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<TITLE>Form 8-K</TITLE>
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 <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:4pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>WASHINGTON, D.C. 20549 </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:18pt; font-family:Times New Roman" ALIGN="center"><B>FORM 8-K
</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:12pt; font-family:Times New Roman" ALIGN="center"><B>CURRENT REPORT </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Pursuant
to Section&nbsp;13 or 15(d) of the </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Securities Exchange Act of 1934 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Date of report (Date of earliest event reported): September&nbsp;30, 2013 </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:24pt; font-family:Times New Roman" ALIGN="center"><B>Woodward, Inc. </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Exact
Name of Registrant as Specified in Charter) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
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<TD VALIGN="top" ALIGN="center"><B>Delaware</B></TD>
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<TD VALIGN="top" ALIGN="center"><B>000-08408</B></TD>
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<TD VALIGN="top" ALIGN="center"><B>36-1984010</B></TD></TR>
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<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(State or Other Jurisdiction</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>of Incorporation)</B></P></TD>
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<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Commission</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>File Number)</B></P></TD>
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<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(IRS Employer</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Identification No.)</B></P></TD></TR></TABLE>
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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"><B>1000 E. Drake Road</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Fort Collins, Colorado</B></P></TD>
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<TD VALIGN="bottom" ALIGN="center"><B>80525</B></TD></TR>
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<TD VALIGN="top" ALIGN="center"><B>(Address of Principal Executive Offices)</B></TD>
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<TD VALIGN="top" ALIGN="center"><B>(Zip Code)</B></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Registrant&#146;s telephone number, including area code: (970)&nbsp;482-5811 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Not Applicable </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Former
name or former address, if changed since last report) </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; text-indent:4%; font-size:10pt; font-family:Times New Roman">Check the
appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): </P>
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<TD ALIGN="left" VALIGN="top">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="10%" VALIGN="top" ALIGN="left"><B>Item&nbsp;1.01</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Entry into a Material Definitive Agreement. </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Note Purchase Agreement </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On October&nbsp;1, 2013, Woodward, Inc. (the &#147;<I>Company</I>&#148;) entered into a Note Purchase Agreement (the &#147;<I>2013 Note Purchase
Agreement</I>&#148;) with the purchasers named therein (the &#147;<I>Purchasers</I>&#148;) relating to the sale by the Company and the purchase by the Purchasers of an aggregate principal amount of $250,000,000 of senior unsecured notes comprised of
(a)&nbsp;$50,000,000 aggregate principal amount of its 3.42% Series G Senior Notes due November&nbsp;15, 2020 (the &#147;<I>Series G Notes</I>&#148;), (b)&nbsp;$25,000,000 aggregate principal amount of its 4.03% Series H Senior Notes due
November&nbsp;15, 2023 (the &#147;<I>Series H Notes</I>&#148;), (c)&nbsp;$25,000,000 aggregate principal amount of its 4.18% Series I Senior Notes due November&nbsp;15, 2025 (the &#147;<I>Series I Notes,</I>&#148; and together with the Series G
Notes and the Series H Notes, collectively, the &#147;First Closing Notes&#148;), (d)&nbsp;$50,000,000 aggregate principal amount of its Floating Rate Series J Senior Notes due November&nbsp;15, 2020 (the &#147;<I>Series J Notes</I>&#148;),
(e)&nbsp;$50,000,000 aggregate principal amount of its 4.03% Series K Senior Notes due November&nbsp;15, 2023 (the &#147;<I>Series K Notes</I>&#148;) and (f)&nbsp;$50,000,000 aggregate principal amount of its 4.18% Series L Senior Notes due
November&nbsp;15, 2025 (the &#147;<I>Series L Notes,</I>&#148; and together with the Series J Notes and the Series K Notes, the &#147;<I>Second Closing Notes,</I>&#148; and together with the First Closing Notes, the &#147;<I>Notes</I>&#148;), in a
series of private placement transactions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On October&nbsp;1, 2013, the Company sold $100,000,000 aggregate principal amount of Notes to certain of the
Purchasers, comprised of the First Closing Notes. In accordance with the 2013 Note Purchase Agreement, the Company intends to issue, on November&nbsp;15, 2013, an additional $150,000,000 aggregate principal amount of Notes, comprised of the Second
