notify the Rights Agent in writing, that the exercisability of the Rights has been temporarily suspended, as well as issue a public announcement, and promptly notify the Rights Agent in writing, at such time as the suspension is no longer in effect.
In addition, if the Company determines that a registration statement is required following the Distribution Date, then the Company may temporarily suspend the exercisability of the Rights until such time as such registration statement has been
declared effective. The Company will also take such action as may be appropriate under, or to ensure compliance with, the securities or &#147;blue sky&#148; laws of the various </P>
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states in connection with the exercisability of the Rights, as well as any other applicable law, rule or regulation. Notwithstanding anything to the contrary in this Agreement, the Rights will
not be exercisable in any jurisdiction unless the requisite qualification in such jurisdiction has been obtained (and the exercise thereof is permitted pursuant to applicable law, rule or regulation), or an exemption therefrom is available, and
until a registration statement in respect thereof has been declared and remains effective. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) <I>Valid Issuance</I>. The Company
covenants and agrees that it will take all such action as may be necessary to ensure that all Preferred Stock (and, following the occurrence of a Triggering Event, Common Stock or other securities of the Company) delivered upon exercise of Rights
will, at the time of delivery of the certificates for such securities (or registration on the transfer books of the Company or the transfer agent for such securities) (subject to payment of the Exercise Price, if any), be duly and validly authorized
and issued and fully paid and nonassessable. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(e) <I>Transfer Taxes and Governmental Charges</I>. The Company further covenants and agrees
that it will pay when due and payable any and all transfer taxes and governmental charges that may be payable in respect of the original issuance or delivery of Rights Certificates (or any Preferred Stock, Common Stock or other security of the
Company, as the case may be) upon the exercise or exchange of Rights. Notwithstanding the foregoing, the Company is not required to (i)&nbsp;pay any transfer tax or governmental charge that may be payable in respect of any transfer or delivery of
Rights Certificates (or certificates or depositary receipts for Preferred Stock, Common Stock or other securities of the Company, as the case may be) in a name other than, or the issuance or delivery of certificates or depositary receipts for
Preferred Stock, Common Stock or other securities of the Company, as the case may be, in a name other than, that of the registered holder of the Rights Certificate evidencing Rights surrendered for exercise or exchange; or (ii)&nbsp;issue or deliver
any certificates or depositary receipts for Preferred Stock, Common Stock or other securities of the Company, as the case may be, upon the exercise or exchange of any Rights until any such transfer tax or charge has been paid (any such transfer tax
or charge being payable by the registered holder of such Rights Certificate at the time of surrender or exchange) or it has been established to the Company&#146;s satisfaction that no such tax or charge is due. The foregoing shall also apply to any
transfer taxes and governmental charges that may be payable in respect of any uncertificated Rights Certificates, shares or other securities. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;10. <I>Record Date for Securities Issued</I>. Each Person in whose name any certificate for a number of one <FONT
STYLE="white-space:nowrap">one-thousandths</FONT> of a share of Preferred Stock (or any other security of the Company, including Common Stock) is issued (or registration on the transfer books of the Company or the applicable transfer agent is
effected) upon the exercise or exchange of Rights will for all purposes be deemed to have become the holder of record of such fractional shares of Preferred Stock (or other security of the Company) represented thereby on, and such certificate will
be dated (or registration on the transfer books of the Company or the applicable transfer agent effected), the date on which the Rights Certificate evidencing such Rights was duly surrendered and payment of the applicable Exercise Price, if any,
together with any applicable transfer tax or governmental charge required to be paid by the holder of such Rights Certificate in accordance with Section&nbsp;9(e), was made. However, if the date of such surrender and payment is a date upon which the
transfer books of </P>
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the Company (or the applicable transfer agent) are closed, then such Person will be deemed to have become the record holder of such fractional shares of Preferred Stock (or other securities of
the Company) on, and such certificate will be dated (or registration on the transfer books of the Company or the applicable transfer agent effected), the next succeeding Business Day on which the transfer books of the Company (or the applicable
transfer agent) are open. Prior to the exercise of the Rights evidenced thereby, the holder of a Rights Certificate is not entitled to any rights of a holder of Preferred Stock (or any other security of the Company) for which the Rights are
exercisable, including the right to vote, to receive dividends or other distributions, or to exercise any preemptive rights, and is not entitled to receive any notice of any proceedings of the Company, except as provided in this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;11. <I>Adjustment of Exercise Price, Number and Kind of Shares or Number of Rights</I>. The Exercise Price, the number and kind
of shares or other property covered by each Right and the number of Rights outstanding are subject to adjustment from time to time as provided in this Section&nbsp;11. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) <I>Certain Events</I>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(i)
<I>Certain Adjustments to Preferred Stock</I>. Notwithstanding anything to the contrary in this Agreement, in the event that the Company at any time after the Rights Dividend Declaration Date (A)&nbsp;declares a dividend on the Preferred Stock
payable in Preferred Stock, (B)&nbsp;subdivides or splits the outstanding Preferred Stock, (C)&nbsp;combines or consolidates the outstanding Preferred Stock (by reverse stock split or otherwise) into a smaller number of shares of Preferred Stock or
(D)&nbsp;issues any shares of its capital stock in a reclassification of the Preferred Stock (including any such reclassification in connection with a share exchange, consolidation or merger in which the Company is the continuing or surviving
corporation), then, in each such event, except as otherwise provided in this Section&nbsp;11(a)(i) and Section&nbsp;7(e), (1)&nbsp;the Exercise Price in effect at the time of the record date for such dividend or of the effective date of such
subdivision, split, combination, consolidation or reclassification, and the number and kind of Preferred Stock or capital stock of the Company, as the case may be, issuable on such date, will be proportionately adjusted so that the holder of any
Right exercised after such time will be entitled to receive, upon payment of the Exercise Price then in effect, the aggregate number and kind of Preferred Stock or securities of the Company, as the case may be, that, if such Right had been exercised
immediately prior to such date (and at a time when the Preferred Stock transfer books of the Company were open), such holder would have owned upon such exercise and been entitled to receive by virtue of such dividend, subdivision, split,
combination, consolidation or reclassification, it being understood that in no event will the consideration to be paid upon the exercise of one Right be less than the aggregate par value of the shares of capital stock of the Company issuable upon
the exercise of one Right. If an event occurs that would require an adjustment pursuant to both this Section&nbsp;11(a)(i) and Section&nbsp;11(a)(ii), then the adjustment provided for in this Section&nbsp;11(a)(i) will be in addition to, and will be
made prior to, any adjustment required pursuant to Section&nbsp;11(a)(ii). </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(ii) <I>Exercise of Rights Following Certain Events</I>. Subject to Section&nbsp;23 and
Section&nbsp;24, in the event that any Person, at any time after the Rights Dividend Declaration Date, becomes an Acquiring Person, unless the event causing such Person to become an Acquiring Person is a transaction set forth in Section&nbsp;13(a),
then promptly following the occurrence of such event each holder of a Right, except as provided below and in Section&nbsp;7(e), will thereafter have the right to receive for each Right, upon exercise thereof in accordance with the terms of this
Agreement and payment of the Exercise Price in effect immediately prior to the occurrence of such event, in lieu of a number of one <FONT STYLE="white-space:nowrap">one-thousandths</FONT> of a share of Preferred Stock, such number of shares of
Common Stock as equals the quotient obtained by dividing (A)&nbsp;the product obtained by multiplying (1)&nbsp;the Exercise Price in effect immediately prior to the first occurrence of such event by (2)&nbsp;the number of one <FONT
STYLE="white-space:nowrap">one-thousandths</FONT> of a share of Preferred Stock for which a Right was exercisable (or would have been exercisable if the Distribution Date had occurred) immediately prior to the first occurrence of such event by
(B)&nbsp;50&nbsp;percent of the Current Per Share Market Price for Common Stock on the date of such first occurrence of such event (such number of shares, the &#147;<B>Adjustment Shares</B>&#148;). Notwithstanding the foregoing, the Exercise Price
and the number of shares of Common Stock so receivable upon the exercise of a Right will be subject to further adjustment as appropriate in accordance with Section&nbsp;11(e). In the event that a Section&nbsp;11(a)(ii) Event has occurred and the
Rights are outstanding, then, subject to Section&nbsp;27, the Company may not take any action that would eliminate or diminish the benefits intended to be afforded by the Rights. The Company will promptly notify the Rights Agent in writing when this
Section&nbsp;11(a)(ii) applies. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(iii) <I>Insufficient Shares of Common Stock</I>. In the event that the number of shares of Common Stock
that are authorized by the Company&#146;s Restated Certificate of Incorporation, as amended, but not outstanding or reserved for issuance for purposes other than upon exercise of the Rights are not sufficient to permit the exercise in full of the
Rights in accordance with Section&nbsp;11(a)(ii), or if any necessary regulatory or stockholder approval for such issuance has not been obtained by the Company, then, in the event that the Rights become exercisable, the Company will
(A)&nbsp;determine the value of the Adjustment Shares issuable upon the exercise of a Right (the &#147;<B>Current Value</B>&#148;) and (B)&nbsp;with respect to each Right (subject to Section&nbsp;7(e)), make adequate provision to substitute for the
Adjustment Shares issuable pursuant thereto, upon the exercise of a Right and the payment of the applicable Exercise Price, (1)&nbsp;cash, (2)&nbsp;a reduction in the Exercise Price, (3)&nbsp;Preferred Stock, (4)&nbsp;other equity securities of the
Company (including shares or units of shares of any series of preferred stock that, by virtue of having dividend, voting and liquidation rights substantially comparable to those of the Common Stock, the Board has deemed in good faith to have
substantially the same value or economic rights as the Common Stock (such shares or units of shares of preferred stock, &#147;<B>Common Stock Equivalents</B>&#148;)), (5)&nbsp;debt securities of the Company, (6)&nbsp;other assets or (7)&nbsp;any
combination of the foregoing, in each case having an aggregate value equal to the Current Value (less the amount of any reduction in the Exercise Price), where such aggregate value has been determined by the Board based upon the advice of a
nationally recognized investment banking firm selected by the Board, which determination will be described in a written statement filed with the Rights Agent and will be binding on the Rights Agent and the holders of the Rights. If the Company has
not made adequate provision to deliver value pursuant to clause&nbsp;(B) above within 30 days following the later of (x)&nbsp;the first occurrence of a Section&nbsp;11(a)(ii) Event and (y)&nbsp;the date on which the Company&#146;s right of
redemption pursuant to Section&nbsp;23(a) expires (the later of (x)&nbsp;or (y), the &#147;<B>Section</B><B></B><B>&nbsp;11(a)(ii) Trigger Date</B>&#148;), then the Company will be obligated to deliver, upon the surrender for exercise of a Right and
without requiring payment of the Exercise Price, </P>
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Common Stock (to the extent available and except to the extent that the Company has not obtained any necessary stockholder or regulatory approval for such issuance) and such number or fractions
of Preferred Stock and then, if necessary, cash, which shares or cash have an aggregate value equal to the Spread. If the Board determines in good faith that it is likely that sufficient additional shares of Common Stock could be authorized for
issuance upon exercise in full of the Rights or that any necessary stockholder or regulatory approval for such issuance could be obtained, the 30 day period set forth above may be extended and <FONT STYLE="white-space:nowrap">re-extended</FONT> to
the extent necessary (with prompt written notice of any such extension provided to the Rights Agent) from time to time, but not more than 120 days after the Section&nbsp;11(a)(ii) Trigger Date, so that the Company may seek stockholder approval for
the authorization of such additional shares of Common Stock or take such action necessary to obtain such regulatory approval (such period, as it may be extended, the &#147;<B>Substitution Period</B>&#148;). To the extent that the Company determines
that some action need be taken pursuant to the first or second sentences of this Section&nbsp;11(a)(iii), the Company (a)&nbsp;will provide, subject to Section&nbsp;7(e), that such action applies uniformly to all outstanding Rights and (b)&nbsp;may
suspend the exercisability of the Rights until the expiration of the Substitution Period in order to seek such stockholder approval, to take any action necessary to obtain such regulatory approval or to decide the appropriate form of distribution to
be made pursuant to such first sentence and to determine the value thereof. In the event of any such suspension, the Company will issue a public announcement (and promptly provide written notice to the Rights Agent) stating that the exercisability
of the Rights has been temporarily suspended, as well as issue a public announcement (and promptly provide written notice to the Rights Agent) at such time as the suspension is no longer in effect. For purposes of this Section&nbsp;11(a)(iii), the
per share value of the Common Stock will be the Current Per Share Market Price of the Common Stock on the Section&nbsp;11(a)(ii) Trigger Date and any Common Stock Equivalent will be deemed to have the same value as the value of the Common Stock on
such date. The Board may, but will not be required to, establish procedures to allocate the right to receive Common Stock upon the exercise of the Rights among holders of Rights pursuant to this Section&nbsp;11(a)(iii). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) <I>Dilutive Rights Offering</I>. If the Company, at any time after the Rights Dividend Declaration Date, fixes a record date for the
issuance of rights, options or warrants to all holders of Preferred Stock entitling such holders (for a period expiring within 45 days after such record date) to subscribe for or purchase shares of Preferred Stock or Equivalent Preferred Stock, or
securities convertible into Preferred Stock or Equivalent Preferred Stock, at a price per share (or having a conversion or exercise price per share, if a security that is convertible into or exercisable for Preferred Stock or Equivalent Preferred
Stock) less than the Current Per Share Market Price of the Preferred Stock on such record date, then, in each such case, the Exercise Price to be in effect after such record date will be determined by multiplying the Exercise Price in effect
immediately prior to such record date by a fraction, the numerator of which shall be the number of Preferred Stock and Equivalent Preferred Stock (if any) outstanding on such record date, plus the number of Preferred Stock or Equivalent Preferred
Stock, as the case may be, that the aggregate offering price of the total number of Preferred Stock or Equivalent Preferred Stock, as the case may be, to be offered or issued (or the aggregate initial conversion price of the convertible securities
to be offered or issued) would purchase at such Current Per Share Market Price, and the denominator of which shall be the number of Preferred Stock and Equivalent Preferred Stock (if any) outstanding on such record date, plus the number of
additional shares of Preferred Stock or Equivalent Preferred Stock, as the case may be, to </P>
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be offered for subscription or purchase (or into which the convertible securities so to be offered are initially convertible), it being understood that in no event will the consideration to be
paid upon the exercise of one Right be less than the aggregate par value of the shares of capital stock of the Company issuable upon the exercise of one Right. If such subscription price may be paid in a consideration part or all of which is in a
form other than cash, then the value of such consideration will be as determined in good faith by the Board, whose determination will be described in a statement filed with the Rights Agent and will be binding on the Rights Agent and the holders of
the Rights. Shares of Preferred Stock and Equivalent Preferred Stock owned by or held for the account of the Company will not be deemed outstanding for the purpose of any such computation. Such adjustment will be made successively whenever such a
record date is fixed, and in the event that such rights, options or warrants are not so issued, then the Exercise Price will be adjusted to be the Exercise Price that would then be in effect if such record date had not been fixed. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) <I>Distributions</I>. If the Company, at any time after the Rights Dividend Declaration Date, fixes a record date for the making of a
distribution to all holders of Preferred Stock (including any such distribution made in connection with a share exchange, consolidation or merger in which the Company is the continuing or surviving corporation) of cash (other than a periodic cash
dividend out of the earnings or retained earnings of the Company), assets (other than a dividend payable in shares of Preferred Stock, but including any dividend payable in stock other than Preferred Stock), evidences of indebtedness, subscription
rights, options or warrants (excluding those referred to in Section&nbsp;11(b)), then, in each such case, the Exercise Price to be in effect after such record date will be determined by multiplying the Exercise Price in effect immediately prior to
such record date by a fraction, the numerator of which will be the Current Per Share Market Price of a share of Preferred Stock on such record date, less the fair market value per share of Preferred Stock (as determined in good faith by the Board,
whose determination will be described in a statement filed with the Rights Agent and will be conclusive and binding on the Rights Agent and the holders of the Rights) of the portion of the cash, assets or evidences of indebtedness to be so
distributed or of such subscription rights, options or warrants applicable to one share of Preferred Stock, and the denominator of which shall be such Current Per Share Market Price of a share of Preferred Stock on such record date, it being
understood that in no event will the consideration to be paid upon the exercise of one Right be less than the aggregate par value of the shares of capital stock of the Company issuable upon the exercise of one Right. Such adjustment will be made
successively whenever such a record date is fixed, and in the event that such distribution is not so made, then the Exercise Price will be adjusted to be the Exercise Price that would have been in effect if such record date had not been fixed. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) <I>Insignificant Changes</I>. Notwithstanding anything to the contrary in this Agreement, no adjustment in the Exercise Price is required
unless such adjustment would require an increase or decrease of at least one percent of the Exercise Price, except that any adjustments that by reason of this Section&nbsp;11(d) are not required to be made will be carried forward and taken into
account in any subsequent adjustment. All calculations pursuant to this Section&nbsp;11 must be made to the nearest cent or to the nearest <FONT STYLE="white-space:nowrap">ten-millionth</FONT> of a share of Preferred Stock or <FONT
STYLE="white-space:nowrap">ten-thousandth</FONT> of any other share or security, as the case may be. Notwithstanding the first sentence of this Section&nbsp;11(d), any adjustment required by this Section&nbsp;11 must be made no later than the
earlier of (i)&nbsp;three years from the date of the transaction that requires such adjustment or (ii)&nbsp;the Expiration Date. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(e) <I>Stock Other Than Preferred Stock</I>. If as a result of an adjustment made pursuant
to Section&nbsp;11(a) or Section&nbsp;13(a), the holder of any Right thereafter exercised will become entitled to receive any shares of capital stock other than Preferred Stock, then thereafter the number of such other shares so receivable upon
exercise of any Right and, if required, the Exercise Price thereof, will be subject to adjustment from time to time in a manner and on terms as nearly equivalent as practicable to the provisions with respect to the Preferred Stock contained in
Section&nbsp;11(a), Section&nbsp;11(b), Section&nbsp;11(c), Section&nbsp;11(d), Section&nbsp;11(g), Section&nbsp;11(h), Section&nbsp;11(i), Section&nbsp;11(j), Section&nbsp;11(k) and Section&nbsp;11(l), and the provisions of Section&nbsp;7,
Section&nbsp;9, Section&nbsp;10 and Section&nbsp;13 with respect to the Preferred Stock will apply on like terms to any such other shares. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(f) <I>Rights Issued Subsequent to Adjustment</I>. All Rights originally issued by the Company subsequent to any adjustment made to the
Exercise Price hereunder will evidence the right to purchase, at the adjusted Exercise Price, the number of one <FONT STYLE="white-space:nowrap">one-thousandths</FONT> of a share of Preferred Stock (and other shares of other capital stock or other
securities, assets or cash of the Company, if any) purchasable from time to time hereunder upon exercise of the Rights, all subject to further adjustment as provided in this Agreement. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(g) <I>Effect of Adjustments on Existing Rights</I>. Unless the Company has exercised its election as provided in Section&nbsp;11(h), upon each
adjustment of the Exercise Price as a result of the calculations made in Section&nbsp;11(b) and Section&nbsp;11(c), each Right outstanding immediately prior to the making of such adjustment will thereafter evidence the right to purchase, at the
adjusted Exercise Price, that number of shares of Preferred Stock (calculated to the nearest <FONT STYLE="white-space:nowrap">ten-millionth</FONT> of a share of Preferred Stock) obtained by (i)&nbsp;multiplying (A)&nbsp;the number of one <FONT
STYLE="white-space:nowrap">one-thousandths</FONT> of a share of Preferred Stock covered by a Right immediately prior to this adjustment by (B)&nbsp;the Exercise Price in effect immediately prior to such adjustment of the Exercise Price; and
(ii)&nbsp;dividing the product so obtained by the Exercise Price in effect immediately after such adjustment of the Exercise Price. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(h)
<I>Adjustment in Number of Rights</I>. The Company may elect on or after the date of any adjustment of the Exercise Price to adjust the number of Rights, in substitution for any adjustment in the number of one
<FONT STYLE="white-space:nowrap">one-thousandths</FONT> of a share of Preferred Stock purchasable upon the exercise of a Right. Each of the Rights outstanding after such adjustment of the number of Rights will be exercisable for the number of one <FONT
STYLE="white-space:nowrap">one-thousandths</FONT> of a share of Preferred Stock for which a Right was exercisable immediately prior to such adjustment. Each Right held of record prior to such adjustment of the number of Rights will become that
number of Rights (calculated to the nearest <FONT STYLE="white-space:nowrap">ten-thousandth)</FONT> obtained by dividing the Exercise Price in effect immediately prior to adjustment of the Exercise Price by the Exercise Price in effect immediately
after adjustment of the Exercise Price. The Company will make a public announcement (and promptly provide written notice to the Rights Agent) of its election to adjust the number of Rights, indicating the record date for the adjustment and, if known
at the time, the amount of the adjustment to be made. This record date may be the date on which the Exercise Price is adjusted or any day thereafter, but, if any Rights Certificates have </P>
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been issued, will be at least 10 days later than the date of the public announcement. If any Rights Certificates have been issued, upon each adjustment of the number of Rights pursuant to this
Section&nbsp;11(h), the Company will, as promptly as practicable, distribute or cause to be distributed to holders of record of Rights Certificates on such record date Rights Certificates evidencing, subject to Section&nbsp;14, the additional Rights
to which such holders will be entitled as a result of such adjustment, or, at the option of the Company, will distribute or cause to be distributed to such holders of record in substitution and replacement for the Rights Certificates held by such
holders prior to the date of adjustment, and upon surrender thereof, if required by the Company, new Rights Certificates evidencing all the Rights to which such holders will be entitled after such adjustment. Rights Certificates to be so distributed
will be issued, executed and delivered by the Company, and countersigned and delivered by the Rights Agent, in the manner provided in this Agreement (and may bear, at the option of the Company, the adjusted Exercise Price), and will be registered in
the names of the holders of record of Rights Certificates on the record date specified in the public announcement. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i) <I>Rights
Certificates Unchanged</I>. Irrespective of any adjustment or change in the Exercise Price or the number of one <FONT STYLE="white-space:nowrap">one-thousandths</FONT> of a share of Preferred Stock issuable upon the exercise of the Rights, the
Rights Certificates previously and subsequently issued may continue to express the Exercise Price per one <FONT STYLE="white-space:nowrap">one-thousandth</FONT> of a share of Preferred Stock and the number of one
<FONT STYLE="white-space:nowrap">one-thousandths</FONT> of a share of Preferred Stock that were expressed in the initial Rights Certificates issued hereunder. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(j) <I>Par Value Limitations</I>. Before taking any action that would cause an adjustment reducing the Exercise Price below the par or stated
value, if any, of the number of one <FONT STYLE="white-space:nowrap">one-thousandths</FONT> of a share of Preferred Stock issuable upon exercise of the Rights, the Company will take any corporate action that may, in the opinion of its counsel, be
necessary in order that the Company may duly and validly issue as fully paid and nonassessable shares such number of one <FONT STYLE="white-space:nowrap">one-thousandths</FONT> of a share of Preferred Stock at such adjusted Exercise Price. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(k) <I>Deferred Issuance</I>. In any case in which this Section&nbsp;11 requires that an adjustment in the Exercise Price be made effective as
of a record date for a specified event, the Company may elect to defer (with prompt written notice to the Rights Agent) until the occurrence of such event the issuance to the holder of any Right exercised after such record date of the number of one <FONT
STYLE="white-space:nowrap">one-thousandths</FONT> of a share of Preferred Stock and other capital stock or securities, assets or cash of the Company, if any, issuable upon such exercise over and above the number of one
