X0306 4 2017-02-09 0 0001406587 Forestar Group Inc. FOR 0001666935 Quinley Michael J. 6300 BEE CAVE ROAD BUILDING TWO, SUITE 500 AUSTIN TX 78746 0 1 0 0 President Common Stock 2017-02-09 4 M 0 13556 0.00 A 33839 D Common Stock 2017-02-09 4 F 0 4866 12.70 D 28973 D Common Stock 2017-02-11 4 M 0 2049 0.00 A 31022 D Common Stock 2017-02-11 4 D 0 2049 13.00 D 28973 D Option (right to buy) 17.80 2020-02-09 Common Stock 6659 6659 D Option (right to buy) 18.59 2021-02-08 Common Stock 14837 14837 D Option (right to buy) 16.11 2022-02-14 Common Stock 16094 16094 D Option (right to buy) 18.70 2014-02-12 2023-02-12 Common Stock 14620 14620 D Option (right to buy) 14.08 2016-02-10 2025-02-10 Common Stock 18377 18377 D Option (right to buy) 13.43 2016-09-25 2025-09-25 Common Stock 25650 25650 D Stock Appreciation Right 9.29 2019-02-10 Common Stock 25381 25381 D Stock Appreciation Right 17.80 2020-02-09 Common Stock 7817 7817 D Restricted Share Units 2017-02-11 4 M 0 2049 0.00 D Common Stock 2049 0 D Restricted Share Units Common Stock 12100 12100 D Restricted Share Units 2017-02-09 4 M 0 13566 0.00 D Common Stock 13566 27132 D Market Stock Units 2017-02-11 Common Stock 5152 5152 D Market Stock Units 2018-02-10 Common Stock 18526 18526 D Restricted share units vested 02/09/2017. Restricted stock units are being settled in stock. Restricted share units vested 02/11/2017. Restricted stock units are being settled for cash based on the fair market value on 02/11/2017. Options are fully vested and exercisable as of the date of this report. Vesting schedule for Options granted 02/12/2013 -Exercise price is $18.70: Options Exercisable 02/12/2014 - 3,655; Options Exercisable 02/12/2015 - 3,655; Options Exercisable 02/12/2016 - 3,655; and Options Exercisable 02/12/2017 - 3,655. Vesting schedule for Options granted 02/10/2015 - Exercise price is $14.08: Options Exercisable 02/10/2016 - 4,594; Options Exercisable 02/10/2017 - 4,594; Options Exercisable 02/10/2018 - 4,594; and Options Exercisable 02/10/2019 - 4,595. Vesting schedule for Options granted 09/25/2015 - Exercise price is $13.43, however, options will not be exercisable unless stock price exceeds $17.50 per share: Options Exercisable 09/25/2016 - 8,550; Options Exercisable 09/25/2017 - 8,550; Options Exercisable 09/25/2018 - 8,550. Stock Appreciation Rights (SARs) are fully vested and exercisable as of the date of this report. Restricted share units granted on 02/11/2014 will vest as follows: 2,049 on 02/11/2016; 2,049 on 02/11/2017. Restricted share units will be settled for cash based on the fair market value on vesting date. Restricted share units granted on 09/25/2015 will vest on 09/25/2018. Restricted share units will be settled for cash based on the fair market value on vesting date. Restricted share units granted on 02/09/2016 will vest as follows: 13,566 on 02/09/2017; 13,566 on 02/09/2018; 13,566 on 02/09/2019. Restricted share units will be settled with stock. Number of shares to be received upon vesting will vary depending upon performance of Company stock over the performance period. David M. Grimm signing on behalf of Michael J. Quinley 2017-02-13