Closing Notes. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Series G Notes have a maturity date of November&nbsp;15, 2020 and generally bear interest at a rate of 3.42%&nbsp;per annum. The
Series H Notes have a maturity date of November&nbsp;15, 2023 and generally bear interest at a rate of 4.03%&nbsp;per annum. The Series I Notes have a maturity date of November&nbsp;15, 2025 and generally bear interest at a rate of 4.18%&nbsp;per
annum. Interest on the Series G Notes, Series H Notes, Series I Notes, Series K Notes and Series L Notes (collectively, the &#147;<I>Fixed Rate Notes</I>&#148;) will be payable semi-annually on April&nbsp;1 and October&nbsp;1 of each year until all
principal is paid. Interest payments on the Fixed Rate Notes commence on April&nbsp;1, 2014. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Series J Notes will have a maturity date of
November&nbsp;15, 2020 and generally will bear interest at the applicable LIBO rate plus 1.25% during each interest period. The Series K Notes will have a maturity date of November&nbsp;15, 2023 and generally will bear interest at a rate of
4.03%&nbsp;per annum. The Series L Notes will have a maturity date of November&nbsp;15, 2025, and generally will bear interest at a rate of 4.18%&nbsp;per annum. Interest on the Series J Notes will be payable quarterly on January&nbsp;1,
April&nbsp;1, July&nbsp;1 and October&nbsp;1 of each year until all principal is paid. Interest payments on the Series J Notes commence on January&nbsp;1, 2014. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company&#146;s obligations under the 2013 Note Purchase Agreement and the Notes, once issued, will rank at all times at least <I>pari passu</I>, without
preference or priority, with all other unsecured unsubordinated debt of the Company, including the Company&#146;s outstanding debt under the revolving credit agreement, dated July&nbsp;10, 2013, between the Company and a syndicate of lenders led by
Wells Fargo Bank, National Association, as administrative agent. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The 2013 Note Purchase Agreement contains restrictive covenants customary for such financings, including, among
other things, covenants that place limits on the Company&#146;s ability to incur liens on assets, incur additional debt (including a leverage or coverage based maintenance test), transfer or sell the Company&#146;s assets, merge or consolidate with
other persons and enter into material transactions with affiliates. Under the financial covenants contained in the 2013 Note Purchase Agreement, the Company&#146;s leverage ratio of consolidated net indebtedness to consolidated EBITDA cannot exceed
4.0 to 1.0 during any material acquisition period, or 3.5 to 1.0 at any other time on a rolling four quarter basis. In the event that the Company&#146;s leverage ratio exceeds 3.5 to 1.0 during any material acquisition period, the interest rate on
each series of Notes will increase. Further, the Company&#146;s consolidated net worth must at all times equal or exceed $800,000,000 plus 50% of the Company&#146;s consolidated net earnings for each fiscal year beginning with the fiscal year ending
September&nbsp;30, 2013. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The 2013 Note Purchase Agreement also contains events of default customary for such financings, the occurrence of which would
permit the Purchasers of the Notes to accelerate the amounts due thereunder. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company&#146;s payment and performance obligations under the 2013 Note
Purchase Agreement and the Notes, once issued, including without limitation the obligations for payment of all principal, interest and any applicable prepayment compensation amount on the Notes and any applicable breakage cost indemnity on the
Series J Notes, will be guaranteed by Woodward FST, Inc., MPC Products Corporation and Woodward HRT, Inc., each a wholly owned subsidiary of the Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company, at its option, is permitted at any time to prepay all, or from time to time to prepay any part of, the then outstanding principal amount of any
series of the Notes at 100% of the principal amount of the series of Notes to be prepaid (but, in the case of partial prepayment, not less than $1,000,000), together with interest accrued on such amount to be prepaid to the date of payment, plus any
applicable prepayment compensation amount. The prepayment compensation amount, as to the Fixed Rate Notes, is computed by discounting the remaining scheduled payments of interest and principal of the Fixed Rate Notes being prepaid at a discount rate
equal to the sum of 50 basis points and the yield to maturity of U.S. Treasury securities having a maturity equal to the remaining average life of the Fixed Rate Notes being prepaid. The prepayment compensation amount, as to the Series J Notes,
means with respect to any Series J Notes bearing interest at the LIBO Rate, a percentage of the principal amount of such Series J Notes equal to (a)&nbsp;2%, on or prior to November&nbsp;15, 2014, (b)&nbsp;1%, after November&nbsp;15, 2014 and on or
