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: RUBRIGHT JAMES A (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2017-05-09	Common Stock	A	1436	$0.00	Acquired	96019	Direct
2017-05-09	Common Stock	M	1448	$0.00	Acquired	97467	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)	$28.85	2018-02-12	Common Stock (20000)	20000	Direct
Restricted Share Units	$		Common Stock ()	39885	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 02/12/2008 - Exercise price is $28.85: Options Exercisable 02/12/2009 - 6,500; Options Exercisable 02/12/2010 - 6,500; and Options Exercisable 02/12/2011 - 7,000.

F4: Restricted share units accrued under a Company plan to be settled in cash following Reporting Person's retirement. Restricted share units are vested on the date of grant and have the economic equivalent of one share of common stock.

F5: 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.