Forestar Group Inc. — Director's Dealing 2016

May 11, 2016

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Forestar Group Inc. (FOR)
CIK: 0001406587
Period of Report: 2016-05-10

Reporting Person: Squires Richard D. (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2016-05-10	Common Stock	A	1508	$0.00	Acquired	17409	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2016-02-09	Option (right to buy)	$8.60	A	20000	Acquired	2026-02-09	Common Stock (20000)	Direct

Footnotes

F1: Restricted share units accrued under a Company plan to be settled following Reporting Person's retirement.

F2: Vesting schedule for Options granted 02/09/2016 - Exercise price is $8.60: Options Exerciserable 02/09/2017 - 6,500; Options Exerciserable 02/09/2018 - 6,500; and Options Exerciserable 02/09/2019 - 7,000.