Forestar Group Inc. — Director's Dealing 2017

May 11, 2017

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Forestar Group Inc. (FOR)
CIK: 0001406587
Period of Report: 2017-05-09

Reporting Person: Squires Richard D. (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2017-05-09	Common Stock	A	1489	$0.00	Acquired	25349	Direct
2017-05-09	Common Stock	M	1448	$0.00	Acquired	26797	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2017-05-09	Restricted Share Units	$	M	1448	Disposed		Common Stock (1448)	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Option (right to buy)	$8.60	2026-02-09	Common Stock (20000)	20000	Direct

Footnotes

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

F2: Restricted share units vested 05/09/2017.

F3: 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.

F4: Restricted share units granted on 02/14/2017 will vest as follows: 1,447 on 02/14/2017; 1,448 on 05/09/2017; 1,448 on 08/08/2017; 1,448 on 11/14/2017. Restricted share units will be settled with stock.