<FONT STYLE="white-space:nowrap">one-thousandths</FONT> of a share of Preferred Stock and other capital stock or securities, assets or cash of the Company, if any, issuable upon such exercise on the basis of the Exercise Price in effect prior to
such adjustment. The Company must deliver to such holder a due bill or other appropriate instrument evidencing such holder&#146;s right to receive such additional shares (fractional or otherwise) or securities upon the occurrence of the event
requiring such adjustment. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(l) <I>Reduction in Exercise Price</I>. Notwithstanding anything to the contrary in this
Section&nbsp;11, the Company is entitled to make such reductions in the Exercise Price, in addition to those adjustments expressly required by this Section&nbsp;11, as and to the extent that it, in its sole discretion, determines to be advisable in
order that any (i)&nbsp;consolidation or subdivision of the Preferred Stock or Common Stock, (ii)&nbsp;issuance wholly for cash of any Preferred Stock or Common Stock at less than the applicable Current Per Share Market Price, (iii)&nbsp;issuance
wholly for cash of any Preferred Stock or Common Stock or securities that by their terms are convertible into or exchangeable for Preferred Stock or Common Stock, (iv)&nbsp;stock dividend or (v)&nbsp;issuance of rights, options or warrants referred
to in this Section&nbsp;11 hereafter made by the Company to holders of Preferred Stock or Common Stock is not taxable to such stockholders. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(m) <I>No Diminishment of Benefit of Rights</I>. The Company covenants and agrees that, after the Distribution Date and so long as the Rights
are then outstanding, it will not, except as permitted by Section&nbsp;23, Section&nbsp;24 or Section&nbsp;27, take (or permit to be taken) any action if at the time that such action is taken it is reasonably foreseeable that such action will
diminish substantially or otherwise eliminate the benefits intended to be afforded by the Rights. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(n) <I>Certain Adjustments to Common
Stock</I>. Notwithstanding anything to the contrary in this Agreement, in the event that the Company, at any time after the Rights Dividend Declaration Date and prior to the Distribution Date, (i)&nbsp;declares or pays a dividend on the Common Stock
payable in shares of Common Stock, (ii)&nbsp;subdivides or splits the shares of outstanding Common Stock (other than by the payment of dividends payable in shares of Common Stock), (iii)&nbsp;combines or consolidates the outstanding Common Stock (by
reverse stock split or otherwise) into a lesser number of shares of Common Stock or (iv)&nbsp;issues any shares of its capital stock in a reclassification of the Common Stock (including any such reclassification in connection with a share exchange,
consolidation or merger in which the Company is the continuing or surviving corporation), then, in each such event, except as otherwise provided in this Section&nbsp;11 or Section&nbsp;7(e): (A)&nbsp;each share of Common Stock (or shares of capital
stock issued in such reclassification of the Common Stock) outstanding immediately following such time will have associated with it the number of Rights as were associated with one share of Common Stock immediately prior to the occurrence of such
event; (B)&nbsp;the Exercise Price in effect at the time of the record date for such dividend or of the effective date of such subdivision, split, combination, consolidation or reclassification will be adjusted so that the Exercise Price thereafter
equals the result obtained by multiplying the Exercise Price in effect immediately prior to such time by a fraction, the numerator of which shall be the total number of shares of Common Stock outstanding immediately prior to such event and the
denominator of which shall be the total number of shares of Common Stock outstanding immediately after such event, it being understood that in no event will the consideration to be paid upon the exercise of one Right be less than the aggregate par
value of the shares of capital stock of the Company issuable upon the exercise of such Right; and (C)&nbsp;the number of one <FONT STYLE="white-space:nowrap">one-thousandths</FONT> of a share of Preferred Stock (or shares of such other capital
stock) issuable upon the exercise of each Right outstanding after such event equals the number of one <FONT STYLE="white-space:nowrap">one-thousandths</FONT> of a share of Preferred Stock (or shares of such other capital stock) as were issuable with
respect to one Right immediately prior to such event. Each share of Common Stock that becomes outstanding after an adjustment has been made pursuant to this Section&nbsp;11(n) will have issued with it that number of Rights, exercisable at the
Exercise Price and for the number of one <FONT STYLE="white-space:nowrap">one-thousandths</FONT> of a share of Preferred Stock (or shares of such other capital stock), as one share of Common Stock has associated with it immediately following the
adjustment made pursuant to this </P>
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Section&nbsp;11(n). If an event occurs that would require an adjustment pursuant to both this Section&nbsp;11(n) and Section&nbsp;11(a)(ii), then the adjustment provided for in this
Section&nbsp;11(n) will be in addition to, and will be made prior to, any adjustment required pursuant to Section&nbsp;11(a)(ii). The adjustments provided for in this Section&nbsp;11(n) will be made successively whenever such a dividend is declared
or paid or such a subdivision, split, combination, consolidation or reclassification is effected. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(o) <I>Adjustment of Rights Associated
with Certain Distributions</I>. Other than in connection with a transaction contemplated by Section&nbsp;11(n), in the event that the Company, at any time after the Rights Dividend Declaration Date and prior to the Distribution Date, issues or
distributes any securities or assets in respect of shares of Common Stock (other than (A)&nbsp;a distribution or dividend of its capital stock and (B)&nbsp;pursuant to any <FONT STYLE="white-space:nowrap">non-extraordinary</FONT> periodic cash
dividend), then the Company will make such adjustments, if any, in the Exercise Price or the number of Rights or securities or other property purchasable upon exercise of Rights as the Board, in its sole discretion, may deem to be appropriate under
the circumstances in order to adequately protect the interests of the holders of the Rights generally, and the Company and the Rights Agent will amend this Agreement as necessary to provide for such adjustments. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;12. <I>Certificate of Adjusted Exercise Price or Number of Shares</I>. Whenever an adjustment is made, or any event affecting the
Rights or their exercisability (including an event that causes the Rights to become null and void) occurs as provided in Section&nbsp;11 or Section&nbsp;13, the Company must promptly (a)&nbsp;prepare a certificate setting forth such adjustment or
describing such event and providing a reasonably detailed statement of the facts, computations and methodology accounting for such adjustment or event; (b)&nbsp;provide the Rights Agent and each transfer agent for the Common Stock or Preferred Stock
a copy of such certificate; and (c)&nbsp;if a Distribution Date has occurred, mail a brief summary of such adjustment or event to each holder of a Rights Certificate in accordance with Section&nbsp;25. Notwithstanding the foregoing, the failure of
the Company to make or provide such certification or notice will not affect the validity of such adjustment or the force or effect of the requirement for such adjustment. The Rights Agent will (i)&nbsp;be fully protected in relying on any such
certificate and on any adjustment or statement contained therein; (ii)&nbsp;have no duty or liability with respect thereto; and (iii)&nbsp;not be deemed to have knowledge of any such adjustment or event unless and until it has received such
certificate. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;13. <I>Consolidation, Merger or Sale or Transfer of Assets, Cash Flow or Earning Power</I>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) <I>Certain Transactions</I>. In the event that, following a Stock Acquisition Date, directly or indirectly, (i)&nbsp;the Company
consolidates with, or merges with and into, any other Person (other than a wholly owned Subsidiary of the Company in a transaction that complies with Section&nbsp;11(m)) and the Company is not the continuing or surviving corporation of such
consolidation or merger; (ii)&nbsp;any Person (other than a wholly owned Subsidiary of the Company in a transaction that complies with Section&nbsp;11(m)) consolidates with, or merges with and into, the Company, and the Company is the continuing or
surviving corporation of such consolidation or merger and, in connection with such consolidation or merger, all or part of the Common Stock are changed into or exchanged for stock or other securities of any other Person or the Company, or cash
</P>
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or any other property; or (iii)&nbsp;the Company sells, exchanges, mortgages or otherwise transfers (or one or more of its Subsidiaries sells, exchanges, mortgages or otherwise transfers), in one
transaction or a series of related transactions, assets, cash flow or earning power aggregating to 50&nbsp;percent or more of the assets, cash flow or earning power of the Company and its Subsidiaries (taken as a whole) to any other Person or
Persons (other than the Company or one or more of its wholly owned Subsidiaries in one or more transactions, each of which individually (and together) complies with Section&nbsp;11(m)), then, concurrent with and in each such case, proper provision
must be made so that (A)&nbsp;each holder of a Right (except as provided in Section&nbsp;7(e)) thereafter has the right to receive, upon the exercise thereof at a price per Right equal to the Exercise Price multiplied by the number of one <FONT
STYLE="white-space:nowrap">one-thousandths</FONT> of a share of Preferred Stock for which a Right was exercisable immediately prior to the occurrence of such Section&nbsp;13 Event in accordance with the terms of this Agreement, and in lieu of
Preferred Stock, such number of duly and validly authorized and issued and fully paid and nonassessable and freely tradable shares of Common Stock of the Principal Party, free of any liens, encumbrances, rights of first refusal or other adverse
claims, as shall be equal to the result obtained by (1)&nbsp;multiplying the then current Exercise Price by the number of one <FONT STYLE="white-space:nowrap">one-thousandths</FONT> of a share of Preferred Stock for which a Right is exercisable
immediately prior to the first occurrence of a Section&nbsp;13 Event (or, if a Section&nbsp;11(a)(ii) Event has occurred prior to the first occurrence of a Section&nbsp;13 Event, multiplying the number of such one
<FONT STYLE="white-space:nowrap">one-thousandths</FONT> of a share of Preferred Stock for which a Right was exercisable immediately prior to the first occurrence of a Section&nbsp;11(a)(ii) Event by the Exercise Price in effect immediately prior to
such first occurrence of a Section&nbsp;11(a)(ii) Event); and (2)&nbsp;dividing that product (which, following the first occurrence of a Section&nbsp;13 Event, will be referred to as the &#147;Exercise Price&#148; for each Right and for all purposes
of this Agreement) by 50&nbsp;percent of the Current Per Share Market Price of the Common Stock of such Principal Party on the date of consummation of such Section&nbsp;13 Event, it being understood that the price per Right so payable and the number
of shares of Common Stock of such Principal Party so receivable upon exercise of a Right will be subject to further adjustment as appropriate in accordance with Section&nbsp;11(e) to reflect any events covered thereby occurring in respect of the
Common Stock of such Principal Party after the occurrence of such Section&nbsp;13 Event; (B)&nbsp;such Principal Party will thereafter be liable for, and must assume, by virtue of such Section&nbsp;13 Event, all the obligations and duties of the
Company pursuant to this Agreement; (C)&nbsp;the term &#147;Company&#148; will thereafter be deemed to refer to such Principal Party, it being specifically intended that the provisions of Section&nbsp;11 will apply only to such Principal Party
following the first occurrence of a Section&nbsp;13 Event; (D)&nbsp;such Principal Party must take such steps (including the reservation of a sufficient number of shares of its Common Stock) in connection with the consummation of any such
transaction as may be necessary to ensure that the provisions hereof will thereafter be applicable, as nearly as reasonably may be, in relation to its Common Stock thereafter deliverable upon the exercise of the Rights; (E)&nbsp;the provisions of
Section&nbsp;11(a)(ii) will be of no effect following the first occurrence of any Section&nbsp;13 Event; and (F)&nbsp;upon the subsequent occurrence of any consolidation, merger, sale, exchange, mortgage, transfer or other extraordinary transaction
in respect of such Principal Party, each holder of a Right will thereupon be entitled to receive, upon exercise of a Right and payment of the Exercise Price as provided in this Section&nbsp;13(a), such cash, shares, rights, warrants and other
property that such holder would have been entitled to receive had such holder, at the time of such transaction, owned the Common Stock of the Principal Party receivable upon the exercise of a Right pursuant to this Section&nbsp;13(a), and such
Principal Party must take such steps </P>
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(including reservation of a sufficient number of shares of its capital stock) as may be necessary to permit the subsequent exercise of the Rights in accordance with the terms hereof for such
cash, shares, rights, warrants and other property. For purposes hereof, the &#147;earning power&#148; of the Company and its Subsidiaries will be determined in good faith by the Board on the basis of the operating income of each business operated by
the Company and its Subsidiaries during the three fiscal years preceding the date of such determination (or, in the case of any business not operated by the Company or any of its Subsidiaries during the three fiscal years preceding such date, during
the period that such business was operated by the Company or any of its Subsidiaries). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) <I>Principal Party</I>. For purposes of this
Agreement, the term &#147;<B>Principal Party</B>&#148; means (i)&nbsp;in the case of any transaction described in clause (i)&nbsp;or (ii)&nbsp;of Section&nbsp;13(a)&nbsp;(A) the Person that is the issuer of the securities into which the Common Stock
are converted in the consolidation or merger, or, if there is more than one such issuer, the issuer whose Common Stock have the greatest aggregate market value of shares outstanding; or (B)&nbsp;if no securities are so issued, (1)&nbsp;the Person
that is the other party to the consolidation or merger, if such Person survives the consolidation or merger, or, if there is more than one such Person, the Person whose Common Stock have the greatest aggregate market value of shares outstanding;
(2)&nbsp;if the Person that is the other party to the merger does not survive such consolidation or merger, the Person that does survive such consolidation or merger (including the Company if it survives); or (3)&nbsp;the Person resulting from the
consolidation or merger; and (ii)&nbsp;in the case of any transaction described in clause (iii)&nbsp;of Section&nbsp;13(a), the Person that is the party receiving the greatest portion of the assets, cash flow or earning power transferred pursuant to
such transaction or transactions, or, if more than one Person that is a party to such transaction or transactions receives the same portion of the assets or earning power so transferred and each such portion would, were it not for the other equal
portions, constitute the greatest portion of the assets or earning power so transferred, or if the Person receiving the greatest portion of the assets or earning power cannot be determined, whichever of such Persons is the issuer of Common Stock
having the greatest aggregate market value of shares outstanding; <I>provided</I>, <I>however</I>, that in the case of each of clause&nbsp;(i) and (ii)&nbsp;of this Section&nbsp;13(b), if the shares of Common Stock of such Person is not at such
time, or has not been continuously over the preceding <FONT STYLE="white-space:nowrap">12-month</FONT> period, registered pursuant to Section&nbsp;12 of the Exchange Act, then if such Person is (x)&nbsp;a direct or indirect Subsidiary of another
Person whose Common Stock is and has been so registered, the term &#147;Principal Party&#148; will refer to such other Person, (y)&nbsp;a direct or indirect Subsidiary of more than one Person whose shares of Common Stock is and has been so
registered, the term &#147;Principal Party&#148; will refer to whichever of such Persons is the issuer of Common Stock having the greatest aggregate market value of shares outstanding, or (z)&nbsp;if such Person is owned, directly or indirectly, by
a joint venture formed by two or more Persons that are not owned, directly or indirectly, by the same Person, the rules set forth in clauses&nbsp;(x) and&nbsp;(y) above will apply to each of the owners having an interest in the venture as if the
Person owned by the joint venture was a Subsidiary of both or all of such joint venturers, and the Principal Party in each such case must bear the obligations set forth in this Section&nbsp;13 in the same ratio as its interest in such Person bears
to the total of such interests. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) <I>Certain Arrangements</I>. The Company will not consummate or permit to occur any
Section&nbsp;13 Event unless (A)&nbsp;the Principal Party has a sufficient number of authorized, unissued and unreserved shares of Common Stock to permit the exercise in full of the Rights in accordance with this Section&nbsp;13 and (B)&nbsp;prior
thereto the Company and the Principal Party have executed and delivered to the Rights Agent a supplemental agreement confirming that (1)&nbsp;the requirements of this Section&nbsp;13 will be promptly performed in accordance with their terms,
(2)&nbsp;the Principal Party will, upon consummation of such Section&nbsp;13 Event, assume this Agreement in accordance with Section&nbsp;13(a) and Section&nbsp;13(b), (3)&nbsp;such Section&nbsp;13 Event will not result in a default by the Principal
Party pursuant to this Agreement (as it has been assumed by the Principal Party) and (4)&nbsp;the Principal Party, as soon as practicable after the date of such Section&nbsp;13 Event and at its own expense, will: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(i) prepare and file a registration statement pursuant to the Securities Act with respect to the Rights and the securities purchasable upon
exercise of the Rights on an appropriate form, and use its best efforts to cause such registration statement to (x)&nbsp;become effective as soon as practicable after such filing and (y)&nbsp;remain effective (with a prospectus at all times meeting
the requirements of the Securities Act) until the Expiration Date, and similarly comply with applicable state securities laws; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(ii) use
its best efforts to list (or continue the listing of) the Rights and the securities purchasable upon exercise of the Rights on a national securities exchange or to meet the eligibility requirements for quotation on a national securities exchange and
to list (and continue the listing of) the Rights and the securities purchasable upon exercise of the Rights on a national securities exchange; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(iii) deliver to holders of the Rights historical financial statements for the Principal Party and its Affiliates that comply in all respects
with the requirements for registration on Form&nbsp;10 (or any successor form) promulgated under the Exchange Act; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(iv) take all
other action as may be necessary to allow the Principal Party to issue the securities purchasable upon exercise of the Rights. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d)
<I>Prohibited Transactions</I>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(i) Notwithstanding anything to the contrary in this Agreement, if the Principal Party has a provision in
any of its authorized securities or in its organizational documents that would have the effect of (i)&nbsp;causing the Principal Party to issue (other than to holders of Rights pursuant to Section&nbsp;13), in connection with, or as a consequence
of, the consummation of a Section&nbsp;13 Event, Common Stock or common stock equivalents of the Principal Party at less than the then Current Per Share Market Price thereof or securities exercisable for, or convertible into, Common Stock or common
stock equivalents of the Principal Party at less than such Current Per Share Market Price; or (ii)&nbsp;providing for any special payment, tax, charge or similar provision in connection with the issuance of the Common Stock of the Principal Party
pursuant to the provisions of this Section&nbsp;13, then the Company hereby agrees with each holder of Rights that it will not consummate any such Section&nbsp;13 Event unless prior thereto the Company and such Principal Party have executed and
delivered to the Rights Agent a supplemental agreement providing that such provision has been cancelled, waived, amended or rescinded, or that such authorized securities will be redeemed, so that such provision will have no effect in connection
with, or as a consequence of, the consummation of such Section&nbsp;13 Event. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(ii) Notwithstanding anything to the contrary in this Agreement, the Company hereby agrees
with each holder of Rights that it will not consummate or permit to occur any Section&nbsp;13 Event if (A)&nbsp;at the time or immediately after such Section&nbsp;13 Event there are any rights, warrants, instruments or securities outstanding, or any
agreements or arrangements, that, as a result of the consummation of such Section&nbsp;13 Event, would eliminate or diminish in any material respect the benefits intended to be afforded by the Rights; (B)&nbsp;all rights of first refusal or
preemptive rights in respect of the issuance of Common Stock or common stock equivalents of the Principal Party upon exercise of outstanding Rights have not been irrevocably waived or rendered inapplicable; (C)&nbsp;prior to, simultaneously with or
immediately after such Section&nbsp;13 Event, the stockholders of the Person who constitutes, or would constitute, the Principal Party have received a distribution of Rights previously owned by such Person or any of its Affiliates or Associates; or
(D)&nbsp;the form or nature of organization of the Principal Party would preclude or limit the exercisability of the Rights. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(e)
<I>Continued Applicability</I>. The provisions of this Section&nbsp;13 will similarly apply to successive mergers, consolidations, sales, exchanges, mortgages, transfers or other extraordinary transactions. In the event that a Section&nbsp;13 Event
occurs at any time after the occurrence of a Section&nbsp;11(a)(ii) Event, then the Rights that have not previously been exercised will thereafter become exercisable in the manner described in Section&nbsp;13(a) (without taking into account any
prior adjustment required by Section&nbsp;11(a)(ii)). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;14. <I>Fractional Rights and Fractional Shares</I>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) <I>Cash in Lieu of Fractional Rights</I>. The Company will not be required to issue fractions of Rights (except prior to the Distribution
Date as provided in Section&nbsp;11(n)) or to distribute Rights Certificates that evidence fractional Rights. In lieu of such fractional Rights, the Company will pay to the registered holders of the Rights Certificates with regard to which such
fractional Rights would otherwise be issuable an amount in cash equal to the same fraction of the Current Per Share Market Price of a whole Right, calculated as of the Trading Day immediately prior to the date on which such fractional Rights would
have been otherwise issuable. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) <I>Cash in Lieu of Fractional Shares of Preferred Stock</I>. The Company will not be required to issue
fractions of shares of Preferred Stock (other than fractions that are integral multiples of one <FONT STYLE="white-space:nowrap">one-thousandth</FONT> of a share of Preferred Stock) upon exercise or exchange of the Rights or to distribute
certificates that evidence fractional shares of Preferred Stock (other than fractions that are integral multiples of one <FONT STYLE="white-space:nowrap">one-thousandth</FONT> of a share of Preferred Stock). Interests in fractions of shares of
Preferred Stock in integral multiples of one <FONT STYLE="white-space:nowrap">one-thousandth</FONT> of a share of Preferred Stock may, at the election of the Company, be evidenced by depositary receipts pursuant to an appropriate agreement between
the Company and a depositary selected by the Company but only if such agreement provides that the holders of such depositary receipts have all of the rights, privileges and preferences to which they are entitled as Beneficial Owners of the Preferred
Stock represented by such depositary receipts. In lieu of fractional shares of Preferred Stock that are not </P>
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integral multiples of one <FONT STYLE="white-space:nowrap">one-thousandth</FONT> of a share of Preferred Stock, the Company may pay to the registered holders of Rights Certificates at the time
that such Rights are exercised or exchanged as provided in this Agreement an amount in cash equal to the same fraction of the current market value of one <FONT STYLE="white-space:nowrap">one-thousandth</FONT> of a share of Preferred Stock. For
purposes of this Section&nbsp;14(b), the current market value of one <FONT STYLE="white-space:nowrap">one-thousandth</FONT> of a share of Preferred Stock will be one <FONT STYLE="white-space:nowrap">one-thousandth</FONT> of the Current Per Share
Market Price of a share of Preferred Stock, calculated as of the Trading Day immediately prior to the date of such exercise or exchange. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) <I>Cash in Lieu of Fractional Shares of Common Stock</I>. The Company is not required to issue fractions of shares of Common Stock or to
distribute certificates that evidence fractional shares of Common Stock upon the exercise or exchange of Rights. In lieu of such fractional shares of Common Stock, the Company may pay to the registered holders of Rights Certificates at the time such
Rights are exercised or exchanged as provided in this Agreement an amount in cash equal to the same fraction of the current market value of a share of Common Stock. For purposes of this Section&nbsp;14(c), the current market value of a share of
Common Stock will be the Current Per Share Market Price of a share of Common Stock, calculated as of the Trading Day immediately prior to the date of such exercise or exchange. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) <I>Waiver of Fractional Rights</I>. Except as permitted by this Section&nbsp;14, the holder of a Right, by the acceptance of such Right,
expressly waives such holder&#146;s right to receive any fractional Rights or any fractional shares of any security upon the exercise or exchange of a Right. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(e) <I>Procedure for Payment</I>. Whenever a payment for fractional Rights, Preferred Stock or Common Stock is to be made by the Rights Agent
pursuant to this Agreement, the Company will (i)&nbsp;promptly prepare and deliver to the Rights Agent a certificate setting forth in reasonable detail the facts related to such payment and the prices or formulas utilized in calculating such
payments; and (ii)&nbsp;provide sufficient monies to the Rights Agent to make such payments. The Rights Agent will be fully protected in relying upon such certificate and will have no duty with respect thereto, and will not be deemed to have
knowledge of any payment for fractional Rights, Preferred Stock or Common Stock pursuant to this Agreement unless and until the Rights Agent has received such certificate and sufficient monies. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;15. <I>Rights of Action</I>. All rights of action in respect of this Agreement, except those rights of action given to the Rights
Agent pursuant to this Agreement, are vested in the respective registered holders of the Rights Certificates (and, prior to the Distribution Date, the registered holders of Common Stock). Any registered holder of any Rights Certificate (or, prior to