prior to November&nbsp;15, 2015, and (c)&nbsp;0% after November&nbsp;15, 2015, and provided that, with respect to any Series J Notes bearing interest at the prime rate, the prepayment compensation amount will always be 0%. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company intends to use the net proceeds from the issuance of the Notes to refinance existing indebtedness and for general corporate purposes. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The foregoing description of the 2013 Note Purchase Agreement and related matters is qualified in its entirety by reference to the 2013 Note Purchase
Agreement, which is filed as Exhibit 10.1 hereto and incorporated herein by reference. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Amendment to Existing Note Purchase Agreements </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On October&nbsp;1, 2013, the Company entered into (1)&nbsp;Amendment No.&nbsp;1 to Note Purchase Agreement (the &#147;<I>2008 Agreement Amendment</I>&#148;)
with the then current holders of the entire outstanding principal amount of the notes issued under the Existing 2008 Note Purchase Agreement (defined below) and (2)&nbsp;Amendment No.&nbsp;1 to Note Purchase Agreement (the &#147;<I>2009 Agreement
Amendment</I>&#148;) with the then current holders of the entire outstanding principal amount of the notes issued under the Existing 2009 Note Purchase Agreement (defined below). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The 2008 Agreement Amendment amends that certain Note Purchase Agreement, dated October&nbsp;1, 2008, among the Company and the noteholders party thereto (the
&#147;<I>Existing 2008 Note Purchase Agreement</I>&#148;) relating to the issuance and sale by the Company of $100,000,000 aggregate principal amount of its 5.63% Series B Senior Notes due October&nbsp;1, 2013, $50,000,000 aggregate principal amount
of its 5.92% Series C Senior Notes due October&nbsp;1, 2015 and $100,000,000 aggregate principal amount of its 6.39% Series D Senior Notes due October&nbsp;1, 2018. The 2009 Agreement Amendment amends that certain Note Purchase Agreement, dated
April&nbsp;3, 2009, among the Company and the noteholders party thereto (the &#147;<I>Existing 2009 Note Purchase Agreement</I>&#148;) relating to the issuance and sale by the Company of $57,000,000 aggregate principal amount of its 7.81% Series E
Senior Notes due April&nbsp;3, 2016 and $43,000,000 aggregate principal amount of its 8.24% Series F Senior Notes due April&nbsp;3, 2019. The 2008 Agreement Amendment and the 2009 Agreement Amendment each provide for changes to, among other things,
conform certain of the affirmative and negative covenants in the Existing 2008 Note Purchase Agreement and the Existing 2009 Note Purchase Agreement, respectively, to the corresponding covenant provisions in the 2013 Note Purchase Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The foregoing descriptions of the 2008 Agreement Amendment and the 2009 Agreement Amendment and related matters are qualified in their entirety by reference
to the 2008 Agreement Amendment and the 2009 Agreement Amendment, which are filed as Exhibits 10.2 and 10.3 hereto, respectively, and incorporated herein by reference. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="10%" VALIGN="top" ALIGN="left"><B>Item&nbsp;2.03</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. </B></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The information set forth in Item&nbsp;1.01 in this Current Report on Form 8-K is hereby incorporated by reference into this Item&nbsp;2.03. </P>
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<TD WIDTH="10%" VALIGN="top" ALIGN="left"><B>Item&nbsp;5.02</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. </B></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Compensation Committee (the &#147;<I>Committee</I>&#148;) of the Company approved awards of nonqualified stock options and performance-based restricted
stock to the Company&#146;s named executive officers under the Company&#146;s 2006 Omnibus Incentive Plan. The awards were granted effective October&nbsp;1, 2013. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The form of nonqualified stock option agreement pursuant to which these options were awarded is generally consistent with the form of nonqualified stock
option agreement previously adopted by the Committee and filed as Exhibit 10.12 to the Company&#146;s Annual Report on Form 10-K filed on November&nbsp;15, 2012, except that the Committee made certain amendments to the form of agreement that, among
other things, modify the vesting and exercise provisions from the prior form of agreement to provide that upon a participant&#146;s retirement, options will not accelerate and will continue to vest and be exercisable in accordance with the schedule
established at the grant date. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Set forth below is a table outlining the number of options awarded to the Company&#146;s named executive
officers. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1.00pt solid #000000; width:64.40pt; font-size:8pt; font-family:Times New Roman"><B>Name and Position</B></P></TD>
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<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Number&nbsp;of&nbsp;Options</B></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">Thomas A. Gendron</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chairman, Chief Executive Officer and President</P></TD>
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<TD VALIGN="top" ALIGN="center">157,700</TD></TR>
