# EDGAR Filing Document

**Accession Number:** 0001406587
**File Stem:** 0001193125-23-017386
**Filing Date:** 2023-1
**Character Count:** 26840
**Document Hash:** 06f16274c08b4cdb55f151c8722e523f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-017386.hdr.sgml**: 20230127

**ACCESSION NUMBER**: 0001193125-23-017386

**CONFORMED SUBMISSION TYPE**: S-8

**PUBLIC DOCUMENT COUNT**: 6

**FILED AS OF DATE**: 20230127

**DATE AS OF CHANGE**: 20230127

**EFFECTIVENESS DATE**: 20230127

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Forestar Group Inc.
- **CENTRAL INDEX KEY:** 0001406587
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE [6500]
- **IRS NUMBER:** 261336998
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** S-8
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-269434
- **FILM NUMBER:** 23562257

**BUSINESS ADDRESS:**
- **STREET 1:** 2221 E. LAMAR BLVD.
- **STREET 2:** SUITE 790
- **CITY:** ARLINGTON
- **STATE:** TX
- **ZIP:** 76006
- **BUSINESS PHONE:** 817-769-1860

**MAIL ADDRESS:**
- **STREET 1:** 2221 E. LAMAR BLVD.
- **STREET 2:** SUITE 790
- **CITY:** ARLINGTON
- **STATE:** TX
- **ZIP:** 76006

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Forestar Real Estate Group Inc.
- **DATE OF NAME CHANGE:** 20071101

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Forestar Real Estate Group LLC
- **DATE OF NAME CHANGE:** 20070713

**As filed with the Securities and Exchange Commission on January 27, 2023** 

**Registration No. 333-** 

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**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**WASHINGTON, D.C. 20549** 

------

**FORM S-8** 

**REGISTRATION STATEMENT** 

***UNDER***

***THE SECURITIES ACT OF 1933***

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## FORESTAR GROUP INC.
**(Exact name of registrant as specified in its charter)** 

------

---

| | |
|:---|:---|
| **Delaware** | **26-1336998** |
| **(State or Other Jurisdiction of**<br> **Incorporation or Organization)** | **(I.R.S. Employer**<br> **Identification No.)** |

---

**2221 E. Lamar Blvd., Suite 790** 

**Arlington, TX 76006** 

**(Address of Principal Executive Offices, Zip Code)** 

**Forestar Group Inc. 2022 Employee Stock Purchase Plan** 

**(Full title of the plan)** 

**Ashley Dagley** 

**Senior Vice President and Secretary** 

**2221 E. Lamar Blvd., Suite 790** 

**Arlington, TX 76006** 

**(817) 769-1860** 

**(Name, address, including zip code, and telephone number, including area code, of agent for service)** 

------

***Copy to:***

**Krista P. Hanvey** 

**Gibson, Dunn & Crutcher LLP** 

**2001 Ross Avenue, Suite 2100** 

**Dallas, TX 75201** 

**(214) 698-3100** 

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Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer", "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.

---

| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ☐ | Accelerated filer | ☒ |
| Non-accelerated filer | ☐ | Smaller reporting company | ☐ |
|  |  | Emerging growth company | ☐ |

---

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐

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**EXPLANATORY NOTE** 

This Registration Statement on Form S-8 (this "Registration Statement") is filed by Forestar Group Inc. (the "Registrant") to register 2,500,000 shares of the Registrant's common stock, par value $1.00 per share (the "Common Stock"), issuable under the Forestar Group Inc. 2022 Employee Stock Purchase Plan (the "ESPP").

**PART I** 

**INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS** 

**Item 1. Plan Information.** 

The documents containing the information specified in Part I of Form S-8 will be delivered to employees as specified by Rule 428(b)(1) of the Securities Act of 1933, as amended (the "Securities Act"). In accordance with the instructions of Part I of Form S-8, such documents are not being filed with the Securities and Exchange Commission (the "Commission") either as part of this Registration Statement or as prospectuses or prospectus supplements pursuant to Rule 424 of the Securities Act.