the Distribution Date, any registered holder of Common Stock), without the consent of the Rights Agent or of the holder of any other Rights Certificate (or, prior to the Distribution Date, any other holder of Common Stock), may, on such
holder&#146;s own behalf and for such holder&#146;s own benefit and the benefit of other holders of Rights, enforce, and may institute and maintain any suit, action or proceeding against the Company to enforce, this Agreement or otherwise act in
respect of such holder&#146;s right to exercise such holder&#146;s Rights evidenced by such Rights Certificate in the manner provided in such Rights Certificate and in this Agreement. Without limiting the foregoing or any remedies available to
</P>
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the holders of Rights, it is specifically acknowledged that the holders of Rights would not have an adequate remedy at law for any breach of this Agreement and will be entitled to specific
performance of the obligations of any Person (including the Company) subject to this Agreement, and injunctive relief against actual or threatened breaches or violations of this Agreement by any Person (including the Company), in each case without
having to post a bond. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;16. <I>Agreement of Rights Holders</I>. Every holder of a Right, by accepting the same, consents and
agrees with the Company and the Rights Agent and with every other holder of a Right that: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) prior to the Distribution Date, the Rights
will not be evidenced by a Rights Certificate and will be transferable only in connection with the transfer of shares of Common Stock; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b)
after the Distribution Date, the Rights Certificates are transferable only on the transfer books of the Rights Agent if surrendered at the office of the Rights Agent designated for such purpose, duly endorsed or accompanied by a proper instrument of
transfer and with the appropriate forms and certificates fully completed; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) subject to Section&nbsp;6(a) and Section&nbsp;7(f), the
Company and the Rights Agent may deem and treat the Person in whose name the Rights Certificate (or, prior to the Distribution Date, the associated certificate representing shares of Common Stock or Book Entry Shares, as applicable) is registered as
the absolute owner thereof and of the Rights evidenced thereby (notwithstanding any notations of ownership or writing on the Rights Certificates or the associated certificate representing shares of Common Stock or Book Entry Shares, as applicable,
made by anyone other than the Company or the Rights Agent) for all purposes whatsoever, and neither the Company nor the Rights Agent (subject to Section&nbsp;7(e)) will be affected by any notice to the contrary; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) notwithstanding anything to the contrary in this Agreement, neither the Company nor the Rights Agent will have any liability to any holder
of a Right (or a beneficial interest in a Right) or other Person as a result of the inability of the Company or the Rights Agent to perform any of their respective obligations pursuant to this Agreement by reason of any preliminary or permanent
injunction or other order, judgment, decree or ruling (whether interlocutory or final) issued by a court of competent jurisdiction or by a governmental, regulatory, self-regulatory or administrative agency or commission, or any statute, rule,
regulation or executive order promulgated or enacted by any governmental authority, prohibiting or otherwise restraining performance of such obligation, it being understood that the Company will use all reasonable efforts to have any such
injunction, order, judgment, decree or ruling lifted or otherwise overturned as promptly as practicable; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(e) Rights that are Beneficially
Owned by certain Persons will, under the circumstances set forth in Section&nbsp;7(e), become null and void; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(f) this Agreement may be
supplemented or amended from time to time in accordance with Section&nbsp;27. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;17. <I>Holder of Rights Certificate Not Deemed to be a Stockholder</I>. No
holder, as such, of any Rights Certificate will be entitled to vote or receive dividends or be deemed for any purpose to be the holder of the number of one <FONT STYLE="white-space:nowrap">one-thousandths</FONT> of a share of Preferred Stock or any
other securities of the Company that may at any time be issuable on the exercise or exchange of the Rights represented thereby, nor will anything contained herein or in any Rights Certificate be construed to confer upon the holder of any Rights
Certificate, as such, any of the rights of a stockholder of the Company or any right to vote for the election of directors or upon any matter submitted to stockholders at any meeting thereof, or to give or withhold consent to any corporate action,
or to receive notice of meetings or other actions affecting stockholders (except as specifically provided in Section&nbsp;25), or to receive dividends or subscription rights, or otherwise, until the Rights evidenced by such Rights Certificate have
been exercised or exchanged in accordance with the provisions hereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;18. <I>Concerning the Rights Agent</I>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) <I>Compensation; Reimbursement; Indemnification</I>. The Company agrees to pay to the Rights Agent reasonable compensation for all services
rendered by it hereunder and, from time to time, on demand by the Rights Agent, the reasonable and documented <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> expenses and counsel fees and other
disbursements incurred by the Rights Agent in connection with the preparation, negotiation, delivery, execution, amendment and administration of this Agreement and the exercise and performance of its duties hereunder, including any taxes or
governmental charges imposed on it as a result of any action taken by it pursuant to this Agreement (other than taxes and governmental charges on the fees payable to it). The Company also agrees to indemnify the Rights Agent for, and to hold it
harmless against, any loss, liability, damage, judgment, fine, penalty, claim, demand, settlement, cost or expense (including the reasonable and documented expenses and fees of its outside counsel) incurred without gross negligence, bad faith or
willful misconduct on the part of the Rights Agent (which gross negligence, bad faith or willful misconduct must be determined by a final, <FONT STYLE="white-space:nowrap">non-appealable</FONT> judgment of a court of competent jurisdiction) for any
action taken, suffered or omitted to be taken by the Rights Agent in connection with the execution, acceptance, administration, exercise and performance of its duties pursuant to this Agreement, including the costs and expenses of defending against
any claim of liability. The provisions of this Section&nbsp;18 and Section&nbsp;20 will survive the termination of this Agreement, the exercise, exchange or expiration of the Rights and the resignation, replacement or removal of the Rights Agent.
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) <I>Reliance by the Rights Agent</I>. The Rights Agent is authorized to rely conclusively on, and will be protected and incur no
liability for, or in respect of, any action taken, suffered or omitted to be taken by it in connection with its acceptance and administration of this Agreement, and the exercise and performance of its duties pursuant to this Agreement, in reliance
upon any (i)&nbsp;Rights Certificate; (ii)&nbsp;certificate (or registration on the transfer books of the Company, including, in the case of uncertificated shares, by notation in book entry accounts reflecting ownership) for Preferred Stock, Common
Stock or other securities of the Company issuable upon exercise of Rights; or (iii)&nbsp;instrument of assignment or transfer, power of attorney, endorsement, affidavit, letter, notice, direction, consent, certificate, statement or other paper or
document reasonably believed by it, in the absence of gross negligence, bad faith or willful misconduct (which </P>
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gross negligence, bad faith or willful misconduct must be determined by a final, <FONT STYLE="white-space:nowrap">non-appealable</FONT> judgment of a court of competent jurisdiction), to be
genuine and to be duly executed and, where necessary, verified or acknowledged, by the proper Person, or otherwise upon the advice of counsel as set forth in Section&nbsp;20. The Rights Agent will not be required to take notice, or be deemed to have
any knowledge, of any fact, event or determination of which it was supposed to receive notice hereunder (including any dates or events defined in this Agreement or the designation of any Person as an Acquiring Person or an Affiliate or Associate of
an Acquiring Person), and the Rights Agent will be fully protected and will incur no liability for failing to take action in connection therewith, unless and until it has received such notice in writing. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;19. <I>Merger, Consolidation or Change of Name of Rights Agent</I>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) <I>Merger or Consolidation of Rights Agent</I>. Any Person into which the Rights Agent or any successor Rights Agent may be merged or with
which it may effect a share exchange or be consolidated, or any Person resulting from any merger, share exchange or consolidation to which the Rights Agent or any successor Rights Agent is a party, or any Person succeeding to the corporate trust,
stock transfer or stockholder services business of the Rights Agent or any successor Rights Agent, will be the successor to the Rights Agent pursuant to this Agreement without the execution or filing of any paper or any further act on the part of
any of the Parties so long as such Person is eligible for appointment as a successor Rights Agent pursuant to the provisions of Section&nbsp;21. The purchase of all or substantially all of the Rights Agent&#146;s assets employed in the performance
of this Agreement, or transfer or rights agent services generally, will be deemed to be a merger, share exchange or consolidation for purposes of this Section&nbsp;19. If at the time that such successor Rights Agent succeeds to the agency created by
this Agreement any of the Rights Certificates have been countersigned but not delivered, then any such successor Rights Agent may adopt the countersignature of any predecessor Rights Agent and deliver such Rights Certificates so countersigned, and
if at that time any of the Rights Certificates have not been countersigned, then any successor Rights Agent may countersign such Rights Certificates either in the name of the predecessor Rights Agent or in the name of the successor Rights Agent. In
all such cases, such Rights Certificates will have the full force and effect provided in the Rights Certificates and in this Agreement. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) <I>Change of Name of Rights Agent</I>. If at any time the name of the Rights Agent is changed and at such time any of the Rights
Certificates have been countersigned but not delivered, then the Rights Agent may adopt the countersignature under its prior name and deliver such Rights Certificates so countersigned, and if at any time any of the Rights Certificates have not been
countersigned, then the Rights Agent may countersign such Rights Certificates either in its prior name or in its changed name. In all such cases, such Rights Certificates will have the full force and effect provided in the Rights Certificates and in
this Agreement. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;20. <I>Duties of Rights Agent</I>. The Rights Agent undertakes to perform only
the duties and obligations expressly imposed by this Agreement (and no implied duties or obligations) upon the following terms and conditions, all of which the Company and the holders of Rights Certificates by their acceptance thereof, will be
bound: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) <I>Consultation with Counsel</I>. Before the Rights Agent acts or refrains from acting, the Rights Agent may consult with legal
counsel that it selects (who may be legal counsel for the Company or an employee of the Rights Agent), and the advice or opinion of such counsel will be full and complete authorization and protection to the Rights Agent, and the Rights Agent will
incur no liability for or in respect of, any action taken, suffered or omitted to be taken by it in the absence of gross negligence, bad faith or willful misconduct (which gross negligence, bad faith or willful misconduct must be determined by a
final, <FONT STYLE="white-space:nowrap">non-appealable</FONT> judgment of a court of competent jurisdiction) in accordance with such advice or opinion. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) <I>Reliance on Certificate of the Company</I>. Whenever in the performance of its duties pursuant to this Agreement the Rights Agent deems
it necessary or desirable that any fact or matter (including the identity of any Acquiring Person and the determination of the Current Per Share Market Price of any security) be proved or established by the Company prior to taking, suffering or
omitting to take any action hereunder, such fact or matter (unless other evidence in respect thereof is specifically prescribed in this Agreement) may be deemed to be conclusively proved and established by a certificate signed by any one of the
Appropriate Officers and delivered to the Rights Agent, and such certificate will be full and complete authorization and protection to the Rights Agent, and the Rights Agent will incur no liability for or in respect of any action taken, suffered or
omitted to be taken in the absence of gross negligence, bad faith or willful misconduct (which gross negligence, bad faith or willful misconduct must be determined by a final, <FONT STYLE="white-space:nowrap">non-appealable</FONT> judgment of a
court of competent jurisdiction) by it pursuant to the provisions of this Agreement in reliance upon such certificate. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) <I>General
Limitation of Liability</I>. The Rights Agent will be liable hereunder to the Company and any other Person only for its and its directors&#146;, officers&#146;, employees&#146;, Affiliates&#146;, agents&#146;, advisors&#146; and
representatives&#146; own gross negligence, bad faith or willful misconduct (which gross negligence, bad faith or willful misconduct must be determined by a final, <FONT STYLE="white-space:nowrap">non-appealable</FONT> judgment of a court of
competent jurisdiction). In no event will the Rights Agent be liable for special, punitive, indirect, incidental or consequential loss or damage of any kind whatsoever (including lost profits), even if the Rights Agent has been advised of the
possibility or likelihood of such loss or damage. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) <I>No Liability for Certain Matters</I>. The Rights Agent will not be liable
hereunder for or by reason of any of the statements of fact or recitals contained in this Agreement, the Rights Certificates or any certificate (or registration on the transfer books of the Company, including, in the case of uncertificated shares,
by notation in book entry accounts reflecting ownership) for Preferred Stock, Common Stock or other securities of the Company issuable upon exercise of Rights, or be required to verify the same (except, in each case, its countersignature thereof, if
applicable), and all such statements and recitals are and will be deemed to have been made by the Company only. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(e) <I>No Responsibility for Certain Matters</I>. The Rights Agent will not (i)&nbsp;have
any liability for or be under any responsibility in respect of the validity of this Agreement or the execution and delivery hereof (except the due authorization, execution and delivery hereof by the Rights Agent) or in respect of the validity or
execution of any Rights Certificate (except its countersignature thereof) or any certificate (or registration on the transfer books of the Company, including, in the case of uncertificated shares, by notation in book entry accounts reflecting
ownership) for Preferred Stock, Common Stock or other securities of the Company issuable upon exercise of Rights (except, in each case, its countersignature thereof, if applicable); (ii)&nbsp;be responsible for any change in the exercisability or
exchangeability of Rights (including certain Rights becoming null and void pursuant to Section&nbsp;7(e)), except with respect to the exercise of Rights evidenced by Rights Certificates after notice of such change has been provided by the Company;
(iii)&nbsp;be responsible for any breach by the Company of any covenant or failure by the Company to satisfy any condition contained in this Agreement or any Rights Certificate; (iv)&nbsp;be responsible for (A)&nbsp;any adjustment or change required
pursuant to Section&nbsp;3, Section&nbsp;11, Section&nbsp;13, Section&nbsp;23 or Section&nbsp;24; (B)&nbsp;the manner, method or amount of any such adjustment or change; or (C)&nbsp;ascertaining the existence of facts that would require any such
adjustment or change (except with respect to the exercise of Rights evidenced by Rights Certificates after receipt by the Rights Agent of a certificate furnished pursuant to Section&nbsp;12 describing such adjustment or change); (v)&nbsp;be
responsible for any determination by the Board of the Current Per Share Market Price of any security pursuant to this Agreement; or (vi)&nbsp;by any act hereunder be deemed to make any representation or warranty as to the authorization or
reservation of any securities to be issued pursuant to this Agreement or any Rights Certificate or as to whether any such securities will, when issued, be duly and validly authorized and issued and fully paid and nonassessable. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(f) <I>Further Assurances</I>. The Company agrees that it will perform, execute, acknowledge and deliver, or cause to be performed, executed,
acknowledged and delivered, all such further and other acts, instruments and assurances as may reasonably be required by the Rights Agent for the carrying out or performing by the Rights Agent of its duties pursuant to this Agreement. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(g) <I>Acceptance of Instructions</I>. The Rights Agent is hereby authorized and directed to accept instructions with respect to the
performance of its duties hereunder from any of the Appropriate Officers, and it is authorized to apply to any such director or officer for advice or instructions in connection with its duties pursuant to this Agreement. Such advice and instructions
will be full and complete authorization and protection to the Rights Agent, and the Rights Agent will not be liable for or in respect of any action taken, suffered or omitted to be taken by it in accordance with the written advice or instructions of
any such director or officer or for any delay in acting while waiting for those instructions, in each case in the absence of its own gross negligence, bad faith or willful misconduct (which gross negligence, bad faith or willful misconduct must be
determined by a final, <FONT STYLE="white-space:nowrap">non-appealable</FONT> judgment of a court of competent jurisdiction). The Rights Agent will be fully and completely authorized and protected in relying on the latest-dated instructions received
from any such director or officer. Any application by the Rights Agent for written instructions from the Company may, at the option of the Rights Agent, set forth in writing any action proposed to be taken, suffered or omitted to be taken by the
Rights Agent pursuant to this Agreement and the date on or after which such action will be taken, suffered or omitted to be taken. The Rights Agent will not be liable for any action taken or suffered by, or omission of, the Rights Agent in
accordance with a proposal included in any such application on or after (but not including) the date specified in such </P>
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application (which date must not be less than 10 Business Days after, but not including, the date on which any such director or officer of the Company actually receives such application, unless
any such director or officer has consented in writing to an earlier date) unless, prior to taking or suffering any such action (or the effective date in the case of an omission), the Rights Agent has received, in response to such application,
written instructions with respect to the proposed action or omission specifying a different action to be taken, suffered or omitted to be taken. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(h) <I>Dealing in Securities of the Company</I>. The Rights Agent and any member, stockholder, director, officer, employee or Affiliate of the
Rights Agent (in each case, other than an Acquiring Person) may buy, sell or deal in any of the Rights or other securities of the Company or become pecuniarily interested in any transaction in which the Company may be interested, or contract with or
lend money to the Company or otherwise act as fully and freely as though it were not the Rights Agent pursuant to this Agreement. Nothing herein will preclude the Rights Agent or any such member, stockholder, director, officer, employee or Affiliate
from acting in any other capacity for the Company or for any other Person. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i) <I>Use of Agents</I>. The Rights Agent may execute and
exercise any of the rights or powers vested in it by this Agreement or perform any duty under this Agreement either itself (including through its directors, officers and employees) or by or through its attorneys or agents, and the Rights Agent will
not be answerable or accountable for any act, omission, default, neglect or misconduct of any such attorneys or agents or for any loss to the Company, to the holders of Rights or to any other Person resulting from any such act, omission, default,
neglect or misconduct in the absence of gross negligence, bad faith or willful misconduct in the selection and continued employment thereof (which gross negligence, bad faith or willful misconduct must be determined by a final, <FONT
STYLE="white-space:nowrap">non-appealable</FONT> judgment of a court of competent jurisdiction). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(j) <I>No Risk of Funds</I>. No provision
of this Agreement requires the Rights Agent to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder (other than costs and expenses incurred by the Rights Agent in providing
services to the Company in the ordinary course of its business as the Rights Agent) or in the exercise of its rights if it reasonably believes, after consultation with counsel, that repayment of such funds or adequate indemnification against such
risk or liability is not reasonably assured to it. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(k) <I>No Action with Respect to Certain Rights Certificates</I>. If, with respect to
any Rights Certificate surrendered to the Rights Agent for exercise or transfer, the certificate contained in the form of election to purchase or form of assignment, as the case may be, has either (i)&nbsp;not been properly completed or
(ii)&nbsp;indicates an affirmative response to clause (1)&nbsp;or clause (2)&nbsp;thereof, then the Rights Agent will not take any further action with respect to such requested exercise or transfer without first consulting with the Company. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(l) <I>Delivery of Rights Holder List</I>. From time to time after the Distribution Date, upon the written request of the Company, the Rights
Agent will promptly deliver to the Company a list, as of the most recent practicable date (or as of such earlier date as may be specified by the Company), of the record holders of Rights and Rights Certificates. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(m) <I>Responsibility for Information</I>. The Rights Agent will not be required to take
notice or be deemed to have notice of any fact, event or determination (including any dates or events defined in this Agreement or the designation of any Person as an Acquiring Person or an Affiliate or Associate of an Acquiring Person) pursuant to
this Agreement unless and until the Rights Agent is specifically notified in writing of such fact, event or determination by the Company or by receipt of a properly completed and duly executed Rights Certificate (and form of election to purchase or
form of assignment). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;21. <I>Change of Rights Agent</I>. The Rights Agent or any successor Rights Agent may resign and be
discharged from its duties pursuant to this Agreement upon 60 days&#146; written notice to the Company (or such lesser notice as is acceptable to the Company) and to each transfer agent of the Preferred Stock and the Common Stock (in the event that
the Rights Agent or one of its Affiliates is not also such transfer agent), delivered to the Company in accordance with Section&nbsp;26. In the event that any transfer agency relationship in effect between the Company and the Rights Agent or any of
its Affiliates terminates, the Rights Agent will be deemed to have automatically resigned, and be discharged from its duties pursuant to this Agreement, on the effective date of such termination, and the Company will be responsible for sending any
required notices. The Company may remove the Rights Agent or any successor Rights Agent, with or without cause, upon 30 days&#146; notice in writing to the Rights Agent or any successor Rights Agent, as the case may be, and to each transfer agent of
the Preferred Stock and the Common Stock (in the event that the Rights Agent or one of its Affiliates is not also such transfer agent), delivered to the Rights Agent in accordance with Section&nbsp;26. If the Rights Agent resigns or is removed or
otherwise becomes incapable of acting, then the resigning, removed or incapacitated Rights Agent must remit to the Company, or to any successor Rights Agent, all books, records, funds, certificates or other documents or instruments of any kind then
in its possession that were acquired by such resigning, removed or incapacitated Rights Agent in connection with its services as the Rights Agent. Following such removal, resignation or incapacity, the Company will appoint a successor to the Rights
Agent. If the Company fails to make such appointment within a period of 30 days after giving written notice of such removal or after it has been notified in writing of such resignation or incapacity by the resigning or incapacitated Rights Agent or
by the registered holder of a Rights Certificate (who must, together with such notice, submit such registered holder&#146;s Rights Certificate for inspection by the Company), then the Rights Agent or such registered holder or the incumbent Rights
Agent may apply, at the Company&#146;s expense, to a court of competent jurisdiction for the appointment of a new Rights Agent. Any successor Rights Agent, whether appointed by the Company or by such court, must be either (a)&nbsp;a Person
organized, in good standing and doing business pursuant to the laws of the United States or any state of the United States that is authorized pursuant to such laws to exercise corporate trust, stock transfer or stockholder services, is subject to
supervision or examination by federal or state authorities and has at the time of its appointment as Rights Agent a combined capital and surplus of at least $100,000,000 or (b)&nbsp;an Affiliate or direct or indirect wholly owned Subsidiary of such
Person. After appointment, the successor Rights Agent will be vested with the same powers, rights, duties and responsibilities as if it had been originally named as Rights Agent without further act or deed, and the predecessor Rights Agent must
deliver and transfer to the successor Rights Agent any property at the time held by it hereunder, and execute and deliver any further assurance, conveyance, act or deed necessary for such purpose. Not later than the effective date of any such
appointment, the </P>
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Company will file notice thereof in writing with the predecessor Rights Agent and each transfer agent of the Preferred Stock and the Common Stock (in the event that the Rights Agent or one of its
Affiliates is not also such transfer agent), and deliver such notice to the holders of Rights Certificates in accordance with Section&nbsp;26. Notwithstanding anything to the contrary in this Agreement, failure to give any notice provided for in
this Section&nbsp;21, or any defect therein, will not affect the legality or validity of the resignation or removal of the Rights Agent or the appointment of the successor Rights Agent, as the case may be. Upon appointment, any successor Rights
Agent will, unless the context requires otherwise, be deemed to be the Rights Agent for all purposes of this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;22.
