Forestar Group (NYSE: FOR) COO exercises RSUs, surrenders shares for tax

Rhea-AI Filing Summary

Forestar Group Inc. Chief Operating Officer Mark Stephen Walker exercised previously granted restricted stock units that converted into 1,554 shares of common stock on March 18, 2026. A portion of these vested shares, 775 shares valued at $24.73 per share, was surrendered back to the company to cover withholding tax obligations rather than being sold on the open market. Following these compensation-related transactions, Walker directly holds 22,063 shares of Forestar common stock. The filing indicates this exercise represented the remaining derivatives tied to this award, originally granted as 7,770 restricted stock units vesting annually beginning March 18, 2022.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Walker Mark Stephen

(Last) (First) (Middle)

2221 E. LAMAR BLVD.

SUITE 790

(Street)

ARLINGTON TEXAS 76006

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
Forestar Group Inc. [ FOR ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Operating Officer

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
03/18/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	03/18/2026		M		1,554	A	$0(1)	22,838	D
Common Stock	03/18/2026		F		775(2)	D	$24.73	22,063	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Restricted Stock Unit	(1)	03/18/2026		M			1,554	(3)	(3)	Common Stock	1,554	$0	0	D

Explanation of Responses:

1. Each restricted stock unit represents a contingent right to receive one share of FOR common stock upon vesting.

2. These shares are surrendered to issuer to cover withholding tax obligations of the shares vested on March 18, 2026.

3. On March 18, 2021, the reporting person was granted 7,770 restricted stock units, vesting in five annual installments beginning March 18, 2022.

Remarks:

	/s/ James D. Allen, Attorney-in-fact for Mark Stephen Walker	03/20/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

FAQ

What insider transaction did Forestar Group (FOR) report for its COO?

Forestar reported that COO Mark Stephen Walker exercised restricted stock units into 1,554 common shares. Of these, 775 shares were surrendered back to the company to cover tax withholding obligations related to the vesting on March 18, 2026.

Did the Forestar (FOR) COO sell shares on the open market in this Form 4?

The COO did not report any open-market sales. Instead, 775 shares of common stock were surrendered to Forestar at $24.73 per share to satisfy tax withholding on vested restricted stock units, a routine compensation-related transaction.

How many Forestar (FOR) shares does the COO hold after the reported Form 4 transactions?

After the reported transactions, COO Mark Stephen Walker directly holds 22,063 shares of Forestar common stock. This balance reflects the conversion of 1,554 restricted stock units and the surrender of 775 shares to cover associated tax withholding obligations.

What derivative securities were involved in the Forestar (FOR) COO Form 4 filing?

The filing shows restricted stock units that each convert into one Forestar common share upon vesting. On March 18, 2026, 1,554 units vested and were exercised into 1,554 common shares as part of a previously granted 7,770-unit award.

Was the Forestar (FOR) COO’s share disposition in this Form 4 compensation-related?

Yes. The 775-share disposition was explicitly to cover withholding tax obligations on vested restricted stock units. This type of F-code transaction is a standard, non-market mechanism rather than a discretionary sale of shares into the open market.

What prior equity grant to the Forestar (FOR) COO is referenced in the Form 4?

The Form 4 notes that on March 18, 2021, the COO was granted 7,770 restricted stock units. These units were structured to vest in five equal annual installments beginning March 18, 2022, with the 2026 vesting reflected in the current filing.