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<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="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">Robert F. Weber, Jr.</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vice Chairman, Chief Financial Officer and Treasurer</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">30,300</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="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">Martin V. Glass</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;President, Airframe Systems</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">20,600</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="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">Sagar A. Patel</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;President, Aircraft Turbine Systems</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">22,500</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">These options have a ten-year term and vest at the rate of 25%&nbsp;per year beginning on the first anniversary of the grant
date. Once vested, the options are exercisable at $40.99 per share, the closing price of the Company&#146;s common stock on the October&nbsp;1, 2013 grant date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Committee also granted an award of 24,361 shares of restricted stock to Mr.&nbsp;Gendron. Subject to Mr.&nbsp;Gendron&#146;s continued employment by the
Company, these shares of restricted stock will vest 100% following the end of the Company&#146;s fiscal year 2017 if a cumulative EPS target is met or exceeded for fiscal years 2014 through 2017. If this EPS target is not met, all shares of
restricted stock will be forfeited by Mr.&nbsp;Gendron. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The shares of restricted stock were awarded to Mr.&nbsp;Gendron pursuant to a form restricted
stock agreement previously approved by the Committee, which generally provides the following: If a recipient of a restricted stock award is terminated from the Company for any reason other than death or disability during the restricted period, all
shares of restricted stock will be immediately forfeited. If a recipient dies or becomes permanently disabled prior to the recipient&#146;s termination and during the restricted period, all restrictions will lapse and the shares of restricted stock
will fully vest immediately. Similarly, in the event of a Change in Control (as defined in the form of restricted stock agreement) of the Company during the restricted period and prior to the recipient&#146;s termination for any reason, all
restrictions will lapse and the shares of restricted stock will fully vest immediately. During the restricted period, a recipient may exercise full voting rights with respect to the shares of restricted stock. Dividends on the shares of restricted
stock will accrue, but will not be paid, during the restricted period. All dividends accrued during the restricted period will be paid upon any vesting of the shares of restricted stock, without payment of interest, provided that if the shares of
restricted stock are forfeited for any reason, all accrued dividends will likewise be forfeited. The form of restricted stock agreement also includes anti-dilution provisions in the event the Company engages in certain recapitalization or similar
transactions. </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The foregoing descriptions of the form of nonqualified stock option agreement and the form of restricted stock
agreement do not purport to be complete and are subject to, and qualified in their entirety by, the full text of the forms of such agreements, which will be filed as exhibits to the Company&#146;s Annual Report on Form 10-K for fiscal year ended
September&nbsp;30, 2013. </P> <P STYLE="font-size:18pt;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>
<TD WIDTH="10%" VALIGN="top" ALIGN="left"><B>Item&nbsp;8.01</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Other Events. </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On October&nbsp;1, 2013, the Company issued a press release announcing the issuance of
the Notes. A copy of the press release issued by the Company is filed herewith as Exhibit 99.1 and incorporated herein by reference. </P> <P STYLE="font-size:18pt;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>
<TD WIDTH="10%" VALIGN="top" ALIGN="left"><B>Item&nbsp;9.01</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Financial Statements and Exhibits. </B></TD></TR></TABLE> <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>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><I>(d)</I></TD>
<TD ALIGN="left" VALIGN="top"><I>Exhibits.</I> </TD></TR></TABLE> <P STYLE="font-size:6pt;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">


<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="94%"></TD></TR>


<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>10.1</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top">Note Purchase Agreement, dated October&nbsp;1, 2013, by and among Woodward, Inc. and the purchasers named therein.</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>10.2</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top">Amendment No. 1 to 2008 Note Purchase Agreement, dated as of October&nbsp;1, 2013, by and among Woodward, Inc. and the noteholders named therein.</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>10.3</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top">Amendment No. 1 to 2009 Note Purchase Agreement, dated as of October&nbsp;1, 2013, by and among Woodward, Inc. and the noteholders named therein.</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>99.1</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top">Press Release, dated October&nbsp;1, 2013, of Woodward, Inc.</TD></TR>