<I>Issuance of New Rights Certificates</I>. Notwithstanding anything to the contrary in this Agreement or the Rights, the Company may, at its option, issue new Rights Certificates evidencing Rights in such form as may be approved by the Board to
reflect any adjustment or change in the Exercise Price and the number or kind or class of shares or other securities or property purchasable pursuant to the Rights Certificates made in accordance with the provisions of this Agreement. In addition,
in connection with the issuance or sale of shares of Common Stock following the Distribution Date and prior to the Expiration Date, the Company will, with respect to shares of Common Stock so issued or sold (including pursuant to the exercise of
stock options or pursuant to any employee benefit plan or arrangement or upon the exercise, conversion or exchange of other securities of the Company outstanding as of the Rights Dividend Declaration Date or upon the exercise, conversion or exchange
of securities issued by the Company after the Rights Dividend Declaration Date (except, in each case, as may otherwise be provided in the instruments governing such securities)), and may, in any other case, if deemed necessary or appropriate by the
Board, issue Rights Certificates representing the appropriate number of Rights in connection with such issuance or sale. However, (a)&nbsp;no such Rights Certificate will be issued if, and to the extent that, the Company is advised by counsel that
such issuance would create a significant risk of or result in material adverse tax consequences to the Company or the Person to whom such Rights Certificate would be issued or would create a significant risk of or result in such options or employee
plans or arrangements failing to qualify for otherwise available special tax treatment; (b)&nbsp;no such Rights Certificate will be issued if, and to the extent that, appropriate adjustment will otherwise have been made in lieu of the issuance
thereof; and (c)&nbsp;the Company will have no obligation to distribute Rights Certificates to any Acquiring Person, Affiliate or Associate of an Acquiring Person, Post-Event Transferee, <FONT STYLE="white-space:nowrap">Pre-Event</FONT> Transferee,
Subsequent Transferee or any nominee of any of the foregoing. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;23. <I>Redemption</I>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) <I>Right to Redeem</I>. The Board may, at its option, at any time prior to the earlier of (i)&nbsp;the Distribution Date or (ii)&nbsp;the
Close of Business on the Final Expiration Date, redeem all but not less than all of the then outstanding Rights at a redemption price of $0.001 per Right, as such amount may be appropriately adjusted to reflect any stock split, stock dividend,
recapitalization or similar transaction occurring after the Rights Dividend Declaration Date (such redemption price, the &#147;<B>Redemption Price</B>&#148;). Notwithstanding anything to the contrary in this Agreement, the Rights will not be
exercisable after the first occurrence of a Section&nbsp;11(a)(ii) Event until such time as the Company&#146;s right of redemption pursuant to this Section&nbsp;23 has expired. The Company may, at its
</P>
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option, pay the Redemption Price in Common Stock (based on the Current Per Share Market Price of Common Stock at the time of redemption), cash or any other form of consideration deemed
appropriate by the Board, in its sole discretion, to be at least equivalent to the Redemption Price. Such redemption of the Rights by the Board may be made effective at such time, on such basis and with such conditions as the Board in its sole
discretion may establish. The date on which the Board elects to make the redemption effective is referred to as the &#147;<B>Redemption Date</B>.&#148; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) <I>General Redemption Procedures</I>. Immediately upon the action of the Board ordering the redemption of the Rights (or at such later time
as the Board may establish for the effectiveness of such redemption), evidence of which will have been filed with the Rights Agent, and without any further action and without any notice, the right to exercise the Rights will terminate and the only
right thereafter of the holders of Rights will be to receive the Redemption Price for each Right so held. The Company will promptly give public notice of any such redemption (with prompt written notice thereof also provided to the Rights Agent).
Promptly after the action of the Board ordering the redemption of the Rights, the Company will give, or cause to be given, notice of such redemption to the holders of Rights Certificates in accordance with Section&nbsp;26, with any notice that is so
provided deemed to be given whether or not the holder receives the notice. Each such notice of redemption must state the method by which the payment of the Redemption Price is to be made. The failure to give, or any defect in, any notice required by
this Section&nbsp;23 will not affect the legality or validity of the action taken by the Board or of the redemption. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) <I>Discharge of
Obligations</I>. Notwithstanding anything to the contrary in this Agreement, in the event of a redemption pursuant to Section&nbsp;23(a), the Company may, at its option, discharge all of its obligations with respect to the Rights by (i)&nbsp;issuing
a press release or making a publicly-available filing with the SEC announcing the manner of redemption of the Rights and (ii)&nbsp;mailing payment of the Redemption Price to the holders of Rights at the addresses of such holders as shown on the
transfer books of the Rights Agent or, prior to the Distribution Date, on the transfer books of the Company or the transfer agent for the Common Stock, and upon such action, all outstanding Rights Certificates will be null and void without any
further action by the Company. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) <I>Prohibited Purchases</I>. Notwithstanding anything to the contrary in this Agreement, neither the
Company nor any of its Affiliates or Associates may redeem, acquire or purchase for value any Rights at any time in any manner other than as specifically set forth in this Section&nbsp;23 or in Section&nbsp;24, or other than in connection with the
purchase or repurchase of shares of Common Stock prior to the Distribution Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;24. <I>Exchange</I>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) <I>Exchange of Common Stock for Rights</I>. The Board may, at its option, at any time after any Person becomes an Acquiring Person,
exchange all or part of the then outstanding and exercisable Rights (which will not include Rights that have become null and void pursuant to the provisions of Section&nbsp;7(e)) for Common Stock at an exchange ratio of one share of Common Stock per
Right, appropriately adjusted to reflect any stock split, stock dividend, recapitalization or similar transaction occurring after the Rights Dividend Declaration Date (such exchange ratio, the &#147;<B>Exchange Ratio</B>,&#148; and such
determination by the Board to effect such exchange, an &#147;<B>Exchange </B> </P>
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<B>Determination</B>&#148;). Notwithstanding the foregoing, the Board is not empowered to effect an Exchange Determination at any time after any Person (other than any Exempt Person), together
with all Affiliates and Associates of such Person, becomes the Beneficial Owner of 50&nbsp;percent or more of the shares of Common Stock then outstanding. Notwithstanding the foregoing, from and after the occurrence of a Section&nbsp;13 Event, any
Rights that have not previously been exchanged pursuant to this Section&nbsp;24(a) will thereafter be exercisable only in accordance with Section&nbsp;13 and may not be exchanged (or eligible for exchange) pursuant to this Section&nbsp;24(a). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) <I>Exchange Procedures</I>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(i) <I>Manner of Effecting Exchange</I>. Immediately following an Exchange Determination and without any further action or notice, the right
to exercise the then outstanding Rights (other than Rights that have become null and void pursuant to the provisions of Section&nbsp;7(e)) will terminate and the only right thereafter of a holder of such Rights is to receive that number of shares
equal to the number of such Rights held by such holder multiplied by the Exchange Ratio. The Company will promptly give public notice of any such exchange (with prompt written notice thereof also provided to the Rights Agent), and thereafter will
promptly give, or cause to be given, notice of such exchange to the holders of the then outstanding Rights (other than Rights that have become null and void pursuant to the provisions of Section&nbsp;7(e)) by mailing such notice, in accordance with
Section&nbsp;26, with any notice that is so provided deemed to be given whether or not the holder receives the notice. Each such notice of exchange must state the method by which the exchange of shares of Common Stock for Rights is to be effected
(including the actions that must be taken by the holders of Rights to receive shares of Common Stock in exchange for Rights) and, in the event of any partial exchange, the number of Rights that are to be exchanged. Any partial exchange will be
effected pro rata based on the number of Rights (other than Rights that have become null and void pursuant to the provisions of Section&nbsp;7(e)) held by each holder of Rights. Following an Exchange Determination, the Company may implement such
procedures as it deems appropriate, in its sole discretion, to minimize the possibility that any shares of Common Stock (or other consideration) issuable pursuant to this Section&nbsp;24 are received by Persons whose Rights are null and void
pursuant to Section&nbsp;7(e). Prior to effecting any exchange, the Company may require, or cause the trustee of the Trust to require, as a condition thereof, that any registered holder of Rights provide such evidence (including the identity of the
Beneficial Owner (or former Beneficial Owner) thereof and the Affiliates or Associates of such Beneficial Owner or former Beneficial Owner) as the Company may reasonably request in order to determine if such Rights are null and void pursuant to
Section&nbsp;7(e). If such registered holder does not comply with the foregoing requirements, then the Company will be entitled to conclusively deem such Rights to be Beneficially Owned by an Acquiring Person (or an Affiliate or Associate of an
Acquiring Person, a Post-Event Transferee, a <FONT STYLE="white-space:nowrap">Pre-Event</FONT> Transferee, a Subsequent Transferee or any nominee of any of the foregoing) and, accordingly, such Rights will be null and void and not exchangeable in
connection herewith. Any shares of Common Stock (or other securities) issued at the direction of the Board in connection with an Exchange Determination will be duly and validly authorized and issued and fully paid and nonassessable, and the Company
will be deemed to have received as consideration for such issuance a benefit having a value that is at least equal to the aggregate par value of the Common Stock (or other securities) so issued. The failure to give, or any defect in, any notice
required by this Section&nbsp;24 will not affect the legality or validity of the action taken by the Board or of such exchange. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(ii) <I>Use of Trust</I>. The exchange of the Rights pursuant to Section&nbsp;24(a) may be
made effective at such time, on such basis and with such conditions as the Board, in its sole discretion, may establish. Without limiting the foregoing, prior to effecting an exchange pursuant to Section&nbsp;24(a), the Board may direct the Company
to enter into a trust agreement in such form and with such terms as the Board approves (the &#147;<B>Trust Agreement</B>&#148;). If the Board so directs, then the Company must enter into the Trust Agreement and must issue to the trust created by
such agreement (the &#147;<B>Trust</B>&#148;) all of the Common Stock (or other consideration) issuable pursuant to the exchange (or any portion thereof that has not previously been issued in connection with the exchange). From and after the time at
which such Common Stock (or other consideration) are issued to the Trust, all stockholders then entitled to receive Common Stock (or other consideration) pursuant to the exchange will be entitled to receive such shares or consideration (and any
dividends or distributions made thereon after the date on which such shares or consideration are deposited into the Trust) only from the Trust and solely upon compliance with the relevant terms and provisions of the Trust Agreement. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) <I>Insufficient Shares</I>. In the event that there are not sufficient shares of Common Stock issued but not outstanding or authorized but
unissued to permit any exchange of Rights as contemplated in accordance with Section&nbsp;24(a), then the Company will either take such action as may be necessary to authorize additional shares of Common Stock for issuance upon exchange of the
Rights or alternatively, at the option of the Board, with respect to each Right (i)&nbsp;pay cash in an amount equal to the Current Exchange Value in lieu of issuing shares of Common Stock in exchange therefor; (ii)&nbsp;issue debt or equity
securities (or a combination thereof) having a value equal to the Current Exchange Value in lieu of issuing shares of Common Stock in exchange for each such Right, where the value of such securities will be determined by the Board based upon the
advice of a nationally recognized investment banking firm selected by the Board, which determination will be described in a written statement filed with the Rights Agent and will be binding on the Rights Agent and the holders of Rights; or
(iii)&nbsp;deliver any combination of cash, property, Common Stock, Preferred Stock, Equivalent Preferred Stock or other securities having a value equal to the Current Exchange Value in exchange for each Right. To the extent that the Company
determines that some action need be taken pursuant to this Section&nbsp;24(c), then the Board may temporarily suspend the exercisability of the Rights for a period of up to 120 days following the date on which the Exchange Determination has occurred
in order to seek any authorization of additional shares of Common Stock or to decide the appropriate form of distribution to be made pursuant to the above provision and to determine the value thereof. Upon any such suspension, the Company will issue
a public announcement stating, and notify the Rights Agent in writing, that the exercisability of the Rights has been temporarily suspended, as well as issue a public announcement, and notify the Rights Agent in writing, at such time as the
suspension is no longer in effect. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) <I>Cash in Lieu of Fractional Shares of Common Stock</I>. In connection with an Exchange
Determination, the Company will not be required to issue fractions of shares of Common Stock or to distribute certificates that evidence fractional shares of Common Stock. In lieu of such fractional shares of Common Stock, the Company may pay to the
registered holders of Rights Certificates with regard to which such fractional shares of Common Stock would otherwise be issuable an amount in cash equal to the same fraction of the Current Per Share Market Price of a share of Common Stock,
calculated as of the Trading Day immediately prior to the date of the Exchange Determination. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;25. <I>Notice of Certain
Events</I>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) <I>Certain Distributions</I>. If the Company proposes, at any time after the Distribution Date, to (i)&nbsp;declare or pay
any dividend payable in stock of any class to the holders of Preferred Stock or to make any other distribution to the holders of Preferred Stock (other than a regular quarterly or periodic cash dividend out of earnings or retained earnings of the
Company); (ii)&nbsp;offer to the holders of Preferred Stock rights or warrants to subscribe for or to purchase any additional Preferred Stock or shares of stock of any class or any other securities, rights or options; (iii)&nbsp;effect any
reclassification of the Preferred Stock (other than a reclassification involving only the subdivision of outstanding Preferred Stock); (iv)&nbsp;effect any share exchange, consolidation or merger into or with any other Person (other than a wholly
owned Subsidiary of the Company in a transaction that complies with Section&nbsp;11(m)); (v)&nbsp;effect any sale or other transfer (or permit one or more of its Subsidiaries to effect any sale or other transfer), in one transaction or a series of
related transactions, of more than 50&nbsp;percent of the assets, cash flow or earning power of the Company and its Subsidiaries (taken as a whole) to any other Person; (vi)&nbsp;effect the liquidation, dissolution or winding up of the Company;
(vii)&nbsp;declare or pay any dividend on the Common Stock payable in shares of Common Stock; or (viii)&nbsp;effect a subdivision, combination or consolidation of the Common Stock (by reclassification or otherwise than by payment of dividends in
shares of Common Stock), then, in each such case, the Company will give written notice of such proposed action to the Rights Agent and the holders of Rights Certificates in accordance with Section&nbsp;26, which notice must specify the record date
for the purposes of such stock dividend, distribution of rights or warrants, or the date on which such subdivision, combination, reclassification, share exchange, consolidation, merger, sale, transfer, liquidation, dissolution or winding up is to
take place and the date of participation therein by the holders of Preferred Stock or Common Stock, if any such date is to be fixed, and such notice must be so given in the case of any action covered by clause&nbsp;(i) or&nbsp;(ii) above at least 10
Business Days prior to but not including the record date for determining holders of Preferred Stock for purposes of such action, and in the case of any such other action, at least 10 Business Days prior to but not including the date of the taking of
such proposed action or the date of participation therein by the holders of Preferred Stock or Common Stock, whichever is earlier. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b)
<I>Certain Events</I>. If any Triggering Event has occurred, then (i)&nbsp;the Company will as soon as practicable thereafter give, or cause to be given, to the Rights Agent and each holder of Rights Certificates a notice in accordance with
Section&nbsp;26 of the occurrence of such Triggering Event, which notice must specify the event and the consequences of the event to holders of Rights pursuant to Section&nbsp;11(a)(ii) or Section&nbsp;13; and (ii)&nbsp;all references in this
Section&nbsp;25 to Preferred Stock will thereafter be deemed to be references to Common Stock or, if appropriate, other securities. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;26. <I>Notices</I>. Notices or demands authorized by this Agreement to be given
or made by the Rights Agent or by the holder of any Rights Certificate (or, prior to the Distribution Date, of any share of Common Stock) to or on the Company will be sufficiently given or made if in writing and sent by a recognized national
overnight delivery service or first-class mail, postage prepaid, addressed (in each case, until another address is filed in writing with the Rights Agent by the Company) as follows: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Woodward, Inc. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">1081 Woodward Way
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Fort Collins, Colorado 80524 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Attention: A. Christopher Fawzy </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman"><FONT
STYLE="white-space:nowrap">E-mail:</FONT> &nbsp;&nbsp;&nbsp;&nbsp;Chris.Fawzy@woodward.com </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">with a copy (which will not constitute notice)
to: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Wilson Sonsini Goodrich&nbsp;&amp; Rosati </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Professional Corporation </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">650
Page Mill Road </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Palo Alto, CA 94304-1050 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Attention: Larry W. Sonsini </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Martin W. Korman </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bradley L. Finkelstein </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Douglas K. Schnell </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">E-mail:</FONT> LSonsini@wsgr.com </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;MKorman@wsgr.com </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;BFinkelstein@wsgr.com </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;DSchnell@wsgr.com </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Subject to the provisions of Section&nbsp;21, any notice or demand authorized by this Agreement to be given or made by the Company or by the
holder of any Rights Certificate (or, prior to the Distribution Date, of any Common Stock) to or on the Rights Agent will be sufficiently given or made if in writing and sent by a recognized national overnight delivery service or first-class mail,
postage prepaid, addressed (in each case, until another address is filed in writing with the Company by the Rights Agent) as follows: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">American Stock Transfer&nbsp;&amp; Trust Company, LLC </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">6201 15th Avenue </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Brooklyn, NY
11219 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Attention: Relationship Management </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Notices or demands authorized by this Agreement to be given or made by the Company or the Rights Agent to the holders of Rights or Rights
Certificates (or, if prior to the Distribution Date, to the holders of Common Stock) will be sufficiently given or made if in writing and sent by a recognized national overnight delivery service or first-class mail, postage prepaid, addressed to
such </P>
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holder at the address of such holder as shown on the transfer books of the Rights Agent or the Company or the transfer agent for the Common Stock. Any notice that is sent or mailed in the manner
herein provided will be deemed given whether or not the holder receives the notice. Notwithstanding anything to the contrary in this Agreement, prior to the Distribution Date, the issuance of a press release or the making of a publicly-available
filing by the Company with the SEC will constitute sufficient notice by the Rights Agent or the Company to the holders of securities of the Company, including the Rights, for all purposes of this Agreement and no other notice need be given. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;27. <I>Supplements and Amendments</I>. Prior to the occurrence of a Distribution Date, the Company may in its sole discretion
supplement or amend this Agreement in any respect without the approval of any holders of Rights Certificates, Preferred Stock or Common Stock, and the Rights Agent must, if the Company so directs, execute such supplement or amendment. From and after
the occurrence of a Distribution Date, the Company and the Rights Agent may from time to time supplement or amend this Agreement without the approval of any holders of Rights Certificates in order to (i)&nbsp;cure any ambiguity; (ii)&nbsp;correct or
supplement any provision contained herein that may be defective or inconsistent with any other provisions herein or otherwise defective, including any change in order to satisfy any applicable law, rule or regulation; (iii)&nbsp;shorten or lengthen
any time period hereunder; or (iv)&nbsp;change or supplement the provisions hereunder in any manner that the Company may deem necessary or desirable and that does not adversely affect the interests of the Rights Agent or the holders of Rights (other
than an Acquiring Person, an Affiliate or Associate of an Acquiring Person, a Post-Event Transferee, a <FONT STYLE="white-space:nowrap">Pre-Event</FONT> Transferee, a Subsequent Transferee or any nominee of any of the foregoing), including extending
the Final Expiration Date. However, this Agreement may not be supplemented or amended to lengthen, pursuant to clause (iii)&nbsp;of the previous sentence, a time period relating to when the Rights may be redeemed at a time when the Rights are not
then redeemable, it being understood that that the right of the Board to extend the Distribution Date does not require any amendment or supplement hereunder. Upon the delivery of a certificate from an Appropriate Officer that states that the
proposed supplement or amendment is in compliance with the terms of this Section&nbsp;27, the Rights Agent must execute such supplement or amendment; <I>provided</I>, <I>however</I>, that any supplement or amendment that does not amend
Section&nbsp;18, Section&nbsp;19, Section&nbsp;20 or Section&nbsp;21 or this Section&nbsp;27 or any other Section of this Agreement in a manner that is adverse to the Rights Agent will become effective immediately upon execution by the Company,
whether or not also executed by the Rights Agent. Notwithstanding anything to the contrary in this Agreement, the Rights Agent may, but will not be required to, execute any such supplement or amendment that adversely affects its rights, duties,
obligations or immunities pursuant to this Agreement. Prior to the Distribution Date, the interests of the holders of Rights and Rights Certificates will be deemed to be coincident with the interests of the holders of Common Stock. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;28. <I>Successors</I>. All the covenants and provisions of this Agreement by or for the benefit of the Company or the Rights
Agent will bind and inure to the benefit of their respective successors and assigns hereunder. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-47- </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;29. <I>Determinations and Actions by the Board</I>. The Board (or an authorized
committee thereof) has the exclusive power and authority to administer this Agreement and to exercise all rights and powers specifically granted to the Board or the Company pursuant to this Agreement, or as may be necessary or advisable in the
administration of this Agreement, including the right and power to (a)&nbsp;interpret the provisions of this Agreement and (b)&nbsp;make all determinations deemed necessary or advisable for the administration of this Agreement (including a
determination as to whether to redeem the Rights or to amend or supplement this Agreement). All such actions, calculations, interpretations and determinations (including, for purposes of clause (ii)&nbsp;below, all omissions with respect to the
foregoing) that are done or made by the Board (or an authorized committee thereof) in good faith will (i)&nbsp;be final, conclusive and binding on the Company, the Rights Agent, the holders of Rights Certificates and all other Persons; and
(ii)&nbsp;not subject the Board (or an authorized committee thereof) or any of the directors serving on the Board to any liability to any Person, including the Rights Agent and the holders of Rights Certificates. In administering this Agreement and
exercising the rights and powers specifically granted to the Board and to the Company hereunder, and in interpreting this Agreement and making any determination hereunder, the Board (or an authorized committee thereof) may consider any and all
facts, circumstances or information that it deems to be necessary, useful or appropriate. The Rights Agent is always entitled to assume that the Board acted in good faith and will be fully protected and incur no liability in reliance thereon. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;30. <I>Benefits of this Agreement</I>. Nothing in this Agreement may be construed to give to any Person other than the Company,
the Rights Agent and the registered holders of Rights Certificates (and, prior to the Distribution Date, the registered holders of shares of Common Stock) any legal or equitable right, remedy or claim pursuant to this Agreement. This Agreement is
for the sole and exclusive benefit of the Company, the Rights Agent and the registered holders of Rights Certificates (and, prior to the Distribution Date, the registered holders of shares of Common Stock). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;31. <I>Severability</I>. If any term, provision, covenant or restriction of this Agreement is held by a court of competent
jurisdiction or other authority to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Agreement will remain in full force and effect and will in no way be affected, impaired or invalidated.