**PART II** 

**INFORMATION REQUIRED IN THE REGISTRATION STATEMENT** 

**Item 3. Incorporation of Certain Documents by Reference.** 

The following documents, which have previously been filed by the Registrant with the Commission pursuant to the Securities Act and pursuant to the Securities Exchange Act of 1934, as amended (the "Exchange Act"), are incorporated by reference herein and shall be deemed to be a part hereof:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) [the Registrant's Annual Report on Form 10-K for the fiscal year ended September 30, 2022 filed with the Commission on November 17, 2022;](http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/0001406587/000140658722000128/for-20220930.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [the Registrant's Quarterly Report on Form 10-Q for the fiscal quarter ended December 31, 2022 filed with the Commission on January 25, 2023;](http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/0001406587/000140658723000010/for-20221231.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Registrant's Current Reports on Form 8-K filed with the Commission on [November 1, 2022](http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/0001406587/000119312522275029/d240474d8k.htm) and [January 18, 2023](http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/0001406587/000140658723000003/for-20230117.htm); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) [the Description of the Registrant's Securities filed as Exhibit 4.6 to the Registrant's Annual Report on Form 10-K for the fiscal year ended September 30, 2019 filed with the Commission on November 21, 2019](http://www.sec.gov/Archives/edgar/data/1406587/000140658719000036/ex46descriptionofsecuritie.htm), together with any amendment or report filed with the Commission for the purpose of updating such description.

In addition, all documents subsequently filed by the Registrant with the Commission pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act, prior to the filing of a post-effective amendment to this Registration Statement which indicate that all securities offered hereby have been sold or which deregister all securities remaining unsold, shall be deemed to be incorporated by reference in this Registration Statement and to be a part hereof from the date of filing of such documents. Notwithstanding the foregoing, unless specifically stated to the contrary, none of the information that the Registrant discloses under Items 2.02 or 7.01 of any Current Report on Form 8-K that it may from time to time furnish to the Commission will be incorporated by reference into, or otherwise included in, this Registration Statement.

Any statement, including financial statements, contained in a document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for purposes of this Registration Statement to the extent that a statement contained herein or therein or in any other subsequently filed document which also is or is deemed to be incorporated by reference herein modifies or supersedes such statement. Any such statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this Registration Statement.

**Item 4. Description of Securities.** 

Not applicable.

------

**Item 5. Interests of Named Experts and Counsel.** 

Not applicable.

**Item 6. Indemnification of Directors and Officers.** 

Section 145 of the Delaware General Corporation Law permits a corporation to indemnify its directors and officers against expenses (including attorneys' fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by them in connection with any action, suit or proceeding brought by third parties, if such directors or officers acted in good faith and in a manner they reasonably believed to be in or not opposed to the best interests of the corporation and, with respect to any criminal action or proceeding, had no reasonable cause to believe their conduct was unlawful. In a derivative action, i.e., one by or in the right of the corporation, indemnification may be made only for expenses actually and reasonably incurred by directors and officers in connection with the defense or settlement of an action or suit, and only with respect to a matter as to which they shall have acted in good faith and in a manner they reasonably believed to be in or not opposed to the best interests of the corporation, except that no indemnification shall be made if such person shall have been adjudged liable for negligence or misconduct in the performance of his respective duties to the corporation, although the court in which the action or suit was brought may determine upon application that the defendant officers or directors are fairly and reasonably entitled to indemnity for such expenses despite such adjudication of liability.

The Second Amended and Restated Bylaws of the Registrant provide for the indemnification of directors, officers and certain authorized representatives of the Registrant to the fullest extent provided by the Delaware General Corporation Law. The Registrant has entered into an indemnification agreement with each of its directors and executive officers.

Section 102(b)(7) of the Delaware General Corporation Law provides that a corporation may eliminate or limit the personal liability of a director to the corporation or its stockholders for monetary damages for breach of fiduciary duty as a director, provided that such provisions shall not eliminate or limit the liability of a director (1) for any breach of the director's duty of loyalty to the corporation or its stockholders, (2) for acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of law, (3) under section 174 of the Delaware General Corporation Law, or (4) for any transaction from which the director derived an improper personal benefit. No such provision shall eliminate or limit the liability of a director for any act or omission occurring before the date when such provision becomes effective.