</TABLE>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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> <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">


<TR>
<TD WIDTH="47%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="4%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="47%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="3" NOWRAP><B>WOODWARD, INC.</B></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Date: October&nbsp;3, 2013</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3">By: &nbsp;<U>/s/&nbsp;A.&nbsp;Christopher
Fawzy&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;A. Christopher Fawzy</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;Corporate Vice President, General</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;Counsel, Corporate Secretary and</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;Chief Compliance Officer</TD></TR>
</TABLE>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EXHIBIT INDEX </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">


<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD WIDTH="90%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1.00pt solid #000000; width:39.10pt; font-size:8pt; font-family:Times New Roman"><B>Exhibit&nbsp;No.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="border-bottom:1.00pt solid #000000; width:39.50pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Description</B></P></TD></TR>


<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>10.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Note Purchase Agreement, dated October&nbsp;1, 2013, by and among Woodward, Inc. and the purchasers named therein.</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>10.2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Amendment No. 1 to 2008 Note Purchase Agreement, dated as of October&nbsp;1, 2013, by and among Woodward, Inc. and the noteholders named therein.</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>10.3</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Amendment No. 1 to 2009 Note Purchase Agreement, dated as of October&nbsp;1, 2013, by and among Woodward, Inc. and the noteholders named therein.</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>99.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Press Release, dated October&nbsp;1, 2013, of Woodward, Inc.</TD></TR>
</TABLE>
</BODY></HTML>
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{"company-data": {"conformed-name": "Woodward, Inc.", "cik": "0000108312", "assigned-sic": "3620", "irs-number": "361984010", "state-of-incorporation": "DE", "fiscal-year-end": "0930"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-08408", "film-number": "131135365"}, "business-address": {"street1": "1000 EAST DRAKE ROAD", "city": "FORT COLLINS", "state": "CO", "zip": "80525", "phone": "970-482-5811"}, "mail-address": {"street1": "1000 EAST DRAKE ROAD", "city": "FORT COLLINS", "state": "CO", "zip": "80525"}, "former-company": {"former-conformed-name": "WOODWARD GOVERNOR CO", "date-changed": "19920703"}}
Form 8-K
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant
to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of report (Date of earliest event reported): September 30, 2013
Woodward, Inc.
(Exact
Name of Registrant as Specified in Charter)
Delaware
000-08408
36-1984010
(State or Other Jurisdiction
of Incorporation)
(Commission
File Number)
(IRS Employer
Identification No.)
1000 E. Drake Road
Fort Collins, Colorado
80525
(Address of Principal Executive Offices)
(Zip Code)
Registrant's telephone number, including area code: (970) 482-5811
Not Applicable
(Former
name or former address, if changed since last report)
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
¨
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 1.01
Entry into a Material Definitive Agreement.
Note Purchase Agreement
On October 1, 2013, Woodward, Inc. (the "
Company
") entered into a Note Purchase Agreement (the "
2013 Note Purchase
Agreement
") with the purchasers named therein (the "
Purchasers
") relating to the sale by the Company and the purchase by the Purchasers of an aggregate principal amount of $250,000,000 of senior unsecured notes comprised of
(a) $50,000,000 aggregate principal amount of its 3.42% Series G Senior Notes due November 15, 2020 (the "
Series G Notes
"), (b) $25,000,000 aggregate principal amount of its 4.03% Series H Senior Notes due
November 15, 2023 (the "
Series H Notes
"), (c) $25,000,000 aggregate principal amount of its 4.18% Series I Senior Notes due November 15, 2025 (the "
Series I Notes,
" and together with the Series G
Notes and the Series H Notes, collectively, the "First Closing Notes"), (d) $50,000,000 aggregate principal amount of its Floating Rate Series J Senior Notes due November 15, 2020 (the "
Series J Notes
"),
(e) $50,000,000 aggregate principal amount of its 4.03% Series K Senior Notes due November 15, 2023 (the "
Series K Notes
") and (f) $50,000,000 aggregate principal amount of its 4.18% Series L Senior Notes due
November 15, 2025 (the "
Series L Notes,
" and together with the Series J Notes and the Series K Notes, the "
Second Closing Notes,
" and together with the First Closing Notes, the "
Notes
"), in a
series of private placement transactions.