Notwithstanding anything to the contrary in this Agreement, if any such term, provision, covenant or restriction is held by such court or authority to be invalid, void or unenforceable and the Board determines in its good faith judgment that
severing the invalid language from this Agreement would adversely affect the purpose or effect of this Agreement, then the right of redemption set forth in Section&nbsp;23 will be reinstated and will not expire until the Close of Business on the
10th Business Day following the date of such determination by the Board. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;32. <I>Governing Law; Exclusive Jurisdiction</I>.
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) <I>Governing Law</I>. This Agreement and each Right and Rights Certificate issued hereunder will be deemed to be a contract made
pursuant to the laws of the State of Delaware and for all purposes will be governed by and construed in accordance with the laws of the State of Delaware applicable to contracts made and to be performed entirely within the State of Delaware. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-48- </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) <I>Exclusive Jurisdiction</I>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(i) The Company and the registered holders of Rights Certificates (and, prior to the Distribution Date, the registered holders of Common
Stock) each hereby irrevocably submits to the exclusive jurisdiction of the Court of Chancery of the State of Delaware, or, if such court lacks subject matter jurisdiction, the United States District Court for the District of Delaware, over any
suit, action or proceeding arising out of or relating to or concerning this Agreement. The Company and the registered holders of Rights Certificates (and, prior to the Distribution Date, the registered holders of Common Stock) each acknowledge that
the forum designated by this Section&nbsp;32(b)(i) has a reasonable relation to this Agreement and to such Persons&#146; relationship with one another. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(ii) The Company and the registered holders of Rights Certificates (and, prior to the Distribution Date, the registered holders of Common
Stock) each hereby waive, to the fullest extent permitted by applicable law, any objection that they now or hereafter have to personal jurisdiction or to the laying of venue of any such suit, action or proceeding brought in any court referred to in
Section&nbsp;32(b)(i) (or the appellate courts thereof). The Company and the registered holders of Rights Certificates (and, prior to the Distribution Date, the registered holders of Common Stock) each undertake not to commence any action subject to
this Agreement in any forum other than the forum described in Section&nbsp;32(b)(i). The Company and the registered holders of Rights Certificates (and, prior to the Distribution Date, the registered holders of Common Stock) each hereby agree that,
to the fullest extent permitted by applicable law, a final and <FONT STYLE="white-space:nowrap">non-appealable</FONT> judgment in any such suit, action or proceeding brought in any such court will be conclusive and binding upon such Persons. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;33. <I>Counterparts</I>. This Agreement and any supplements or amendments to this Agreement may be executed in any number of
counterparts and each such counterpart will for all purposes be deemed to be an original, and all such counterparts will together constitute one and the same instrument, it being understood that all parties need not sign the same counterpart. A
signature to this Agreement transmitted electronically (including by fax and .pdf) will have the same authority, effect and enforceability as an original signature. No Party may raise the use of such electronic transmission to deliver a signature,
or the fact that any signature or agreement or instrument was transmitted or communicated through such electronic transmission, as a defense to the formation of a contract, and each Party forever waives any such defense, except to the extent such
defense relates to lack of authenticity. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;34. <I>Interpretation</I>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) <I>References to this Agreement</I>. Unless otherwise indicated, when a reference is made in this Agreement to an Article, Section,
Schedule or Exhibit, that reference is to an Article, Section, Schedule or Exhibit to this Agreement, as applicable. All Exhibits attached to this Agreement or referred to in this Agreement are incorporated in and made a part of this Agreement. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) <I>Hereof, Including, etc</I>. When used in this Agreement, (i)&nbsp;the words
&#147;hereof,&#148; &#147;herein&#148; and &#147;herewith&#148; and words of similar import will, unless otherwise stated, be construed to refer to this Agreement as a whole and not to any particular provision of this Agreement; and (ii)&nbsp;the
words &#147;include,&#148; &#147;includes&#148; and &#147;including&#148; will be deemed in each case to be followed by the words &#147;without limitation.&#148; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) <I>Neither, etc</I>. Unless the context otherwise requires, &#147;neither,&#148; &#147;nor,&#148; &#147;any,&#148; &#147;either&#148; and
&#147;or&#148; are not exclusive. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) <I>Extent</I>. The word &#147;extent&#148; in the phrase &#147;to the extent&#148; means the degree
to which a subject or other thing extends, and does not simply mean &#147;if.&#148; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(e) <I>Dollars</I>. When used in this Agreement,
references to &#147;$&#148; or &#147;Dollars&#148; are references to U.S. dollars. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(f) <I>Defined Terms</I>. All terms defined in this
Agreement will have the same defined meanings when used in any certificate or other document made or delivered pursuant to this Agreement unless otherwise defined in such certificate or document. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(g) <I>Gender and Number</I>. The meaning assigned to each capitalized term defined and used in this Agreement is equally applicable to both
the singular and the plural forms of such term, and words denoting any gender include all genders. Where a word or phrase is defined in this Agreement, each of its other grammatical forms has a corresponding meaning. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(h) <I>References to Parties</I>. When reference is made to any party to this Agreement or any other agreement or document, such reference
includes that party&#146;s successors and permitted assigns. References to any Person include the successors and permitted assigns of that Person. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i) <I>Legislation; Contracts</I>. A reference to any specific legislation or to any provision of any legislation includes any amendment to,
and any modification, <FONT STYLE="white-space:nowrap">re-enactment</FONT> or successor thereof, any legislative provision substituted therefor and all rules, regulations and statutory instruments issued thereunder or pursuant thereto. References to
any agreement or contract shall be to that agreement or contract as amended, modified or supplemented from time to time. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(j)
<I>Headings</I>. The table of contents and headings set forth in this Agreement are for convenience of reference purposes only and will not affect or be deemed to affect in any way the meaning or interpretation of this Agreement or any term or
provision of this Agreement. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(k) <I>Calculation of Time Periods</I>. Unless otherwise indicated, (i)&nbsp;when calculating the period of
time before which, within which or following which any act is to be done or step taken pursuant to this Agreement, the date that is the reference date in calculating such period will be excluded; (ii)&nbsp;if the last day of such period is not a
Business Day, then the period in question will end on the next Business Day; (iii)&nbsp;the measure of a period of one month or year for purposes of this Agreement will be the day of the following month or year corresponding to the starting date;
and (iv)&nbsp;if no corresponding date exists, then the end date of such period being measured will be the next actual day of the following month or year (for example, one month following February&nbsp;18 is March&nbsp;18 and one month following
March&nbsp;31 is May 1). References to &#147;from&#148; or &#147;through&#148; any date mean, unless otherwise specified, from and including or through and including such date, respectively. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(l) <I>Summaries</I>. No summary of this Agreement or any Exhibit, Schedule or other
document delivered with this Agreement will affect the meaning or interpretation of this Agreement or such Exhibit, Schedule or document. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(m) <I>Calculation of Outstanding Shares</I>. For all purposes of this Agreement, any calculation of the number of shares of Common Stock
outstanding at any particular time, including for purposes of determining the particular percentage of the outstanding shares of Common Stock of which any Person is the Beneficial Owner, will include the number of shares of Common Stock not
outstanding at the time of such calculation that such Person is otherwise deemed to Beneficially Own for purposes of this Agreement, but the number of shares of Common Stock not outstanding that such Person, together with all Affiliates and
Associates of such Person, is otherwise deemed to Beneficially Own for purposes of this Agreement will not be deemed to be outstanding for the purpose of computing the percentage of outstanding shares of Common Stock that are Beneficially Owned by
any other Person (unless such other Person is also otherwise deemed to Beneficially Own for purposes of this Agreement such shares of Common Stock not outstanding). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;35. <I>Costs of Enforcement</I>. The Company agrees with each registered holder of Rights Certificates (and, prior to the
Distribution Date, the registered holders of shares of Common Stock) that if the Company or any other Person the securities of which are purchasable upon exercise of the Rights fails to fulfill any of its obligations pursuant to this Agreement, then
the Company or such Person must reimburse any registered holder of Rights Certificates for the costs and expenses (including legal fees) incurred by such holder in any action to enforce such holder&#146;s rights pursuant to any Right or this
Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;36. <I>Force Majeure</I>. Notwithstanding anything to the contrary in this Agreement, the Rights Agent will not
be liable for any delays or failures in performance resulting from acts beyond its reasonable control, including fires, floods, natural disasters, acts of God, terrorist acts, shortage of supply, legal restrictions, breakdowns or malfunctions,
interruptions or malfunction of computer facilities, or loss of data due to power failures or mechanical difficulties with information storage or retrieval systems, labor difficulties, war or civil unrest. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;37. <I>USA PATRIOT</I> <I>Act</I>. The Company acknowledges that the Rights Agent is subject to the customer identification
program requirements pursuant to the USA PATRIOT Act and its implementing regulations, and that the Rights Agent must obtain, verify and record information that allows the Rights Agent to identify the Company. Accordingly, prior to accepting an
appointment hereunder, the Rights Agent has received information from the Company that will help the Rights Agent to identify the Company, including the Company&#146;s physical address, tax identification number, organizational documents,
certificate of good standing, license to do business or such other information that the Rights Agent deems necessary and, pending verification of such received information, the Rights Agent may request additional such information. The Company agrees
to provide all reasonably requested information necessary for the Rights Agent to verify the Company&#146;s identity in accordance with such customer identification program requirements. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-51- </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[<I>Signature page follows</I>.] </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The parties are signing this Agreement on the date stated in the introductory clause. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top" COLSPAN="3"><B>WOODWARD, INC.</B></TD></TR>
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<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Thomas A. Gendron</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name: Thomas A. Gendron</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:&nbsp;&nbsp; Chairman, Chief Executive Officer and President</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>AMERICAN STOCK TRANSFER&nbsp;&amp; TRUST COMPANY, LLC</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
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<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Michael Legregin</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name: Michael Legregin</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title: SVP, Attorney Advisory Group</TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[Signature Page to Rights
Agreement] </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit A </B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>FORM OF </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CERTIFICATE OF
DESIGNATION OF RIGHTS, PREFERENCES AND PRIVILEGES </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>OF SERIES B PARTICIPATING PREFERRED STOCK OF </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>WOODWARD, INC. </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Pursuant to
Section&nbsp;151 of the </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">General Corporation Law of the State of Delaware </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Woodward, Inc., a corporation organized and existing under the General Corporation Law of the State of Delaware (the
&#147;<B>Corporation</B>&#148;), in accordance with the provisions of Section&nbsp;103 thereof, does hereby certify: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">That pursuant to the
authority conferred upon the Board of Directors of the Corporation (the &#147;<B>Board</B>&#148;) by the Restated Certificate of Incorporation of the Corporation, as amended (the &#147;<B>Charter</B>&#148;), effective April&nbsp;5, 2020, the Board
adopted the following resolutions creating a series of preferred stock, par value $0.003 per share (&#147;<B>Preferred Stock</B>&#148;), of the Corporation designated as Series B Participating Preferred Stock: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>RESOLVED</B>: That pursuant to the authority vested in the Board by the Charter, the Board does hereby provide for the issuance of a series
of Preferred Stock of the Corporation and does hereby fix and herein state and express the designations, powers, preferences and relative and other special rights, and the qualifications, limitations and restrictions, of such series of Preferred
Stock as follows: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;1. <I>Designation and Amount</I>. The shares of such series shall be designated as &#147;<B>Series B
Participating Preferred Stock</B>.&#148; The Series B Participating Preferred Stock shall have a par value of $0.003 per share, and the number of shares constituting such series shall be 75,000. Such number of shares may be increased or decreased by
resolution of the Board; <I>provided</I>, <I>however</I>, that no decrease shall reduce the number of shares of Series B Participating Preferred Stock to a number less than the number of shares then outstanding plus the number of shares reserved for
issuance upon the exercise of outstanding options, rights or warrants or upon the exercise of any options, rights or warrants issuable upon conversion of any outstanding securities issued by the Corporation convertible into Series B Participating
Preferred Stock. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;2. <I>Proportional Adjustment</I>. In the event that the Corporation shall at any time after the issuance
of any share or shares of Series B Participating Preferred Stock (the &#147;<B>Rights Declaration Date</B>&#148;) (a)&nbsp;declare any dividend on the common stock of the Corporation, par value $0.001455 per share (the &#147;<B>Common
Stock</B>&#148;), payable in shares of Common Stock, (b)&nbsp;subdivide the outstanding Common Stock or (c)&nbsp;combine the outstanding Common Stock into a smaller number of shares, then in each such case the Corporation shall simultaneously effect
a proportional adjustment to the number of outstanding shares of Series B Participating Preferred Stock by an amount the numerator of which is the number of shares of Common Stock outstanding immediately after such event and the denominator of which
is the number of shares of Common Stock that were outstanding immediately prior to such event. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3. <I>Dividends and Distributions</I>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) Subject to Section&nbsp;2 and to the prior and superior rights of the holders of any other shares of any series of Preferred Stock ranking
prior and superior to the shares of Series B Participating Preferred Stock with respect to dividends, the holders of shares of Series B Participating Preferred Stock shall be entitled to receive, when, as and if declared by the Board out of funds
legally available for the purpose, quarterly dividends payable in cash on the last day of March, June, September and December in each year (each such date being referred to herein as a &#147;<B>Quarterly Dividend Payment Date</B>&#148;), commencing
on the first Quarterly Dividend Payment Date after the first issuance of a share or fraction of a share of Series B Participating Preferred Stock, in an amount per share (rounded to the nearest cent) equal to the greater of (i)&nbsp;$1.00 and
(ii)&nbsp;subject to Section&nbsp;2, 1,000 times the aggregate per share amount of all cash dividends, and 1,000 times the aggregate per share amount (payable in kind) of all <FONT STYLE="white-space:nowrap">non-cash</FONT> dividends or other
distributions other than a dividend payable in shares of Common Stock or a subdivision of the outstanding shares of Common Stock (by reclassification or otherwise), declared on the Common Stock since the immediately preceding Quarterly Dividend
Payment Date, or, with respect to the first Quarterly Dividend Payment Date, since the first issuance of any share or fraction of a share of Series B Participating Preferred Stock. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) The Corporation shall declare a dividend or distribution on the Series B Participating Preferred Stock as provided in paragraph&nbsp;(a)
above immediately after it declares a dividend or distribution on the Common Stock (other than a dividend payable in shares of Common Stock); <I>provided</I>, <I>however</I>, that, in the event that no dividend or distribution shall have been
declared on the Common Stock during the period between any Quarterly Dividend Payment Date and the next subsequent Quarterly Dividend Payment Date, a dividend of $1.00 per share on the Series B Participating Preferred Stock shall nevertheless be
payable on such subsequent Quarterly Dividend Payment Date. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) Dividends shall begin to accrue and be cumulative on outstanding shares of
Series B Participating Preferred Stock from the Quarterly Dividend Payment Date next preceding the date of issue of such shares of Series B Participating Preferred Stock, unless the date of issue of such shares is prior to the record date for the
first Quarterly Dividend Payment Date, in which case dividends on such shares shall begin to accrue from the date of issue of such shares, or unless the date of issue is a Quarterly Dividend Payment Date or is a date after the record date for the
determination of holders of shares of Series B Participating Preferred Stock entitled to receive a quarterly dividend and before such Quarterly Dividend Payment Date, in either of which events such dividends shall begin to accrue and be cumulative
from such Quarterly Dividend Payment Date. Accrued but unpaid dividends shall not bear interest. Dividends paid on the shares of Series B Participating Preferred Stock in an amount less than the total amount of such dividends at the time accrued and
payable on such shares shall be allocated pro rata on a <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">share-by-share</FONT></FONT> basis among all such shares at the time outstanding. The Board may fix a record date for the
determination of holders of shares of Series B Participating Preferred Stock entitled to receive payment of a dividend or distribution declared thereon, which record date shall be no more than 60 days prior to the date fixed for the payment thereof.
</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;4. <I>Voting Rights</I>. The holders of shares of Series B Participating
Preferred Stock shall have the following voting rights: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) Subject to the provision for adjustment hereinafter set forth, each share of
Series B Participating Preferred Stock shall entitle the holder thereof to 1,000 votes on all matters submitted to a vote of the stockholders of the Corporation. In the event that the Corporation shall at any time after the Rights Declaration Date
(i)&nbsp;declare any dividend on Common Stock payable in shares of Common Stock, (ii)&nbsp;subdivide the outstanding Common Stock or (iii)&nbsp;combine the outstanding Common Stock into a smaller number of shares, then in each such case the number
of votes per share to which holders of shares of Series B Participating Preferred Stock were entitled immediately prior to such event shall be adjusted by multiplying such number by a fraction the numerator of which is the number of shares of Common
Stock outstanding immediately after such event and the denominator of which is the number of shares of Common Stock that were outstanding immediately prior to such event. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) Except as otherwise provided herein, in any other Certificate of Designation creating a series of Preferred Stock or any similar stock, the
Charter or the Amended and Restated Bylaws of the Corporation (the &#147;<B>Bylaws</B>&#148;), or by law, the holders of shares of Series B Participating Preferred Stock and the holders of shares of Common Stock shall vote together as one class on
all matters submitted to a vote of stockholders of the Corporation. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) Except as set forth herein or as required by law, the holders of
Series B Participating Preferred Stock shall have no special voting rights and their consent shall not be required (except to the extent that holders of Series B Participating Preferred Stock are entitled to vote with holders of Common Stock as set
forth herein) for taking any corporate action. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d)&nbsp;(i) If at any time dividends on any Series B Participating Preferred Stock shall
be in arrears in an amount equal to six quarterly dividends thereon, then the occurrence of such contingency shall mark the beginning of a period (herein called a &#147;<B>default period</B>&#148;) that shall extend until such time as all accrued
and unpaid dividends for all previous quarterly dividend periods and for the current quarterly dividend period on all shares of Series B Participating Preferred Stock then outstanding shall have been declared and paid or set apart for payment.
