Forestar Group Inc. — Director's Dealing 2017

Feb 16, 2017

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Forestar Group Inc. (FOR)
CIK: 0001406587
Period of Report: 2017-02-14

Reporting Person: Grimm David M (Chief Administrative Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2017-02-14	Common Stock	M	4737	—	Acquired	68890	Direct
2017-02-14	Common Stock	F	1349	$12.95	Disposed	67541	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2017-02-14	Market Stock Units	$	M	7360	Disposed	2017-02-11	Common Stock (7360)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	1000	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Option (right to buy)	$28.85	2018-02-12	Common Stock (22300)	22300	Direct
Option (right to buy)	$17.80	2020-02-09	Common Stock (10757)	10757	Direct
Option (right to buy)	$18.59	2021-02-08	Common Stock (20772)	20772	Direct
Option (right to buy)	$16.11	2022-02-14	Common Stock (24142)	24142	Direct
Option (right to buy)	$18.70	2023-02-12	Common Stock (24366)	24366	Direct
Option (right to buy)	$14.08	2025-02-10	Common Stock (22971)	22971	Direct
Stock Appreciation Right	$17.80	2020-02-09	Common Stock (12628)	12628	Direct
Restricted Share Units	$		Common Stock (5814)	11628	Direct
Market Stock Units	$	2018-02-10	Common Stock (23158)	23158	Direct

Footnotes

F1: Represents vesting of previously reported Market Stock Units.

F2: Vesting schedule for Options granted 02/12/2008 - Exercise price is $28.85: Options Exercisable 02/12/2009 - 5,575; Options Exercisable 02/12/2010 - 5,575; Options Exercisable 02/12/2011 - 5,575; Options Exercisable 02/12/2012 - 5,575.

F3: Vesting schedule for Options granted 02/09/2010 - Exercise price is $17.80: Options Exercisable 02/09/2011 - 2,689; Options Exercisable 02/09/2012 - 2,689; Options Exercisable 02/09/2013 - 2,689; and Options Exercisable 02/09/2014 - 2,690.

F4: Vesting schedule for Options granted 02/08/2011 - Exercise price is $18.59: Options Exercisable 02/08/2012 - 5,193; Options Exercisable 02/08/2013 - 5,193; Options Exercisable 02/08/2014 - 5,193; and Options Exercisable 02/08/2015 - 5,193.

F5: Vesting schedule for Options granted 02/14/2012 - Exercise price is $16.11: Options Exercisable 02/14/2013 - 6,035; Options Exercisable 02/14/2014 - 6,036; Options Exercisable 02/14/2015 - 6,035; and Options Exercisable 02/14/2016 - 6,036.

F6: Vesting schedule for Options granted 02/12/2013 - Exercise price is $18.70: Options Exercisable 02/12/2014 - 6,091; Options Exercisable 02/12/2015 - 6,092; Options Exercisable 02/12/2016 - 6,091; and Options Exercisable 02/12/2017 - 6,092.

F7: Vesting schedule for Options granted 02/10/2015 - Exercise price is $14.08: Options Exercisable 02/10/2016 - 5,742; Options Exercisable 02/10/2017 - 5,743; Options Exercisable 02/10/2018 - 5,743; and Options Exercisable 02/10/2019 - 5,743.

F8: Vesting schedule for Stock Appreciation Rights (SARs) granted 02/09/2010 - Exercise price is $17.80: SARs Exercisable 02/09/2011 - 3,157; SARs Exercisable 02/09/2012 - 3,157; SARs Exercisable 02/09/2013 - 3,157; and SARs Exercisable 02/09/2014 - 3,157. SARs will be settled for cash.

F9: Restricted share units granted on 02/09/2016 will vest as follows: 5,814 on 02/09/2017; 5,814 on 02/09/2018; 5,814 on 02/09/2019. Restricted share units will be settled with stock.

F10: Number of shares to be received upon vesting will vary depending upon performance of Company stock over the performance period.