On October 1, 2013, the Company sold $100,000,000 aggregate principal amount of Notes to certain of the
Purchasers, comprised of the First Closing Notes. In accordance with the 2013 Note Purchase Agreement, the Company intends to issue, on November 15, 2013, an additional $150,000,000 aggregate principal amount of Notes, comprised of the Second
Closing Notes.
The Series G Notes have a maturity date of November 15, 2020 and generally bear interest at a rate of 3.42% per annum. The
Series H Notes have a maturity date of November 15, 2023 and generally bear interest at a rate of 4.03% per annum. The Series I Notes have a maturity date of November 15, 2025 and generally bear interest at a rate of 4.18% per
annum. Interest on the Series G Notes, Series H Notes, Series I Notes, Series K Notes and Series L Notes (collectively, the "
Fixed Rate Notes
") will be payable semi-annually on April 1 and October 1 of each year until all
principal is paid. Interest payments on the Fixed Rate Notes commence on April 1, 2014.
The Series J Notes will have a maturity date of
November 15, 2020 and generally will bear interest at the applicable LIBO rate plus 1.25% during each interest period. The Series K Notes will have a maturity date of November 15, 2023 and generally will bear interest at a rate of
4.03% per annum. The Series L Notes will have a maturity date of November 15, 2025, and generally will bear interest at a rate of 4.18% per annum. Interest on the Series J Notes will be payable quarterly on January 1,
April 1, July 1 and October 1 of each year until all principal is paid. Interest payments on the Series J Notes commence on January 1, 2014.
The Company's obligations under the 2013 Note Purchase Agreement and the Notes, once issued, will rank at all times at least
pari passu
, without
preference or priority, with all other unsecured unsubordinated debt of the Company, including the Company's outstanding debt under the revolving credit agreement, dated July 10, 2013, between the Company and a syndicate of lenders led by
Wells Fargo Bank, National Association, as administrative agent.
The 2013 Note Purchase Agreement contains restrictive covenants customary for such financings, including, among
other things, covenants that place limits on the Company's ability to incur liens on assets, incur additional debt (including a leverage or coverage based maintenance test), transfer or sell the Company's assets, merge or consolidate with
other persons and enter into material transactions with affiliates. Under the financial covenants contained in the 2013 Note Purchase Agreement, the Company's leverage ratio of consolidated net indebtedness to consolidated EBITDA cannot exceed
4.0 to 1.0 during any material acquisition period, or 3.5 to 1.0 at any other time on a rolling four quarter basis. In the event that the Company's leverage ratio exceeds 3.5 to 1.0 during any material acquisition period, the interest rate on
each series of Notes will increase. Further, the Company's consolidated net worth must at all times equal or exceed $800,000,000 plus 50% of the Company's consolidated net earnings for each fiscal year beginning with the fiscal year ending
September 30, 2013.
The 2013 Note Purchase Agreement also contains events of default customary for such financings, the occurrence of which would
permit the Purchasers of the Notes to accelerate the amounts due thereunder.
The Company's payment and performance obligations under the 2013 Note
Purchase Agreement and the Notes, once issued, including without limitation the obligations for payment of all principal, interest and any applicable prepayment compensation amount on the Notes and any applicable breakage cost indemnity on the
Series J Notes, will be guaranteed by Woodward FST, Inc., MPC Products Corporation and Woodward HRT, Inc., each a wholly owned subsidiary of the Company.