During each default period, all holders of Preferred Stock (including holders of Series B Participating Preferred Stock) with dividends in arrears (the &#147;<B>Affected Preferred Stock</B>&#148;) in an amount equal to six quarterly dividends
thereon, voting as a class, irrespective of series, shall have the right to elect two directors. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(ii) During any default period, such
voting right of the holders of Series B Participating Preferred Stock may be exercised initially at a special meeting called pursuant to subparagraph&nbsp;(iii) of this Section&nbsp;4(d) or at any annual meeting of stockholders, and thereafter at
annual meetings of stockholders; <I>provided</I>, <I>however</I>, that such voting right shall not be exercised unless the holders of at least <FONT STYLE="white-space:nowrap">one-third</FONT> of the voting power of the shares of the Affected
Preferred </P>
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Stock outstanding shall be present in person or by proxy. The absence of a quorum of the holders of Common Stock shall not affect the exercise by the holders of the Affected Preferred Stock of
such voting right. At any meeting at which the holders of the Affected Preferred Stock shall exercise such voting right initially during an existing default period, they shall have the right, voting as a class, to elect directors to fill such
vacancies, if any, in the Board as may then exist up to two directors or, if such right is exercised at an annual meeting of stockholders, to elect two directors. If the number that may be so elected at any special meeting does not amount to the
required number, the holders of the Affected Preferred Stock shall have the right to make such increase in the number of directors as shall be necessary to permit the election by them of the required number and any such newly created directorships
shall be apportioned among the classes of directors in accordance with Section C.(2) of Article Seventh of the Charter. After the holders of the Affected Preferred Stock shall have exercised their right to elect directors in any default period and
during the continuance of such period, the number of directors shall not be increased or decreased except by vote of the holders of the Affected Preferred Stock as herein provided or pursuant to the rights of any equity securities ranking senior to
or pari passu with the Series B Participating Preferred Stock. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(iii) Unless the holders of the Affected Preferred Stock shall, during an
existing default period, have previously exercised their right to elect directors, the Board or the Chairman of the Board may order, or any stockholder or stockholders owning in the aggregate not less than
<FONT STYLE="white-space:nowrap">two-thirds</FONT> of the total voting power of the shares of the Affected Preferred Stock outstanding, irrespective of series, may request, the calling of a special meeting of the holders of Preferred Stock, which
meeting shall thereupon be called by the Secretary of the Corporation. Notice of such meeting and of any annual meeting at which holders of the Affected Preferred Stock are entitled to vote pursuant to this paragraph&nbsp;(d)(iii) shall be given to
each holder of record of the Affected Preferred Stock by electronic transmission or by mailing a copy of such notice to such holder at such holder&#146;s last address as the same appears on the books of the Corporation. Such meeting shall be called
for a time not earlier than 20 days and not later than 60 days after such order or request, or in default of the calling of such meeting within 60 days after such order or request, such meeting may be called on similar notice by any stockholder or
stockholders owning in the aggregate not less than 10&nbsp;percent of the total number of shares of the Affected Preferred Stock outstanding. Notwithstanding the provisions of this paragraph&nbsp;(d)(iii), no such special meeting shall be called
during the period within 60 days immediately preceding the date fixed for the next annual meeting of the stockholders. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(iv) In any
default period, the holders of Common Stock and other classes of stock of the Corporation, if applicable, shall continue to be entitled to elect the whole number of directors until the holders of the Affected Preferred Stock shall have exercised
their right to elect two directors voting as a class, after the exercise of which right (A)&nbsp;the directors so elected by the holders of the Affected Preferred Stock shall continue in office until their successors shall have been elected by such
holders or until the expiration of the default period, and (B)&nbsp;any vacancy in the Board may (except as provided in subparagraph&nbsp;(ii) of this Section&nbsp;4(d)) be filled by vote of a majority of the remaining directors theretofore elected
by the holders of the class of stock that elected the director whose office shall have become vacant. References in this Section&nbsp;4(d) to directors elected by the holders of a particular class of stock shall include directors elected by such
directors to fill vacancies as provided in clause&nbsp;(B) of the foregoing sentence. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(v) Immediately upon the expiration of a default period, (A)&nbsp;the right of the holders
of any shares of Series B Participating Preferred Stock, voting as a class, to elect directors shall cease, (B)&nbsp;the term of any directors elected by the holders of the Affected Preferred Stock as a class shall terminate and (C)&nbsp;the number
of directors shall be such number as may be provided for in the Charter or the Bylaws irrespective of any increase made pursuant to the provisions of subparagraph&nbsp;(ii) of this Section&nbsp;4(d) (such number being subject, however, to change
thereafter in any manner provided by law or in the Charter or Bylaws). Any vacancies in the Board effected by the provisions of clauses&nbsp;(B) and&nbsp;(C) in the preceding sentence may be filled by a majority of the remaining directors. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;5. <I>Certain Restrictions</I>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) The Corporation shall not declare any dividend on, make any distribution on, or redeem or purchase or otherwise acquire for consideration
any shares of Common Stock after the first issuance of a share or fraction of a share of Series B Participating Preferred Stock unless concurrently therewith it shall declare a dividend on the Series B Participating Preferred Stock as required by
Section&nbsp;3 hereof. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) Whenever quarterly dividends or other dividends or distributions payable on the Series B Participating
Preferred Stock as provided in Section&nbsp;3 hereof are in arrears, thereafter and until all accrued and unpaid dividends and distributions, whether or not declared, on shares of Series B Participating Preferred Stock outstanding shall have been
paid in full, the Corporation shall not: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(i) declare or pay dividends on, make any other distributions on, or redeem or purchase or
otherwise acquire for consideration any shares of stock ranking junior (either as to dividends or upon liquidation, dissolution or winding up) to the Series B Participating Preferred Stock; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(ii) declare or pay dividends, or make any other distributions, on any shares of stock ranking on a parity (either as to dividends or upon
liquidation, dissolution or winding up) with the Series B Participating Preferred Stock, except dividends paid ratably on the Series B Participating Preferred Stock and all such parity stock on which dividends are payable or in arrears in proportion
to the total amounts to which the holders of all such shares are then entitled; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(iii) redeem or purchase or otherwise acquire for
consideration shares of any stock ranking on a parity (either as to dividends or upon liquidation, dissolution or winding up) with the Series B Participating Preferred Stock; <I>provided</I>, <I>however</I>, that the Corporation may at any time
redeem, purchase or otherwise acquire shares of any such parity stock in exchange for shares of any stock of the Corporation ranking junior (either as to dividends or upon dissolution, liquidation or winding up) to the Series B Participating
Preferred Stock; or </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(iv) redeem or purchase or otherwise acquire for consideration any shares of Series B
Participating Preferred Stock, or any shares of stock ranking on a parity with the Series B Participating Preferred Stock, except in accordance with a purchase offer made in writing or by publication (as determined by the Board) to all holders of
such shares upon such terms as the Board, after consideration of the respective annual dividend rates and other relative rights and preferences of the respective series and classes, shall determine in good faith will result in fair and equitable
treatment among the respective series or classes. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) The Corporation shall not permit any subsidiary of the Corporation to purchase or
otherwise acquire for consideration any shares of stock of the Corporation unless the Corporation could, pursuant to paragraph&nbsp;(a) of this Section&nbsp;5, purchase or otherwise acquire such shares at such time and in such manner. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;6. <I>Reacquired Shares of Preferred Stock</I>. Any shares of Series B Participating Preferred Stock purchased or otherwise
acquired by the Corporation in any manner whatsoever shall be retired and cancelled promptly after the acquisition thereof. All such shares shall upon their cancellation become authorized but unissued shares of Preferred Stock and may be reissued as
part of a new series of Preferred Stock to be created by resolution or resolutions of the Board, subject to the conditions and restrictions on issuance set forth herein, in the Charter or in any other Certificate of Designation creating a series of
Preferred Stock or any similar stock or as otherwise required by law. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;7. <I>Liquidation, Dissolution or Winding Up</I>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) Upon any liquidation (voluntary or otherwise), dissolution or winding up of the Corporation, no distribution shall be made to the holders
of shares of stock ranking junior (either as to dividends or upon liquidation, dissolution or winding up) to the Series B Participating Preferred Stock unless, prior thereto, the holders of shares of Series B Participating Preferred Stock shall have
received an amount equal to $1,000 per share of Series B Participating Preferred Stock, plus an amount equal to accrued and unpaid dividends and distributions thereon, whether or not declared, to the date of such payment (the &#147;<B>Series B
Liquidation Preference</B>&#148;). Following the payment of the full amount of the Series B Liquidation Preference, no additional distributions shall be made to the holders of shares of Series B Participating Preferred Stock unless, prior thereto,
the holders of shares of Common Stock shall have received an amount per share (the &#147;<B>Common Adjustment</B>&#148;) equal to the quotient obtained by dividing (i)&nbsp;the Series B Liquidation Preference by (ii)&nbsp;1,000 (as appropriately
adjusted to reflect events such as stock splits, stock dividends and recapitalizations with respect to the Common Stock) (such number in clause&nbsp;(ii), the &#147;<B>Adjustment Number</B>&#148;). Following the payment of the full amount of the
Series B Liquidation Preference and the Common Adjustment in respect of all outstanding shares of Series B Participating Preferred Stock and Common Stock, respectively, holders of Series B Participating Preferred Stock and holders of shares of
Common Stock shall receive their ratable and proportionate share of the remaining assets to be distributed in the ratio of the Adjustment Number to one with respect to such Preferred Stock and Common Stock, on a per share basis, respectively. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) In the event, however, that there are not sufficient assets available to permit payment
in full of the Series B Liquidation Preference and the liquidation preferences of all other series of Preferred Stock, if any, that rank on a parity with the Series B Participating Preferred Stock, then such remaining assets shall be distributed
ratably to the holders of such parity shares in proportion to their respective liquidation preferences. In the event, however, that there are not sufficient assets available to permit payment in full of the Common Adjustment, then such remaining
assets shall be distributed ratably to the holders of Common Stock. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) In the event that the Corporation shall at any time after the
Rights Declaration Date (i)&nbsp;declare any dividend on the Common Stock payable in shares of Common Stock, (ii)&nbsp;subdivide the outstanding Common Stock or (iii)&nbsp;combine the outstanding Common Stock into a smaller number of shares, then in
each such case the Corporation shall simultaneously effect a proportional adjustment to the Adjustment Number in effect immediately prior to such event by an amount the numerator of which is the number of shares of Common Stock outstanding
immediately after such event and the denominator of which is the number of shares of Common Stock that were outstanding immediately prior to such event. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;8. <I>Consolidation, Merger, etc</I>. In the event that the Corporation shall enter into any consolidation, merger, combination,
conversion, share exchange or other transaction in which the shares of Common Stock are exchanged for or changed into other stock, securities, cash and/or any other property (payable in kind), then in any such case the shares of Series B
Participating Preferred Stock shall at the same time be similarly exchanged or changed in an amount per share (subject to Section&nbsp;2) equal to 1,000 times the aggregate amount of stock, securities, cash and/or any other property (payable in
kind), as the case may be, into which or for which each share of Common Stock is changed or exchanged. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;9. <I>No
Redemption</I>. The shares of Series B Participating Preferred Stock shall not be redeemable. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;10. <I>Ranking</I>. The Series
B Participating Preferred Stock shall rank junior to all other series of the Preferred Stock as to the payment of dividends and the distribution of assets, unless the terms of any such series shall provide otherwise. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;11. <I>Amendment</I>. At any time when any shares of Series B Participating Preferred Stock are outstanding, neither the Charter
nor this Certificate of Designation shall be amended in any manner that would materially alter or change the powers, preferences or special rights of the Series B Participating Preferred Stock so as to affect them adversely without the affirmative
vote of the holders of at least <FONT STYLE="white-space:nowrap">two-thirds</FONT> of the outstanding shares of Series B Participating Preferred Stock, voting separately as a class. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;12. <I>Fractional Shares of Preferred Stock</I>. Series B Participating Preferred Stock may be issued in fractions of a share
that shall entitle the holder, in proportion to such holder&#146;s fractional shares, to exercise voting rights, receive dividends, participate in distributions and to have the benefit of all other rights of holders of Series B Participating
Preferred Stock. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; * </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-7 </P>

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<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">IN WITNESS WHEREOF, the undersigned has executed this Certificate as of the [&#9679;] day of
[month], 2020. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


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<TD WIDTH="92%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>WOODWARD, INC.</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name: </TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:</TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-8 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>EXHIBIT B </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>FORM OF </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>RIGHTS
CERTIFICATE </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="35%"></TD>

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<TD WIDTH="32%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Certificate No. <FONT STYLE="white-space:nowrap">R-[&#9679;]</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">[&#9679;]&nbsp;Rights</TD></TR>
</TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; margin-right:4%; font-size:10pt; font-family:Times New Roman">NOT EXERCISABLE AFTER APRIL&nbsp;5, 2021 OR SUCH EARLIER DATE AS THE RIGHTS ARE REDEEMED,
EXCHANGED OR TERMINATED. THE RIGHTS ARE SUBJECT TO REDEMPTION, AT THE OPTION OF THE COMPANY (AS DEFINED BELOW), AT $0.001 PER RIGHT, AND EXCHANGE, IN EACH CASE PURSUANT TO THE TERMS SET FORTH IN THE RIGHTS AGREEMENT (AS DEFINED BELOW). UNDER CERTAIN
CIRCUMSTANCES, RIGHTS BENEFICIALLY OWNED BY AN ACQUIRING PERSON OR AN AFFILIATE OR ASSOCIATE OF AN ACQUIRING PERSON (AS SUCH TERMS ARE DEFINED IN THE RIGHTS AGREEMENT) AND ANY SUBSEQUENT HOLDER OF SUCH RIGHTS MAY BECOME NULL AND VOID. [THE RIGHTS
REPRESENTED BY THIS RIGHTS CERTIFICATE ARE OR WERE BENEFICIALLY OWNED BY A PERSON WHO WAS OR BECAME AN ACQUIRING PERSON OR AN AFFILIATE OR ASSOCIATE OF AN ACQUIRING PERSON. ACCORDINGLY, THIS RIGHTS CERTIFICATE AND THE RIGHTS REPRESENTED HEREBY MAY
BECOME NULL AND VOID IN THE CIRCUMSTANCES SPECIFIED IN SECTION 7(e) OF THE RIGHTS AGREEMENT.]<SUP STYLE="font-size:85%; vertical-align:top">1</SUP> </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>RIGHTS CERTIFICATE </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>WOODWARD, INC. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This
certifies that <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, or registered assigns, is the registered owner of the
number of Rights set forth above, each of which entitles the owner thereof, subject to the terms, provisions and conditions of the Rights Agreement, dated as of April&nbsp;5, 2020 (the &#147;<B>Rights Agreement</B>&#148;), between Woodward, Inc., a
Delaware corporation (the &#147;<B>Company</B>&#148;), and American Stock Transfer&nbsp;&amp; Trust Company, LLC a New York limited liability trust company (the &#147;<B>Rights Agent</B>,&#148; which term shall include any successor Rights Agent
pursuant to the Rights Agreement), to purchase from the Company at any time after the Distribution Date (as such term is defined in the Rights Agreement) and prior to the Expiration Date (as such term is defined in the Rights Agreement) at the
office of the Rights Agent designated for such purpose, or at the office of its successor as Rights Agent, one <FONT STYLE="white-space:nowrap">one-thousandth</FONT> of a fully paid and nonassessable share of Series B Participating Preferred Stock,
par value $0.003 per share (the &#147;<B>Preferred Stock</B>&#148;), of the Company, at an exercise price of $480.00 per one <FONT STYLE="white-space:nowrap">one-thousandth</FONT> of a share of Preferred Stock (the &#147;<B>Exercise
Price</B>&#148;), upon presentation and surrender of this Rights Certificate with the Form of Election to Purchase and related Certificate duly executed. The number of Rights evidenced by this Rights </P>
<P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">1</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The portion of the legend in brackets is to be inserted only if applicable and will replace the preceding
sentence. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">B-1 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
Certificate (and the number of one <FONT STYLE="white-space:nowrap">one-thousandths</FONT> of a share of Preferred Stock that may be purchased upon exercise hereof) set forth above, and the
Exercise Price per share set forth above, are the number and Exercise Price as of April&nbsp;5, 2020 based on the Preferred Stock as constituted at such date. As provided in the Rights Agreement, the Exercise Price and the number and kind of
Preferred Stock or other securities that may be purchased upon the exercise of the Rights evidenced by this Rights Certificate are subject to modification and adjustment upon the occurrence of certain events. The Company reserves the right to
require prior to the occurrence of a Triggering Event (as such term is defined in the Rights Agreement) that a number of Rights be exercised so that only whole shares of Preferred Stock will be issued. Capitalized terms used in this Rights
Certificate without definition shall have the meanings ascribed to them in the Rights Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Upon the occurrence of a
Section&nbsp;11(a)(ii) Event, if the Rights evidenced by this Rights Certificate are beneficially owned by an Acquiring Person, an Affiliate or Associate of an Acquiring Person, a Post-Event Transferee, a
<FONT STYLE="white-space:nowrap">Pre-Event</FONT> Transferee, a Subsequent Transferee or any nominee of any of the foregoing, such Rights shall become null and void and no holder hereof shall have any right with respect to such Rights from and after
the occurrence of such Section&nbsp;11(a)(ii) Event. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Rights Certificate is subject to all of the terms, provisions and conditions of
the Rights Agreement, which terms, provisions and conditions are hereby incorporated herein by reference and made a part hereof and to which Rights Agreement reference is hereby made for a full description of the rights, limitations of rights,
obligations, duties and immunities hereunder of the Rights Agent, the Company and the holders of the Rights Certificates, which limitations of rights include the temporary suspension of the exercisability of such Rights under the specific
circumstances set forth in the Rights Agreement. Copies of the Rights Agreement are on file at the principal executive offices of the Company and the above-mentioned office of the Rights Agent and are available without cost upon written request.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Subject to the provisions of the Rights Agreement, the Rights evidenced by this Rights Certificate may be redeemed by the Company, at its
option, at a redemption price of $0.001 per Right at any time prior to the earlier of (i)&nbsp;the Distribution Date or (ii)&nbsp;the Close of Business on the Final Expiration Date. In addition, under certain circumstances after any Person becomes
an Acquiring Person, the Rights may be exchanged, in whole or in part, for Common Stock, or cash other securities of the Company having essentially the same value or economic rights as such shares. Immediately upon the action of the Board
authorizing any such exchange, and without any further action or any notice, the Rights (other than Rights that are not subject to such exchange) will terminate and the Rights will only enable holders to receive the Common Stock (or cash or other
securities or assets of the Company) issuable upon such exchange. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Rights Certificate, with or without other Rights Certificates,
upon surrender at the office of the Rights Agent designated for such purpose, may be exchanged for another Rights Certificate or Rights Certificates of like tenor and date evidencing Rights entitling the holder to purchase a like number of one <FONT
STYLE="white-space:nowrap">one-thousandths</FONT> of a share of Preferred Stock as the Rights evidenced by the Rights Certificate or Rights Certificates surrendered shall have entitled such holder to purchase. If this Rights Certificate is exercised
in part, then the holder will be entitled to receive upon surrender hereof another Rights Certificate or Rights Certificates for the number of whole Rights not exercised. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">B-2 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">No fractions of shares of Preferred Stock (other than fractions that are integral multiples
of one <FONT STYLE="white-space:nowrap">one-thousandth</FONT> of a share of Preferred Stock, which may, at the election of the Company, be evidenced by depositary receipts) will be issued upon the exercise of any Right or Rights evidenced hereby. In
lieu thereof, a cash payment will be made as provided in the Rights Agreement. The Company, at its election, may require that a number of Rights be exercised so that only whole shares of Preferred Stock would be issued. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">No holder of this Rights Certificate, as such, shall be entitled to vote or receive dividends or be deemed for any purpose the holder of the
number of one <FONT STYLE="white-space:nowrap">one-thousandths</FONT> of a share of Preferred Stock or any other securities of the Company that may at any time be issuable on the exercise or exchange hereof, nor shall anything contained in herein or
in the Rights Agreement be construed to confer upon the holder hereof, as such, any of the rights of a stockholder of the Company or any right to vote for the election of directors or upon any matter submitted to stockholders at any meeting thereof,
or to give or withhold consent to any corporate action, or to receive notice of meetings or other actions affecting stockholders (except as specifically provided in the Rights Agreement), or to receive dividends or subscription rights, or otherwise,
until the Right or Rights evidenced by this Rights Certificate shall have been exercised or exchange in accordance with the Rights Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Rights Certificate shall not be valid or obligatory for any purpose until it shall have been countersigned by the Rights Agent. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">B-3 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WITNESS the facsimile signature of the proper officers of the Company and its corporate
seal. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dated as of <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>,
20[&#9679;]. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom"></TD>
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<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="3%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="43%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">ATTEST:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3"><B>WOODWARD, INC.</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Countersigned: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>AMERICAN
STOCK TRANSFER</B><B></B><B>&nbsp;&amp; TRUST COMPANY, LLC</B>, </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">as Rights Agent </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>

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<TD WIDTH="3%"></TD>

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<TD WIDTH="42%"></TD>

<TD VALIGN="bottom"></TD>
<TD WIDTH="4%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="4%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="43%"></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">B-4 </P>

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<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>[Form of Reverse Side of Rights Certificate] </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>FORM OF ASSIGNMENT </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(To be
executed by the registered holder if such </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">holder desires to transfer the Rights Certificate.) </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">FOR VALUE
RECEIVED<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> hereby sells, assigns and transfers unto </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(Please print name and address of
transferee) </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">this Rights Certificate, together with all right, title and interest therein, and does hereby irrevocably constitute and appoint
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> as
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">attorney-in-fact</FONT></FONT> to transfer the within Rights Certificate on the books of the Company, with full power of substitution. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dated: <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD WIDTH="100%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Signature</P></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Signature Medallion Guaranteed: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Signatures must be guaranteed by an &#147;Eligible Guarantor Institution&#148; (with membership in an approved signature guarantee medallion
program at a level acceptable to the Rights Agent) pursuant to <FONT STYLE="white-space:nowrap">Rule&nbsp;17Ad-15</FONT> of the Securities Exchange Act of 1934, as amended. All guarantees must be by a financial institution (such as a bank or broker)
that is a participant in the Securities Transfer Agents Medallion Program (STAMP), the Nasdaq Medallion Signature Program (MSP) or the Stock Exchanges Medallion Program (SEMP) and must not be dated. Guarantees by a notary public are not acceptable.
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">B-5 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CERTIFICATE </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The undersigned hereby certifies, for the benefit of the Company and all holders of Rights and Common Stock, by checking the appropriate boxes
that: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">the Right(s) evidenced by this Rights Certificate are not Beneficially Owned and </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">&#9744; are </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">&#9744; are not </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">being sold, assigned and transferred by or on behalf of a Person who is or was an Acquiring Person, an Affiliate or Associate of an Acquiring
Person, a Post-Event Transferee, a <FONT STYLE="white-space:nowrap">Pre-Event</FONT> Transferee, a Subsequent Transferee or any nominee of any of the foregoing; and </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">after due inquiry and to the best knowledge of the undersigned, it </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">&#9744; did </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">&#9744; did not </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">acquire the Rights evidenced by this Rights Certificate from any Person who is, was or subsequently became an Acquiring Person, an Affiliate or
Associate of an Acquiring Person, a Post-Event Transferee, a <FONT STYLE="white-space:nowrap">Pre-Event</FONT> Transferee, a Subsequent Transferee or any nominee of any of the foregoing. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dated: <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="100%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Signature</P></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Signature Medallion Guaranteed: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Signatures must be guaranteed by an &#147;Eligible Guarantor Institution&#148; (with membership in an approved signature guarantee medallion
program at a level acceptable to the Rights Agent) pursuant to <FONT STYLE="white-space:nowrap">Rule&nbsp;17Ad-15</FONT> of the Securities Exchange Act of 1934, as amended. All guarantees must be by a financial institution (such as a bank or broker)
that is a participant in the Securities Transfer Agents Medallion Program (STAMP), the Nasdaq Medallion Signature Program (MSP) or the Stock Exchanges Medallion Program (SEMP) and must not be dated. Guarantees by a notary public are not acceptable.