The Second Amended and Restated Certificate of Incorporation of the Registrant eliminates the personal liability of its directors to the full extent permitted by the Delaware General Corporation Law. The Registrant also has obtained directors' and officers' liability insurance that provides insurance coverage for certain liabilities which may be incurred by directors and officers of the Registrant in their capacity as such.

**Item 7. Exemption from Registration Claimed.** 

Not applicable.

**Item 8. Exhibits.** 

---

| | |
|:---|:---|
| Exhibit No. | Exhibit Description |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 | [Second Amended and Restated Certificate of Incorporation of Forestar Group Inc. (incorporated by reference to Exhibit 3.1 of the Registrant's Current Report on Form 8-K filed with the Commission on October 10, 2017)](http://www.sec.gov/Archives/edgar/data/1406587/000110465917061395/a17-22910_1ex3d1.htm). |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 | [Second Amended and Restated Bylaws of Forestar Group Inc. (incorporated by reference to Exhibit 3.2 of the Registrant's Current Report on Form 8-K filed with the Commission on October 10, 2017)](http://www.sec.gov/Archives/edgar/data/1406587/000110465917061395/a17-22910_1ex3d2.htm). |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 | [First Amendment to the Second Amended and Restated Bylaws of Forestar Group Inc. (incorporated by reference to Exhibit 3.1 of the Registrant's Current Report on Form 8-K filed with the Commission on January 30, 2018)](http://www.sec.gov/Archives/edgar/data/1406587/000119312518025497/d521788dex31.htm). |

---

------

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 | [Second Amendment to the Second Amended and Restated Bylaws of Forestar Group Inc. (incorporated by reference to Exhibit 3.1 of the Registrant's Quarterly Report on Form 10-Q filed with the Commission on August 8, 2018)](http://www.sec.gov/Archives/edgar/data/1406587/000140658718000009/exhibit3218aug7.htm). |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1\* | [Opinion of Gibson, Dunn & Crutcher LLP.](d437851dex51.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;23.1\* | [Consent of Ernst & Young LLP.](d437851dex231.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;23.2\* | [Consent of Gibson, Dunn & Crutcher LLP (included in Exhibit 5.1).](d437851dex51.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;24.1\* | [Power of Attorney (included on the signature page of this Registration Statement).](d437851ds8.htm#sig) |
| &nbsp;&nbsp;&nbsp;&nbsp;99.1 | [Forestar Group Inc. 2022 Employee Stock Purchase Plan (incorporated by reference to Exhibit 10.1 to the Registrant's Current Report on Form 8-K filed with the Commission on January 18, 2023)](http://www.sec.gov/Archives/edgar/data/1406587/000140658723000003/forestargroupinc2022employ.htm). |
| 107.1\* | [Filing Fee Table.](d437851dexfilingfees.htm) |

---

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\* Filed herewith.

**Item 9.** **Undertakings.** <br>

(a) The undersigned Registrant hereby undertakes:

(1) To file, during any period in which offers or sales are being made, a post-effective amendment to this Registration Statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To include any prospectus required by Section 10(a)(3) of the Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) To reflect in the prospectus any facts or events arising after the effective date of the Registration Statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the Registration Statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20% change in the maximum aggregate offering price set forth in the "Calculation of Registration Fee" table in the effective Registration Statement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) To include any material information with respect to the plan of distribution not previously disclosed in the Registration Statement or any material change to such information in the Registration Statement;

<u>provided</u>, <u>however</u>, that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the Commission by the Registrant pursuant to Section 13 or Section 15(d) of the Exchange Act that are incorporated by reference in the Registration Statement.

(2) That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

(3) To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.

(b) The undersigned Registrant hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing of the Registrant's annual report pursuant to Section 13(a) or Section 15(d) of the Exchange Act (and, where applicable, each filing of an employee benefit plan's annual report pursuant to Section 15(d) of the Exchange Act) that is incorporated by reference in the Registration Statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

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(h) Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

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**SIGNATURES** 

Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Arlington, State of Texas, on January 27, 2023.