The Company, at its option, is permitted at any time to prepay all, or from time to time to prepay any part of, the then outstanding principal amount of any
series of the Notes at 100% of the principal amount of the series of Notes to be prepaid (but, in the case of partial prepayment, not less than $1,000,000), together with interest accrued on such amount to be prepaid to the date of payment, plus any
applicable prepayment compensation amount. The prepayment compensation amount, as to the Fixed Rate Notes, is computed by discounting the remaining scheduled payments of interest and principal of the Fixed Rate Notes being prepaid at a discount rate
equal to the sum of 50 basis points and the yield to maturity of U.S. Treasury securities having a maturity equal to the remaining average life of the Fixed Rate Notes being prepaid. The prepayment compensation amount, as to the Series J Notes,
means with respect to any Series J Notes bearing interest at the LIBO Rate, a percentage of the principal amount of such Series J Notes equal to (a) 2%, on or prior to November 15, 2014, (b) 1%, after November 15, 2014 and on or
prior to November 15, 2015, and (c) 0% after November 15, 2015, and provided that, with respect to any Series J Notes bearing interest at the prime rate, the prepayment compensation amount will always be 0%.
The Company intends to use the net proceeds from the issuance of the Notes to refinance existing indebtedness and for general corporate purposes.
The foregoing description of the 2013 Note Purchase Agreement and related matters is qualified in its entirety by reference to the 2013 Note Purchase
Agreement, which is filed as Exhibit 10.1 hereto and incorporated herein by reference.
Amendment to Existing Note Purchase Agreements
On October 1, 2013, the Company entered into (1) Amendment No. 1 to Note Purchase Agreement (the "
2008 Agreement Amendment
")
with the then current holders of the entire outstanding principal amount of the notes issued under the Existing 2008 Note Purchase Agreement (defined below) and (2) Amendment No. 1 to Note Purchase Agreement (the "
2009 Agreement
Amendment
") with the then current holders of the entire outstanding principal amount of the notes issued under the Existing 2009 Note Purchase Agreement (defined below).
The 2008 Agreement Amendment amends that certain Note Purchase Agreement, dated October 1, 2008, among the Company and the noteholders party thereto (the
"
Existing 2008 Note Purchase Agreement
") relating to the issuance and sale by the Company of $100,000,000 aggregate principal amount of its 5.63% Series B Senior Notes due October 1, 2013, $50,000,000 aggregate principal amount
of its 5.92% Series C Senior Notes due October 1, 2015 and $100,000,000 aggregate principal amount of its 6.39% Series D Senior Notes due October 1, 2018. The 2009 Agreement Amendment amends that certain Note Purchase Agreement, dated
April 3, 2009, among the Company and the noteholders party thereto (the "
Existing 2009 Note Purchase Agreement
") relating to the issuance and sale by the Company of $57,000,000 aggregate principal amount of its 7.81% Series E
Senior Notes due April 3, 2016 and $43,000,000 aggregate principal amount of its 8.24% Series F Senior Notes due April 3, 2019. The 2008 Agreement Amendment and the 2009 Agreement Amendment each provide for changes to, among other things,
conform certain of the affirmative and negative covenants in the Existing 2008 Note Purchase Agreement and the Existing 2009 Note Purchase Agreement, respectively, to the corresponding covenant provisions in the 2013 Note Purchase Agreement.
The foregoing descriptions of the 2008 Agreement Amendment and the 2009 Agreement Amendment and related matters are qualified in their entirety by reference
to the 2008 Agreement Amendment and the 2009 Agreement Amendment, which are filed as Exhibits 10.2 and 10.3 hereto, respectively, and incorporated herein by reference.
Item 2.03
Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The information set forth in Item 1.01 in this Current Report on Form 8-K is hereby incorporated by reference into this Item 2.03.
Item 5.02
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
The Compensation Committee (the "
Committee
") of the Company approved awards of nonqualified stock options and performance-based restricted
stock to the Company's named executive officers under the Company's 2006 Omnibus Incentive Plan. The awards were granted effective October 1, 2013.
The form of nonqualified stock option agreement pursuant to which these options were awarded is generally consistent with the form of nonqualified stock
option agreement previously adopted by the Committee and filed as Exhibit 10.12 to the Company's Annual Report on Form 10-K filed on November 15, 2012, except that the Committee made certain amendments to the form of agreement that, among
other things, modify the vesting and exercise provisions from the prior form of agreement to provide that upon a participant's retirement, options will not accelerate and will continue to vest and be exercisable in accordance with the schedule
established at the grant date.