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">B-6 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>[Form of Reverse Side of Rights Certificate &#150; continued] </B></P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>FORM OF ELECTION TO PURCHASE </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(To be executed if holder desires to exercise </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Rights represented by the Rights Certificate.) </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">To: Woodward, Inc. (the &#147;Company&#148;) </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The undersigned hereby irrevocably elects to exercise
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> Rights represented by this Rights Certificate to purchase the number of
one <FONT STYLE="white-space:nowrap">one-thousandths</FONT> of a share of Preferred Stock (or such other securities of the Company or of any other Person that may be issuable upon the exercise of the Rights) issuable upon the exercise of such Rights
and requests that certificates for such shares be issued in the name of and delivered to: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Please insert social security or other identifying number:
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</U> </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(Please print name and address) </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If such number
of Rights shall not be all of the Rights evidenced by this Rights Certificate, a new Rights Certificate for the balance remaining of such Rights shall be registered in the name of and delivered to: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Please insert social security or other identifying number:
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</U> </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(Please print name and address) </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dated:
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="100%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Signature</P></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Signature Medallion Guaranteed: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Signatures must be guaranteed by an &#147;Eligible Guarantor Institution&#148; (with membership in an approved signature guarantee medallion
program at a level acceptable to the Rights Agent) pursuant to <FONT STYLE="white-space:nowrap">Rule&nbsp;17Ad-15</FONT> of the Securities Exchange Act of 1934, as amended. All guarantees must be by a financial institution (such as a bank or broker)
that is a participant in the Securities Transfer Agents Medallion Program (STAMP), the Nasdaq Medallion Signature Program (MSP) or the Stock Exchanges Medallion Program (SEMP) and must not be dated. Guarantees by a notary public are not acceptable.
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">B-7 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CERTIFICATE </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The undersigned hereby certifies, for the benefit of the Company and all holders of Rights and Common Stock, by checking the appropriate boxes
that: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">the Right(s) evidenced by this Rights Certificate are not Beneficially Owned and </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">&#9744; are </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">&#9744; are not </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">being sold, assigned and transferred by or on behalf of a Person who is or was an Acquiring Person, an Affiliate or Associate of an Acquiring
Person, a Post-Event Transferee, a <FONT STYLE="white-space:nowrap">Pre-Event</FONT> Transferee, a Subsequent Transferee or any nominee of any of the foregoing; and </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">after due inquiry and to the best knowledge of the undersigned, it </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">&#9744; did </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">&#9744; did not </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">acquire the Rights evidenced by this Rights Certificate from any Person who is, was or subsequently became an Acquiring Person, an Affiliate or
Associate of an Acquiring Person, a Post-Event Transferee, a <FONT STYLE="white-space:nowrap">Pre-Event</FONT> Transferee, a Subsequent Transferee or any nominee of any of the foregoing. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dated:
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="100%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Signature</P></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Signature Medallion Guaranteed: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Signatures must be guaranteed by an &#147;Eligible Guarantor Institution&#148; (with membership in an approved signature guarantee medallion
program at a level acceptable to the Rights Agent) pursuant to <FONT STYLE="white-space:nowrap">Rule&nbsp;17Ad-15</FONT> of the Securities Exchange Act of 1934, as amended. All guarantees must be by a financial institution (such as a bank or broker)
that is a participant in the Securities Transfer Agents Medallion Program (STAMP), the Nasdaq Medallion Signature Program (MSP) or the Stock Exchanges Medallion Program (SEMP) and must not be dated. Guarantees by a notary public are not acceptable.
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">B-8 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
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<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>[Form of Reverse Side of Rights Certificate &#150; continued] </B></P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>NOTICE </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The signature in the foregoing Forms of Assignment and Election to Purchase, as the case may be, must conform to the name as written upon the
face of this Rights Certificate in every particular, without alteration or enlargement or any change whatsoever. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>IN THE EVENT THAT THE
CERTIFICATIONS SET FORTH IN THE FOREGOING FORMS OF ASSIGNMENT AND ELECTION TO PURCHASE, AS THE CASE MAY BE, ARE NOT COMPLETED, THEN THE COMPANY AND THE RIGHTS AGENT WILL DEEM THE BENEFICIAL OWNER OF THE RIGHTS EVIDENCED BY THIS RIGHT CERTIFICATE TO
BE AN ACQUIRING PERSON, AN AFFILIATE OR ASSOCIATE OF AN ACQUIRING PERSON, A POST-EVENT TRANSFEREE, A <FONT STYLE="white-space:nowrap">PRE-EVENT</FONT> TRANSFEREE, A SUBSEQUENT TRANSFEREE OR ANY NOMINEE OF ANY OF THE FOREGOING, AS THE CASE MAY BE,
AND SUCH ASSIGNMENT OR ELECTION TO PURCHASE WILL NOT BE HONORED AND THE RIGHTS EVIDENCED BY THIS RIGHTS CERTIFICATE WILL BE DEEMED TO BE NULL AND VOID. </B></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">B-9 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>EXHIBIT C </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>FORM OF </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SUMMARY OF
RIGHTS </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SUMMARY OF </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>PREFERRED STOCK RIGHTS AGREEMENT </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>OF </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>WOODWARD, INC.
</B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Effective April&nbsp;5, 2020, the Board of Directors (the &#147;<B>Board</B>&#148;) of Woodward, Inc. (the
&#147;<B>Company</B>&#148;) authorized and declared a dividend distribution of one right (a &#147;<B>Right</B>&#148;) for each outstanding share of common stock, par value $0.001455 per share (the &#147;<B>Common Stock</B>&#148;), of the Company to
stockholders of record as of the close of business on April&nbsp;16, 2020 (the &#147;<B>Record Date</B>&#148;). Each Right entitles the registered holder to purchase from the Company one <FONT STYLE="white-space:nowrap">one-thousandth</FONT> of a
share of Series B Participating Preferred Stock, par value $0.003 per share (the &#147;<B>Preferred Stock</B>&#148;), of the Company at an exercise price of $480.00 (the &#147;<B>Exercise Price</B>&#148;), subject to adjustment. The complete terms
of the Rights are set forth in a Preferred Stock Rights Agreement (the &#147;<B>Rights Agreement</B>&#148;), dated as of April&nbsp;5, 2020, between the Company and American Stock Transfer&nbsp;&amp; Trust Company, LLC, as rights agent. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Board adopted the Rights Agreement to protect stockholders from coercive or otherwise unfair takeover tactics. In general terms, it works
by imposing a significant penalty upon any person or group that acquires 15&nbsp;percent or more of the shares of Common Stock without the approval of the Board. As a result, the overall effect of the Rights Agreement and the issuance of the Rights
may be to render more difficult or discourage a merger, tender or exchange offer or other business combination involving the Company that is not approved by the Board. However, neither the Rights Agreement nor the Rights should interfere with any
merger, tender or exchange offer or other business combination approved by the Board. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For those interested in the specific terms of the
Rights Agreement, the following is a summary description. Please note, however, that this description is only a summary and is not complete, and should be read together with the entire Rights Agreement, which has been filed by the Company with the
United States Securities and Exchange Commission as an exhibit to a Registration Statement on Form <FONT STYLE="white-space:nowrap">8-A</FONT> and a Current Report on Form <FONT STYLE="white-space:nowrap">8-K.</FONT> A copy of the Rights Agreement
is available free of charge from the Company. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"><B>Distribution and Transfer of Rights; Rights Certificates:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Board has declared a dividend of one Right for each outstanding share of Common Stock. Prior to the Distribution Date referred to
below:</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.50em; font-size:10pt; font-family:Times New Roman">&#149;&#8195;&#8202;the Rights will be
evidenced by and trade with the certificates for the Common Stock (or, with respect to any uncertificated Common Stock registered in book entry form, by notation in book entry), and no separate rights certificates will be distributed;</P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:4.00em; text-indent:-1.50em; font-size:10pt; font-family:Times New Roman">&#149;&#8195;&#8202;new Common Stock certificates
issued after the Record Date will contain a legend incorporating the Rights Agreement by reference (for uncertificated Common Stock registered in book entry form, this legend will be contained in a notation in book entry);
and</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">C-1 </P>

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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.50em; font-size:10pt; font-family:Times New Roman">&#149;&#8195;&#8202;the surrender for transfer of any certificates for Common Stock (or the
surrender for transfer of any uncertificated Common Stock registered in book entry form) will also constitute the transfer of the Rights associated with such Common Stock.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Rights will accompany any new shares of Common Stock that are issued after the Record Date.</P></TD></TR>
<TR STYLE="font-size:1pt">
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<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top"><B>Distribution Date:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Subject to certain exceptions specified in the Rights Agreement, the Rights will separate from the Common Stock and become exercisable
following (1)&nbsp;the 10th business day (or such later date as may be determined by the Board) after the public announcement that a person or group of affiliated or associated persons (such person or group, an &#147;<B>Acquiring Person</B>&#148;)
has acquired beneficial ownership of 15&nbsp;percent or more of the Common Stock or (2)&nbsp;the 10th business day (or such later date as may be determined by the Board) after a person or group announces a tender or exchange offer that would result
in ownership by a person or group of 15&nbsp;percent or more of the Common Stock. For purposes of the Rights Agreement, beneficial ownership is defined to include the ownership of derivative securities. Coordinated or parallel actions by persons or
groups may implicate the Rights Agreement.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The date on which the Rights separate
from the Common Stock and become exercisable is referred to as the &#147;<B>Distribution Date</B>.&#148;</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">After the Distribution Date, the Company will mail Rights certificates to the Company&#146;s stockholders as of the close of business on the Distribution Date
and the Rights will become transferable apart from the Common Stock. Thereafter, such Rights certificates alone will represent the Rights.</P></TD></TR>
<TR STYLE="font-size:1pt">
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<TD VALIGN="top"><B>Preferred Stock Purchasable Upon Exercise of Rights:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">After the Distribution Date, each Right will entitle the holder to purchase, for the Exercise Price, one <FONT STYLE="white-space:nowrap">one-thousandth</FONT> of a share of Preferred Stock having economic and other terms similar to
that of one share of Common Stock. This portion of a share of Preferred Stock is intended to give the stockholder approximately the same dividend, voting and liquidation rights as would one share of Common Stock, and should approximate the value of
one share of Common Stock.</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">C-2 </P>

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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">More specifically, each one <FONT STYLE="white-space:nowrap">one-thousandth</FONT> of a share of Preferred Stock, if issued, will:</P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.50em; font-size:10pt; font-family:Times New Roman">&#149;&#8195;&#8202;not be redeemable;</P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.50em; font-size:10pt; font-family:Times New Roman">&#149;&#8195;&#8202;entitle holders to quarterly
dividend payments of $0.001 per <FONT STYLE="white-space:nowrap">one-thousandth</FONT> of a share, or an amount equal to the dividend paid on one share of Common Stock, whichever is greater;</P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.50em; font-size:10pt; font-family:Times New Roman">&#149;&#8195;&#8202;entitle holders upon
liquidation either to receive $1 per <FONT STYLE="white-space:nowrap">one-thousandth</FONT> of a share or an amount equal to the payment made on one share of Common Stock, whichever is greater;</P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.50em; font-size:10pt; font-family:Times New Roman">&#149;&#8195;&#8202;have the same voting power as
one share of Common Stock; and</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:4.00em; text-indent:-1.50em; font-size:10pt; font-family:Times New Roman">&#149;&#8195;&#8202;entitle holders to a payment per <FONT STYLE="white-space:nowrap">one-thousandth</FONT> of a share
equal to the payment made on one share of Common Stock if the Common Stock is exchanged via merger, consolidation or a similar transaction.</P></TD></TR>
<TR STYLE="font-size:1pt">
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<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top"><B><FONT STYLE="white-space:nowrap">Flip-In</FONT> Trigger:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If an Acquiring Person obtains beneficial ownership of 15&nbsp;percent or more of the Common Stock, <I>then</I> each Right will entitle the
holder thereof to purchase, for the Exercise Price, a number of shares of Common Stock (or, in certain circumstances, cash, property or other securities of the Company) having a then-current market value of twice the Exercise Price. However, the
Rights are not exercisable following the occurrence of the foregoing event until such time as the Rights are no longer redeemable by the Company, as further described below.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Following the occurrence of an event set forth in preceding paragraph, all Rights that are or, under certain circumstances specified in the Rights Agreement,
were beneficially owned by an Acquiring Person or certain of its transferees will be void.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Flip-Over Trigger:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">If, after an Acquiring Person obtains 15&nbsp;percent or more of the Common Stock, (1)&nbsp;the Company merges into another entity, (2)&nbsp;an acquiring entity merges into the Company or (3)&nbsp;the Company sells or transfers more
than 50&nbsp;percent of its assets, cash flow or earning power, <I>then</I> each Right (except for Rights that have previously been voided as set forth above) will entitle the holder thereof to purchase, for the Exercise Price, a number of shares of
common stock of the person engaging in the transaction having a then-current market value of twice the Exercise Price.</TD></TR>
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<TD VALIGN="top"><B>Redemption of the Rights:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">The Rights will be redeemable at the Company&#146;s option for $0.001 per Right (payable in cash, Common Stock or other consideration deemed appropriate by the Board) at any time on or prior to the 10th business day (or such later
date as may be determined by the Board) after the public announcement that an Acquiring Person has acquired beneficial ownership of 15&nbsp;percent or more of the Common Stock. Immediately upon the action of the Board ordering redemption, the Rights
will terminate and the only right of the holders of the Rights will be to receive the $0.001 redemption price. The redemption price will be adjusted if the Company undertakes a stock dividend or a stock
split.</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">C-3 </P>

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<TD VALIGN="top"><B>Exchange Provision:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">At any time after the date on which an Acquiring Person beneficially owns 15&nbsp;percent or more of the Common Stock and prior to the acquisition by the Acquiring Person of 50&nbsp;percent of the Common Stock, the Board may
exchange the Rights (except for Rights that have previously been voided as set forth above), in whole or in part, for Common Stock at an exchange ratio of one share of Common Stock per Right (subject to adjustment). In certain circumstances, the
Company may elect to exchange the Rights for cash or other securities of the Company having a value approximately equal to one share of Common Stock.</TD></TR>
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<TD VALIGN="top"><B>Expiration of the Rights:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">The Rights expire on the earliest of (1)&nbsp;5:00 p.m., New York City time, on April&nbsp;5, 2021 (unless such date is extended) or (2)&nbsp;the redemption or exchange of the Rights as described above.</TD></TR>
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<TD VALIGN="top"><B>Amendment of Terms of the Rights Agreement and Rights:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">The terms of the Rights and the Rights Agreement may be amended in any respect without the consent of the holders of the Rights on or prior to the Distribution Date. Thereafter, the terms of the Rights and the Rights Agreement may
be amended without the consent of the holders of Rights in order to (1)&nbsp;cure any ambiguities, (2)&nbsp;shorten or lengthen any time period pursuant to the Rights Agreement or (3)&nbsp;make changes that do not adversely affect the interests of
holders of the Rights.</TD></TR>
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<TD VALIGN="top"><B>Voting Rights; Other Stockholder Rights:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">The Rights will not have any voting rights. Until a Right is exercised, the holder thereof, as such, will have no separate rights as stockholder of the Company.</TD></TR>
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<TD VALIGN="top"><B>Anti-Dilution Provisions:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Board may adjust the Exercise Price, the number of shares of Preferred Stock issuable and the number of outstanding Rights to prevent
dilution that may occur from a stock dividend, a stock split or a reclassification of the Preferred Stock or Common Stock.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">With certain exceptions, no adjustments to the Exercise Price will be made until the cumulative adjustments amount to at least one percent of the Exercise
Price. No fractional shares of Preferred Stock will be issued and, in lieu thereof, an adjustment in cash will be made based on the current market price of the Preferred Stock.</P></TD></TR>
<TR STYLE="font-size:1pt">
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<TD VALIGN="top"><B>Taxes:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">The distribution of Rights should not be taxable for federal income tax purposes. However, following an event that renders the Rights exercisable or upon redemption of the Rights, stockholders may recognize taxable income.</TD></TR>
</TABLE>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.1 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>MUTUAL TERMINATION AGREEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This MUTUAL TERMINATION AGREEMENT (this &#147;<U>Agreement</U>&#148;), dated as of April&nbsp;5, 2020, is by and among Hexcel Corporation, a
Delaware corporation (&#147;<U>Hexcel</U>&#148;), Woodward, Inc., a Delaware corporation (&#147;<U>Woodward</U>&#148;), and Genesis Merger Sub, Inc., a Delaware corporation. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">W I T N E S S E T H: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS,
the parties have entered into that certain Agreement and Plan of Merger, dated as of January&nbsp;12, 2020 (the &#147;<U>Merger Agreement</U>&#148;). Any capitalized term used but not otherwise defined herein shall have the meaning set forth in the
Merger Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, Section&nbsp;8.1(a) of the Merger Agreement provides that the Merger Agreement may be terminated at any time
prior to the Effective Time by mutual written consent of Hexcel and Woodward. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, each of the Board of Directors of Hexcel and
Woodward has determined that it is in the best interests of Hexcel and the stockholders of Hexcel and of Woodward and the stockholders of Woodward, respectively, to terminate the Merger Agreement in accordance with the terms hereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">NOW, THEREFORE, in consideration of the mutual covenants, representations, warranties and agreements contained herein, and intending to be
legally bound hereby, the parties agree as follows: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1. The parties hereto mutually agree to terminate the Merger Agreement, effective as
of the execution of this Agreement, such agreement constituting the requisite mutual agreement and written consent required to terminate the Merger Agreement pursuant to Section&nbsp;8.1(a) of the Merger Agreement and otherwise as may be required
pursuant to applicable Law. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2. The parties hereto agree that the Merger Agreement is hereby and forthwith void and without effect and none
of Hexcel, Woodward, any of their respective Subsidiaries or any of the officers or directors of any of them shall have any liability of any nature whatsoever under the Merger Agreement or in connection with the transactions contemplated by the
Merger Agreement or the termination thereof, except that Sections 6.2(b) and 6.14 of the Merger Agreement and the Confidentiality Agreement shall survive such termination of the Merger Agreement. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3. Each party hereby represents and warrants to the other party that (a)&nbsp;such party has full corporate power and authority to execute and
deliver this Agreement, (b)&nbsp;the execution and delivery of this Agreement, the termination of the Merger Agreement and consummation of the other transactions contemplated hereby have been duly and validly approved by the Board of Directors of
such party, (c)&nbsp;no other corporate proceedings on the part of such party are necessary to approve this Agreement or the termination of the Merger Agreement or to consummate the other transactions contemplated hereby and (d)&nbsp;this Agreement
has been duly and validly executed and delivered by such party (assuming due authorization, execution and delivery by the other parties) and constitutes a valid and binding obligation of such party, enforceable against such party in accordance with
its terms (except in all cases as such enforceability may be limited by the Enforceability Exceptions). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4. This Agreement may not be
amended except by an instrument in writing signed on behalf of each of the parties hereto and duly approved by the parties&#146; respective Boards of Directors or a duly authorized committee thereof. Any agreement on the part of a party hereto to
any extension or waiver of the Agreement shall be valid only if set forth in a written instrument signed on behalf of such party, but such extension or waiver or failure to insist on strict compliance with an obligation, covenant, agreement or
condition shall not operate as a waiver of, or estoppel with respect to, any subsequent or other failure. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-1- </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5. Except as otherwise expressly provided in this Agreement, all costs and expenses incurred
in connection with this Agreement and the transactions contemplated hereby shall be paid by the party incurring such expense; provided, however, all filing and other fees paid to Governmental Entities in connection with the Merger prior to the date
hereof shall be borne equally by Woodward and Hexcel. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">6. The parties have participated jointly in negotiating and drafting this Agreement.
In the event that an ambiguity or a question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the parties, and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of
the authorship of a provision of this Agreement. When a reference is made in this Agreement to Sections or paragraphs, such reference shall be to a Section or paragraph of this Agreement unless otherwise indicated. Whenever the words
&#147;include,&#148; &#147;includes&#148; or &#147;including&#148; are used in this Agreement, they shall be deemed to be followed by the words &#147;without limitation.&#148; The word &#147;or&#148; shall not be exclusive. References to &#147;the
date hereof&#148; shall mean the date of this Agreement. As used herein, the term &#147;person&#148; means any individual, corporation (including <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">not-for-profit),</FONT></FONT>
general or limited partnership, limited liability company, joint venture, estate, trust, association, organization, Governmental Entity or other entity of any kind or nature. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">7. Neither this Agreement nor any of the rights, interests or obligations hereunder shall be assigned by any of the parties hereto (whether by
operation of law or otherwise) without the prior written consent of the other party (which may be withheld by such other party in its sole discretion). Any purported assignment in contravention hereof shall be null and void. Subject to the preceding
sentence, this Agreement will be binding upon, inure to the benefit of and be enforceable by the parties and their respective successors and assigns. This Agreement (including the documents and instruments referred to herein) is not intended to
confer upon any person other than the parties hereto any rights or remedies hereunder, including the right to rely upon the representations and warranties set forth herein. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">8. Sections 9.5, 9.7 through 9.10 and 9.12 through 9.14 of the Merger Agreement are hereby incorporated into this Agreement by reference, and
shall apply hereto as though set forth herein, <I>mutatis mutandis</I>. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>[Signature Page Follows] </I></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-2- </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their
respective officers thereunto duly authorized as of the date first above written. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top" COLSPAN="3">HEXCEL CORPORATION</TD></TR>
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<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Nick L. Stanage</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name: Nick L. Stanage</TD></TR>
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<TD VALIGN="top">Title: Chairman, Chief Executive Officer and President</TD></TR>
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<TD HEIGHT="16" COLSPAN="3"></TD></TR>
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<TD VALIGN="top" COLSPAN="3">WOODWARD, INC.</TD></TR>
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<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
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<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Thomas A. Gendron</P></TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name: Thomas A. Gendron</TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title: Chairman, Chief Executive Officer and President</TD></TR>
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<TD HEIGHT="16" COLSPAN="3"></TD></TR>
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<TD VALIGN="top" COLSPAN="3">GENESIS MERGER SUB, INC.</TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ A. Christopher Fawzy</P></TD></TR>
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<TD VALIGN="top">Name: A. Christopher Fawzy</TD></TR>
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<TD VALIGN="top">Title: Secretary</TD></TR>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 99.1 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>

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<TD VALIGN="bottom" ALIGN="right">News Release</TD></TR>
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<TD VALIGN="top"></TD>
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<TD VALIGN="top" ALIGN="right"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Woodward,
Inc.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">1081 Woodward
Way&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Fort
Collins, Colorado 80524, USA</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">FOR IMMEDIATE RELEASE </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top">CONTACT:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Don Guzzardo</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Vice President, Investor Relations
and Treasurer</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">970-498-3580</FONT></FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Don.Guzzardo@Woodward.com</P></TD></TR>
</TABLE> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Woodward Implements Actions in Response to the Economic Impact of
<FONT STYLE="white-space:nowrap">COVID-19</FONT> and Adopts Stockholder Rights Plan </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Fort Collins, CO, April&nbsp;6, 2020 &#150; Woodward, Inc.