---

| | |
|:---|:---|
|  **Forestar Group Inc.** | **Forestar Group Inc.** |
| By: | /s/ Ashley Dagley |
| Name: | Ashley Dagley |
| Title: | Senior Vice President and Secretary |

---

**POWER OF ATTORNEY** 

Each person whose signature appears below hereby constitutes and appoints James D. Allen and Ashley Dagley as his or her true and lawful attorneys-in-fact and agents, with full power of resubstitution and substitution, for him or her and in his or her name, place and stead, in any and all capacities, to sign any or all amendments (including post-effective amendments) or supplements to this Registration Statement and to file the same with all exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents full power and authority to do and perform each and every act and thing necessary or appropriate to be done with respect to this Registration Statement or any amendments or supplements hereto in and about the premises, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, each acting alone, or his or her substitute or substitutes, may lawfully do or cause to be done by virtue hereof. Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed by the following persons in the capacities indicated on the dates indicated.

---

| | | |
|:---|:---|:---|
| Signature | Title | Date |
| /s/ Donald J. Tomnitz<br> Donald J. Tomnitz | Executive Chairman | January 27, 2023 |
| /s/ Daniel C. Bartok<br> Daniel C. Bartok | Chief Executive Officer<br> (*Principal Executive Officer*) | January 27, 2023 |
| /s/ James D. Allen<br> James D. Allen | Executive Vice President and Chief Financial Officer<br> (*Principal Financial Officer and Principal Accounting Officer*) | January 27, 2023 |
| /s/ Samuel R. Fuller<br> Samuel R. Fuller | Director | January 27, 2023 |
| /s/ Lisa. H. Jamieson<br> Lisa. H. Jamieson | Director | January 27, 2023 |
| /s/ G.F. (Rick) Ringler, III<br> G.F. (Rick) Ringler, III | Director | January 27, 2023 |
| /s/ Donald C. Spitzer<br> Donald C. Spitzer | Director | January 27, 2023 |

---

## Exhibit 5.1

**Exhibit 5.1**![LOGO](g437851g0126033630724.jpg)

January 27, 2023

Forestar Group Inc.

2221 E. Lamar Blvd., Suite 790

Arlington, TX 76006

Re: Forestar Group Inc. Registration Statement on Form S-8

Ladies and Gentlemen:

We have examined the Registration Statement on Form S-8 (the "Registration Statement") of Forestar Group Inc., a Delaware corporation (the "Company"), to be filed with the Securities and Exchange Commission (the "Commission") pursuant to the Securities Act of 1933, as amended (the "Securities Act"), in connection with the offering by the Company of up to 2,500,000 shares of the Registrant's common stock, par value $1.00 per share (the "Common Stock") under the Forestar Group Inc. 2022 Employee Stock Purchase Plan (the "Plan").

We have examined the originals, or photostatic or certified copies, of such records of the Company and certificates of officers of the Company and of public officials and such other documents as we have deemed relevant and necessary as the basis for the opinions set forth below. In our examination, we have assumed the genuineness of all signatures, the legal capacity and competency of all natural persons, the authenticity of all documents submitted to us as originals and the conformity to original documents of all documents submitted to us as copies. We have also assumed that there are no agreements or understandings between or among the Company and any participants in the Plan that would expand, modify or otherwise affect the terms of the Plan or the respective rights or obligations of the participants thereunder. Finally, we have assumed the accuracy of all other information provided to us by the Company during the course of our investigations, on which we have relied in issuing the opinion expressed below.

Based upon the foregoing examination and in reliance thereon, and subject to the qualifications, assumptions and limitations stated herein and in reliance on the statements of fact contained in the documents that we have examined, we are of the opinion that the Common Stock, when issued and sold in accordance with the terms set forth in the Plan, as applicable, and against payment therefor in accordance with the terms of the form of agreement documenting the awards under which the Common Stock may be issued, and when the Registration Statement has become effective under the Securities Act, will be validly issued, fully paid and non- assessable.

We render no opinion herein as to matters involving the laws of any jurisdiction other than the Delaware General Corporation Law (the "DGCL"). This opinion is limited to the effect of the current state of the DGCL and the facts as they currently exist. We assume no obligation to revise or supplement this opinion in the event of future changes in such laws or the interpretations thereof or such facts. We express no opinion regarding any state securities laws or regulations.