Set forth below is a table outlining the number of options awarded to the Company's named executive
officers.
Name and Position
Number of Options
Thomas A. Gendron
Chairman, Chief Executive Officer and President
157,700
Robert F. Weber, Jr.
Vice Chairman, Chief Financial Officer and Treasurer
30,300
Martin V. Glass
President, Airframe Systems
20,600
Sagar A. Patel
President, Aircraft Turbine Systems
22,500
These options have a ten-year term and vest at the rate of 25% per year beginning on the first anniversary of the grant
date. Once vested, the options are exercisable at $40.99 per share, the closing price of the Company's common stock on the October 1, 2013 grant date.
The Committee also granted an award of 24,361 shares of restricted stock to Mr. Gendron. Subject to Mr. Gendron's continued employment by the
Company, these shares of restricted stock will vest 100% following the end of the Company's fiscal year 2017 if a cumulative EPS target is met or exceeded for fiscal years 2014 through 2017. If this EPS target is not met, all shares of
restricted stock will be forfeited by Mr. Gendron.
The shares of restricted stock were awarded to Mr. Gendron pursuant to a form restricted
stock agreement previously approved by the Committee, which generally provides the following: If a recipient of a restricted stock award is terminated from the Company for any reason other than death or disability during the restricted period, all
shares of restricted stock will be immediately forfeited. If a recipient dies or becomes permanently disabled prior to the recipient's termination and during the restricted period, all restrictions will lapse and the shares of restricted stock
will fully vest immediately. Similarly, in the event of a Change in Control (as defined in the form of restricted stock agreement) of the Company during the restricted period and prior to the recipient's termination for any reason, all
restrictions will lapse and the shares of restricted stock will fully vest immediately. During the restricted period, a recipient may exercise full voting rights with respect to the shares of restricted stock. Dividends on the shares of restricted
stock will accrue, but will not be paid, during the restricted period. All dividends accrued during the restricted period will be paid upon any vesting of the shares of restricted stock, without payment of interest, provided that if the shares of
restricted stock are forfeited for any reason, all accrued dividends will likewise be forfeited. The form of restricted stock agreement also includes anti-dilution provisions in the event the Company engages in certain recapitalization or similar
transactions.
The foregoing descriptions of the form of nonqualified stock option agreement and the form of restricted stock
agreement do not purport to be complete and are subject to, and qualified in their entirety by, the full text of the forms of such agreements, which will be filed as exhibits to the Company's Annual Report on Form 10-K for fiscal year ended
September 30, 2013.
Item 8.01
Other Events.
On October 1, 2013, the Company issued a press release announcing the issuance of
the Notes. A copy of the press release issued by the Company is filed herewith as Exhibit 99.1 and incorporated herein by reference.
Item 9.01
Financial Statements and Exhibits.
(d)
Exhibits.
10.1
Note Purchase Agreement, dated October 1, 2013, by and among Woodward, Inc. and the purchasers named therein.
10.2
Amendment No. 1 to 2008 Note Purchase Agreement, dated as of October 1, 2013, by and among Woodward, Inc. and the noteholders named therein.
10.3
Amendment No. 1 to 2009 Note Purchase Agreement, dated as of October 1, 2013, by and among Woodward, Inc. and the noteholders named therein.
99.1
Press Release, dated October 1, 2013, of Woodward, Inc.
SIGNATURES
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.
WOODWARD, INC.
Date: October 3, 2013
By:
/s/ A. Christopher
Fawzy
Name:
A. Christopher Fawzy
Title:
Corporate Vice President, General
Counsel, Corporate Secretary and
Chief Compliance Officer
EXHIBIT INDEX
Exhibit No.
Description
10.1
Note Purchase Agreement, dated October 1, 2013, by and among Woodward, Inc. and the purchasers named therein.
10.2
Amendment No. 1 to 2008 Note Purchase Agreement, dated as of October 1, 2013, by and among Woodward, Inc. and the noteholders named therein.
10.3
Amendment No. 1 to 2009 Note Purchase Agreement, dated as of October 1, 2013, by and among Woodward, Inc. and the noteholders named therein.
99.1
Press Release, dated October 1, 2013, of Woodward, Inc.