(NASDAQ: WWD) today announced a series of immediate initiatives to address the economic challenges resulting from the coronavirus <FONT STYLE="white-space:nowrap">(COVID-19)</FONT> pandemic, which Woodward believes will result in an extended period
of uncertainty. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Thomas A. Gendron, Chairman, Chief Executive Officer and President, said, &#147;With the rapid spread of the coronavirus, we are living
in unprecedented times, and I want to recognize the hard work and commitment of our employees as we work together to support one another in this challenging environment. As we navigate through the economic disruption caused by this pandemic, we are
highly focused on ensuring the safety and well-being of our employees while protecting our business, maintaining our strong position with our customers and suppliers, and closely monitoring the impact on our business and the broader industry. While
we have a strong balance sheet and available liquidity, including under our revolving credit facility, management of cash flow will remain a key focus throughout this downturn. We believe the steps we are taking will position us for longer-term
growth while preserving our financial strength through this period of global uncertainty.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Woodward is implementing the following actions: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Workforce management through a combination of hiring freeze, layoffs and furloughs </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Reduction of company officers&#146; salaries and directors&#146; base retainers through 2020 (25% reduction for
CEO and independent directors; 10% for all <FONT STYLE="white-space:nowrap">non-CEO</FONT> officers) </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Implementation of a company-wide wage freeze </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Elimination of annual bonus payments for 2020 </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Reduction of all <FONT STYLE="white-space:nowrap">non-essential</FONT> costs </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Increased focus on reducing working capital </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Limiting capital expenditures to business-critical items </P></TD></TR></TABLE>
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 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Due to the significant global uncertainty, Woodward is withdrawing its full-year 2020 guidance. The company
will provide an updated view of the business and the above actions on its fiscal second quarter earnings release and conference call. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Woodward&#146;s
quarterly dividend was increased from $0.1625 to $0.28 per share as part of the planned dividend yield target for the combined company under the <FONT STYLE="white-space:nowrap">now-terminated</FONT> merger agreement with Hexcel Corporation. To
further preserve financial flexibility, Woodward is now reducing its quarterly dividend to $0.08125 per share, which currently represents approximately a 0.63% dividend yield, in line with the company&#146;s average dividend yield for the 12 months
preceding the announcement of the merger. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As part of the original merger announcement, Mr.&nbsp;Gendron, 59, had announced his intention to retire one
year following the closing of the merger with Hexcel. With the termination of the merger agreement, Mr.&nbsp;Gendron no longer plans to retire and will continue to serve in his current capacity. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;Gendron concluded, &#147;We believe the steps we are taking, while unfortunate and challenging, will enable us to exit this crisis with momentum
while continuing to invest in our future and drive world-class technology through this period of global uncertainty. Woodward has faced many challenges over our <FONT STYLE="white-space:nowrap">150-year</FONT> history and, as with previous
downturns, we believe we have the ability to emerge from this crisis an even stronger company.&#148; </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I><U>Stockholder Rights Plan </U></I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Woodward today also announced that its Board of Directors has adopted a limited duration stockholder rights plan (the &#147;Rights Plan&#148;), and declared a
dividend distribution of one preferred share purchase right under the Rights Plan on each outstanding share of Woodward common stock. The Rights Plan is being adopted in response to the extraordinary business and market dislocations resulting from <FONT
STYLE="white-space:nowrap">COVID-19</FONT> and the actions taken to contain it, as well as the termination of the Company&#146;s <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">merger-of-equals</FONT></FONT> agreement with Hexcel
Corporation as announced today, and not in response to any specific takeover threat. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;Gendron said, &#147;We are focused on strengthening our
business during this time of significant market uncertainty and economic disruption, and our board of directors believes this rights plan is in the best interests of Woodward stockholders by ensuring fair and equal treatment in the event of any
proposed takeover of Woodward and preventing opportunistic attempts at takeovers on coercive or unfair terms or other attempts to exert control over Woodward.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Rights Plan is similar to stockholder rights plans recently adopted by other public companies, and is intended to enable all Woodward stockholders to
realize the long-term value of their investment in Woodward. The rights should encourage anyone seeking to acquire Woodward to negotiate with the Board prior to attempting a takeover. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Under the Rights Plan, stockholders will receive one right for each share of Woodward common stock held on April&nbsp;16, 2020. If the rights become
exercisable, each right will entitle stockholders (other than such acquiring person or group) to buy one <FONT STYLE="white-space:nowrap">one-thousandth</FONT> of a share of a new series of participating preferred stock at an exercise price of
$480.00 per right. </P>
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 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The rights will be exercisable if a person or group acquires 15% or more of Woodward&#146;s common stock
without the approval of the Board. In that instance, each right will entitle its holder (other than such acquiring person or group) to purchase, at the exercise price, a number of shares of Woodward&#146;s common stock having a then-current market
value of twice the exercise price. Alternatively, in the event the rights become exercisable, the Board may elect to exchange one share of Woodward&#146;s common stock for each outstanding right (other than rights owned by the acquirer(s)). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The dividend distribution will be made on April&nbsp;16, 2020, payable to stockholders of record on that date, and is not taxable to stockholders. The rights
will expire on April&nbsp;5, 2021. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Additional details about the Rights Plan will be contained in a Form <FONT STYLE="white-space:nowrap">8-K</FONT> to be
filed by Woodward with the Securities and Exchange Commission. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>About Woodward, Inc. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Woodward is an independent designer, manufacturer, and service provider of control system solutions and components for the aerospace and industrial markets.
The company&#146;s innovative fluid, combustion, electrical, and motion control systems help customers offer cleaner, more reliable, and more efficient equipment. Our customers include leading original equipment manufacturers and end users of their
products. Woodward is a global company headquartered in Fort Collins, Colorado, USA. Visit our website at <U>www.woodward.com</U>. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Notice Regarding
Forward-Looking Statements </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Certain of the matters discussed in this release which are not statements of historical fact constitute forward-looking
statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties. Words such as &#147;strategy,&#148; &#147;expects,&#148; &#147;continues,&#148; &#147;plans,&#148; &#147;anticipates,&#148;
&#147;believes,&#148; &#147;will,&#148; &#147;estimates,&#148; &#147;intends,&#148; &#147;projects,&#148; &#147;goals,&#148; &#147;targets&#148; and other words of similar meaning are intended to identify forward-looking statements but are not the
exclusive means of identifying these statements. Forward looking statements in this release include, but are not limited to statements regarding Woodward&#146;s beliefs regarding the economy and planned actions in relation to the current economic
environment, including actions with respect to cash management, employees, working capital, expenses and compensation of officers and employees, the company&#146;s dividend and strategies for navigating the current environment and the expected
consequences of such strategies as well as statements about the Rights Plan. Important factors that may cause actual results and outcomes to differ materially from those contained in such forward-looking statements include, without limitation, risks
relating to the coronavirus <FONT STYLE="white-space:nowrap">(COVID-19)</FONT> pandemic and its effect on U.S. and world financial markets, </P>
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changes in consumer behaviors and impacts on and modifications to the operations and business of Woodward relating thereto, the business, economic and political conditions in the markets in which
Woodward operates; and the fact that Woodward&#146;s reported earnings and financial position may fluctuate or be adversely affected by factors outside of Woodward&#146;s control. Other important factors that may cause actual results and outcomes to
differ materially from those contained in the forward-looking statements included in this release are described in Woodward&#146;s and Hexcel&#146;s publicly filed reports, including Woodward&#146;s Annual Report on Form <FONT
STYLE="white-space:nowrap">10-K</FONT> for the year ended September&nbsp;30, 2019 and its Quarterly Report on Form <FONT STYLE="white-space:nowrap">10-Q</FONT> for the quarter ended December&nbsp;31, 2019. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Woodward cautions that the foregoing list of important factors is not complete and does not undertake to update any forward-looking statements that it makes
except as required by applicable law. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>-End- </I></P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 99.2 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
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<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">1081 Woodward Way, Fort Collins, CO 80524</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">www.woodward.com</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">281 Tresser Boulevard, Stamford, CT 06901</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">www.hexcel.com</P></TD></TR>
</TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">NEWS RELEASE </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Woodward and Hexcel Announce
</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Mutual Termination of Merger Agreement </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">FORT COLLINS, Colo. and STAMFORD, Conn., April&nbsp;6, 2020 &#150; Woodward, Inc. (NASDAQ: WWD) and Hexcel Corporation (NYSE: HXL) today announced that the
companies have mutually agreed to terminate their merger agreement, previously announced on January&nbsp;12, 2020, under which the parties had agreed to combine in an <FONT STYLE="white-space:nowrap">all-stock</FONT> merger of equals. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The termination was approved by the Boards of Directors of both companies and is in response to the increasing impact on both the aerospace and industrial
sectors, and global markets broadly, resulting from the health crisis caused by the coronavirus <FONT STYLE="white-space:nowrap">(COVID-19)</FONT> pandemic. The pandemic has resulted in a need for each company to focus on its respective businesses
and has impacted the companies&#146; ability to realize the benefits of the merger during these unprecedented times. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In a joint statement, Tom Gendron,
Chairman, Chief Executive Officer and President of Woodward, and Nick Stanage, Chairman, Chief Executive Officer and President of Hexcel, said, &#147;While we both believed from the outset, and continue to believe, in the benefits of a combined
Woodward and Hexcel, we mutually concluded after careful consideration that given the significant uncertainty in the market, it would not be prudent to continue to pursue the combination and integration of our companies in a merger of equals.
Although we are disappointed with this outcome, we are confident this is the right decision for our customers, our shareholders, and our employees as it allows each of us to dedicate our focus and resources toward ensuring Woodward and Hexcel each
remain strong and closely connected with our customers and supply chains during this unprecedented time. We continue to be hopeful that our two companies will find opportunities to collaborate on next-generation platforms in the future for the
benefit of our customers.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Neither party will be required to pay the other a termination fee as a result of the mutual decision to terminate the
agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>***** </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TD WIDTH="50%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="49%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Investor Contacts</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Don Guzzardo</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Woodward VP, Investor Relations
and Treasurer</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">970-498-3580</FONT></FONT> | Don.Guzzardo@Woodward.com</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Kurt Goddard</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Hexcel VP Investor Relations</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">203-352-6826</FONT></FONT> | Kurt.Goddard@Hexcel.com</P></TD></TR>
</TABLE>
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<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TD VALIGN="top"><B>Media Contacts</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Tracy Gohari</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Woodward Director Business
Communications</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">970-498-3126</FONT></FONT> | Tracy.Gohari@woodward.com</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Kaye Veazey</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Hexcel VP Corporate&nbsp;&amp;
Marketing Communications</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">203-352-0339</FONT></FONT> |
Kaye.Veazey@Hexcel.com</P></TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>About Woodward </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Woodward
is an independent designer, manufacturer, and service provider of control system solutions and components for the aerospace and industrial markets. The company&#146;s innovative fluid, combustion, electrical, and motion control systems help
customers offer cleaner, more reliable, and more efficient equipment. Our customers include leading original equipment manufacturers and end users of their products. Woodward is a global company headquartered in Fort Collins, Colorado, USA. Visit
our website at www.woodward.com. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>About Hexcel </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Hexcel Corporation is a leading advanced composites company. It develops, manufactures and markets lightweight, high-performance structural materials,
including carbon fibers, specialty reinforcements, prepregs and other fiber-reinforced matrix materials, honeycomb, adhesives, engineered core and composite structures, used in commercial aerospace, space and defense and industrial applications.
Learn more at www.Hexcel.com. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Forward-Looking Statements </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Certain of the matters discussed in this communication which are not statements of historical fact constitute forward-looking statements that involve a number
of risks and uncertainties and are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Words such as &#147;strategy,&#148; &#147;expects,&#148; &#147;continues,&#148; &#147;plans,&#148;
&#147;anticipates,&#148; &#147;believes,&#148; &#147;will,&#148; &#147;estimates,&#148; &#147;intends,&#148; &#147;projects,&#148; &#147;goals,&#148; &#147;targets&#148; and other words of similar meaning are intended to identify forward-looking
statements but are not the exclusive means of identifying these statements. Important factors that may cause actual results and outcomes to differ materially from those contained in such forward-looking statements include, without limitation, risks
relating to the coronavirus <FONT STYLE="white-space:nowrap">(COVID-19)</FONT> pandemic and its effect on U.S. and world financial markets, potential regulatory actions, changes in consumer behaviors and impacts on and modifications to the
operations and business of each of Woodward and Hexcel relating thereto, the business, economic and political conditions in the markets in which Woodward and Hexcel operate; and the fact that Woodward&#146;s and Hexcel&#146;s reported earnings and
financial position may be adversely affected by tax and other factors. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Other important factors that may cause actual results and outcomes to differ
materially from those contained in the forward-looking statements included in this communication are described in Woodward&#146;s and Hexcel&#146;s publicly filed reports, including Woodward&#146;s Annual Report on Form <FONT
STYLE="white-space:nowrap">10-K</FONT> for the year ended September&nbsp;30, 2019 and Hexcel&#146;s Annual Report on Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the year ended December&nbsp;31, 2019. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Woodward and Hexcel caution that the foregoing list of important factors is not complete and do not undertake to update any forward-looking statements that
either party may make except as required by applicable law. All subsequent written and oral forward-looking statements attributable to Woodward, Hexcel or any person acting on behalf of either party are expressly qualified in their entirety by the
cautionary statements referenced above. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>

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    <link:label xml:lang="en-US" xlink:label="dei_EntityRegistrantName_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity Registrant Name</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_EntityRegistrantName_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Registrant Name</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityIncorporationStateCountryCode" xlink:type="locator" xlink:label="dei_EntityIncorporationStateCountryCode" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityIncorporationStateCountryCode" xlink:to="dei_EntityIncorporationStateCountryCode_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityIncorporationStateCountryCode_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity Incorporation State Country Code</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_EntityIncorporationStateCountryCode_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Incorporation State Country Code</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityFileNumber" xlink:type="locator" xlink:label="dei_EntityFileNumber" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityFileNumber" xlink:to="dei_EntityFileNumber_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityFileNumber_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity File Number</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_EntityFileNumber_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity File Number</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityTaxIdentificationNumber" xlink:type="locator" xlink:label="dei_EntityTaxIdentificationNumber" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityTaxIdentificationNumber" xlink:to="dei_EntityTaxIdentificationNumber_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityTaxIdentificationNumber_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity Tax Identification Number</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_EntityTaxIdentificationNumber_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Tax Identification Number</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityAddressAddressLine1" xlink:type="locator" xlink:label="dei_EntityAddressAddressLine1" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine1" xlink:to="dei_EntityAddressAddressLine1_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityAddressAddressLine1_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity Address, Address Line One</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_EntityAddressAddressLine1_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Address, Address Line One</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityAddressCityOrTown" xlink:type="locator" xlink:label="dei_EntityAddressCityOrTown" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressCityOrTown" xlink:to="dei_EntityAddressCityOrTown_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityAddressCityOrTown_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity Address, City or Town</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_EntityAddressCityOrTown_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Address, City or Town</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityAddressStateOrProvince" xlink:type="locator" xlink:label="dei_EntityAddressStateOrProvince" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressStateOrProvince" xlink:to="dei_EntityAddressStateOrProvince_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityAddressStateOrProvince_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity Address, State or Province</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_EntityAddressStateOrProvince_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Address, State or Province</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityAddressPostalZipCode" xlink:type="locator" xlink:label="dei_EntityAddressPostalZipCode" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressPostalZipCode" xlink:to="dei_EntityAddressPostalZipCode_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityAddressPostalZipCode_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity Address, Postal Zip Code</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_EntityAddressPostalZipCode_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Address, Postal Zip Code</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_CityAreaCode" xlink:type="locator" xlink:label="dei_CityAreaCode" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CityAreaCode" xlink:to="dei_CityAreaCode_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_CityAreaCode_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">City Area Code</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_CityAreaCode_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">City Area Code</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_LocalPhoneNumber" xlink:type="locator" xlink:label="dei_LocalPhoneNumber" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_LocalPhoneNumber" xlink:to="dei_LocalPhoneNumber_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_LocalPhoneNumber_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Local Phone Number</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_LocalPhoneNumber_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Local Phone Number</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_WrittenCommunications" xlink:type="locator" xlink:label="dei_WrittenCommunications" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_WrittenCommunications" xlink:to="dei_WrittenCommunications_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_WrittenCommunications_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Written Communications</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_WrittenCommunications_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Written Communications</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_SolicitingMaterial" xlink:type="locator" xlink:label="dei_SolicitingMaterial" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SolicitingMaterial" xlink:to="dei_SolicitingMaterial_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_SolicitingMaterial_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Soliciting Material</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_SolicitingMaterial_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Soliciting Material</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_PreCommencementTenderOffer" xlink:type="locator" xlink:label="dei_PreCommencementTenderOffer" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_PreCommencementTenderOffer" xlink:to="dei_PreCommencementTenderOffer_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_PreCommencementTenderOffer_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Pre Commencement Tender Offer</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_PreCommencementTenderOffer_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Pre Commencement Tender Offer</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_PreCommencementIssuerTenderOffer" xlink:type="locator" xlink:label="dei_PreCommencementIssuerTenderOffer" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_PreCommencementIssuerTenderOffer" xlink:to="dei_PreCommencementIssuerTenderOffer_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_PreCommencementIssuerTenderOffer_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Pre Commencement Issuer Tender Offer</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_PreCommencementIssuerTenderOffer_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Pre Commencement Issuer Tender Offer</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_Security12bTitle" xlink:type="locator" xlink:label="dei_Security12bTitle" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_Security12bTitle" xlink:to="dei_Security12bTitle_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_Security12bTitle_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Security 12b Title</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_Security12bTitle_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Security 12b Title</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_TradingSymbol" xlink:type="locator" xlink:label="dei_TradingSymbol" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_TradingSymbol" xlink:to="dei_TradingSymbol_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_TradingSymbol_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Trading Symbol</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_TradingSymbol_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Trading Symbol</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_SecurityExchangeName" xlink:type="locator" xlink:label="dei_SecurityExchangeName" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SecurityExchangeName" xlink:to="dei_SecurityExchangeName_lbl" />
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    <link:label xml:lang="en-US" xlink:label="dei_SecurityExchangeName_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Security Exchange Name</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityEmergingGrowthCompany" xlink:type="locator" xlink:label="dei_EntityEmergingGrowthCompany" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityEmergingGrowthCompany" xlink:to="dei_EntityEmergingGrowthCompany_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityEmergingGrowthCompany_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity Emerging Growth Company</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_EntityEmergingGrowthCompany_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Emerging Growth Company</link:label>
  </link:labelLink>
</link:linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>9
<FILENAME>wwd-20200403_pre.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="us-ascii" standalone="yes"?>
<!-- DFIN - https://www.dfinsolutions.com/ -->
<!-- CTU Version: Release 2020-3 Build:20200324.2 -->
<!-- Creation date: 4/6/2020 6:16:34 PM Eastern Time -->
<!-- Copyright (c) 2020 Donnelley Financial Solutions, Inc. All Rights Reserved. -->
<link:linkbase
    xmlns:link="http://www.xbrl.org/2003/linkbase"
    xmlns:xlink="http://www.w3.org/1999/xlink"
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    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityCentralIndexKey" xlink:type="locator" xlink:label="dei_EntityCentralIndexKey" />
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    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_CurrentFiscalYearEndDate" xlink:type="locator" xlink:label="dei_CurrentFiscalYearEndDate" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_CurrentFiscalYearEndDate" order="24.001" priority="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_DocumentType" xlink:type="locator" xlink:label="dei_DocumentType" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_DocumentType" order="26.001" priority="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_DocumentPeriodEndDate" xlink:type="locator" xlink:label="dei_DocumentPeriodEndDate" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_DocumentPeriodEndDate" order="27.001" priority="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
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    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_EntityRegistrantName" order="28.001" priority="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityIncorporationStateCountryCode" xlink:type="locator" xlink:label="dei_EntityIncorporationStateCountryCode" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_EntityIncorporationStateCountryCode" order="29.001" priority="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityFileNumber" xlink:type="locator" xlink:label="dei_EntityFileNumber" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_EntityFileNumber" order="30.001" priority="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityTaxIdentificationNumber" xlink:type="locator" xlink:label="dei_EntityTaxIdentificationNumber" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_EntityTaxIdentificationNumber" order="31.001" priority="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityAddressAddressLine1" xlink:type="locator" xlink:label="dei_EntityAddressAddressLine1" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_EntityAddressAddressLine1" order="32.001" priority="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityAddressCityOrTown" xlink:type="locator" xlink:label="dei_EntityAddressCityOrTown" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_EntityAddressCityOrTown" order="33.001" priority="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityAddressStateOrProvince" xlink:type="locator" xlink:label="dei_EntityAddressStateOrProvince" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_EntityAddressStateOrProvince" order="34.001" priority="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityAddressPostalZipCode" xlink:type="locator" xlink:label="dei_EntityAddressPostalZipCode" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_EntityAddressPostalZipCode" order="35.001" priority="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_CityAreaCode" xlink:type="locator" xlink:label="dei_CityAreaCode" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_CityAreaCode" order="36.001" priority="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
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<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Document and Entity Information<br></strong></div></th>
<th class="th"><div>Apr. 03, 2020</div></th>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CoverAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Cover page.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CoverAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CurrentFiscalYearEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>End date of current fiscal year in the format --MM-DD.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CurrentFiscalYearEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:gMonthDayItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentPeriodEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented.  If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentPeriodEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Address Line 1 such as Attn, Building Name, Street Name</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressCityOrTown">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the City or Town</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressCityOrTown</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressPostalZipCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Code for the postal or zip code</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressPostalZipCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressStateOrProvince">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the state or province.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressStateOrProvince</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:stateOrProvinceItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityEmergingGrowthCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate if registrant meets the emerging growth company criteria.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityEmergingGrowthCompany</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFileNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFileNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:fileNumberItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityIncorporationStateCountryCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Two-character EDGAR code representing the state or country of incorporation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityIncorporationStateCountryCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarStateCountryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityTaxIdentificationNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityTaxIdentificationNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:employerIdItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LocalPhoneNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Local phone number for entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LocalPhoneNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementIssuerTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 13e<br> -Subsection 4c<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementIssuerTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
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<DOCUMENT>
<TYPE>ZIP
<SEQUENCE>21
<FILENAME>0001193125-20-099534-xbrl.zip
<DESCRIPTION>IDEA: XBRL DOCUMENT
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<DESCRIPTION>IDEA: XBRL DOCUMENT
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/* Updated 2009-11-04 */
/* v2.2.0.24 */

/* DefRef Styles */
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</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