![LOGO](g437851g0126033630984.jpg)

------

![LOGO](g437851g0126033630724.jpg)

We consent to the filing of this opinion as an exhibit to the Registration Statement, and we further consent to the use of our name in the Registration Statement and the prospectus that forms a part thereof. In giving these consents, we do not thereby admit that we are within the category of persons whose consent is required under Section 7 of the Securities Act or the Rules and Regulations of the Commission.

Very truly yours,

/s/ Gibson, Dunn & Crutcher LLP

Gibson, Dunn & Crutcher LLP

![LOGO](g437851g0126033630984.jpg)

## Exhibit 23.1

**Exhibit 23.1** 

Consent of Independent Registered Public Accounting Firm

We consent to the incorporation by reference in the Registration Statement (Form S-8 filed on January 27, 2023) pertaining to the 2022 Employee Stock Purchase Plan of Forestar Group Inc. of our reports dated November 17, 2022, with respect to the consolidated financial statements of Forestar Group Inc. and the effectiveness of internal control over financial reporting of Forestar Group Inc. included in its Annual Report (Form 10-K) for the year ended September 30, 2022, filed with the Securities and Exchange Commission.

---

| |
|:---|
| /s/ Ernst & Young LLP |
| Fort Worth, Texas<br> January 27, 2023 |

---

## Ex-Filing

**Exhibit 107.1** 

**Calculation of Filing Fee Tables** 

**FORM S-8** 

(Form Type)

**FORESTAR GROUP INC.** 

(Exact Name of Registrant as Specified in its Charter)

<u>Table 1: Newly Registered Securities</u> 

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Security<br>Type** | **Security Class**<br> **Title (1)** | **Fee Calculation<br>Rule (2)** | **Amount<br>Registered** | **Proposed<br>Maximum<br>Offering<br>Price Per<br>Unit (2)** | **Maximum<br>Aggregate<br>Offering**<br> **Price (2)** | **Fee**<br> **Rate** | **Amount of<br>Registration<br>Fee** |
| &nbsp;&nbsp;&nbsp;Equity | Common stock, par value $1.00 per share | Rule 457(a) | 2500000<br> (**1)(3)** | $13.24 | $33100000 | $110.20 per $1,000,000 | $3647.62 |
| &nbsp;&nbsp;&nbsp;**Total Offering Amounts** | &nbsp;&nbsp;&nbsp;**Total Offering Amounts** | &nbsp;&nbsp;&nbsp;**Total Offering Amounts** | &nbsp;&nbsp;&nbsp;**Total Offering Amounts** |  | $33100000 |  | $3647.62 |
| &nbsp;&nbsp;&nbsp;**Total Fee Offsets** | &nbsp;&nbsp;&nbsp;**Total Fee Offsets** | &nbsp;&nbsp;&nbsp;**Total Fee Offsets** | &nbsp;&nbsp;&nbsp;**Total Fee Offsets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Net Fee Due** | &nbsp;&nbsp;&nbsp;**Net Fee Due** | &nbsp;&nbsp;&nbsp;**Net Fee Due** | &nbsp;&nbsp;&nbsp;**Net Fee Due** |  |  |  | $3647.62 |

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(1) Pursuant to Rule 416(a) under the Securities Act of 1933, as amended (the "Securities Act"), this
Registration Statement on Form S-8 shall also cover such indeterminate number of additional shares of common stock, par value $1.00 per share, of the Registrant (the "Common Stock") as may become
issuable to prevent dilution in the event of stock splits, stock dividends or similar transactions pursuant to the terms of the Forestar Group Inc. 2022 Employee Stock Purchase Plan (the "ESPP").

(2) Estimated solely for the purpose of calculating the registration fee pursuant to Rules 457(c) and (h) of
the Securities Act based on a 15% discount from the average of the high and low sale prices of the Common Stock, as quoted on the New York Stock Exchange on January 24, 2023, such dicount representing the discount offered pursuant to the ESPP.

(3) Represents 2,500,000 shares of Common Stock reserved for issuance under the ESPP.