Document:

EX-10.18

 Exhibit 10.18 

FORESTAR GROUP INC. 
 NOTICE OF MARKET-LEVERAGED STOCK UNIT AWARD 
 Forestar Group Inc., a Delaware corporation
(“Forestar”) hereby grants Participant market-leveraged stock units (“MSUs”) subject to the terms and conditions of this Notice of Market-Leveraged Stock Unit Award (the “Notice”), the Market-Leveraged
Stock Unit Award Agreement (the “Award Agreement”) and the Forestar Group Inc. 2007 Stock Incentive Plan (the “Plan”). Each MSU set forth below is a bookkeeping entry representing the equivalent value of
one share of Forestar common stock. The Plan and the Award Agreement are incorporated herein by reference. Except as otherwise defined in this Notice or the Award Agreement, all terms used in this Notice shall have the meaning as defined in the
Plan. 
 1. Vesting Schedule: 

Provided Participant maintains continuous service as an employee, non-employee director or other service provider of Forestar or its Affiliates, and
subject to any other terms and limitations set forth in this Notice, the Award Agreement or the Plan, the MSUs shall vest to the extent the following time-based and performance-based vesting requirements are satisfied (collectively, the
“Vesting Schedule”): 
 (a) Time-Based Vesting Requirement. The MSUs shall vest and become nonforfeitable
on the third anniversary of the Grant Date (the “Vesting Date”). 
 (b)
Performance-Based Vesting Requirement. The number of MSUs that vest on the Vesting Date shall be based on total shareholder return and depend on the change in the price of shares of Forestar common stock between the Grant Date and the Vesting
Date, as determined by the Conversion Formula; however, no MSUs shall vest on the Vesting Date, and all of the MSUs subject to this Award Agreement shall be forfeited, if the Vesting Date Fair Market Value is less than 50% of the Grant Date Fair
Market Value. Whether and to what extent the MSUs shall vest pursuant to this Section 1(b) shall be determined by the Committee at a meeting following the Vesting Date (but in no event shall such meeting occur later than March 15th of the calendar year following the calendar year that contains the
Vesting Date). The Committee shall certify any affirmative determination that the performance goals under this Section 1(b) have been satisfied. 
 Notwithstanding Sections 1(a) and (b) to the contrary, upon the Participant’s Retirement, the MSUs shall vest pro rata in accordance with this Paragraph. At the end of the Vesting Schedule, the
number of shares of common stock that would have vested had the Participant been employed with Forestar through the end of the Vesting Schedule (depending on satisfaction of the performance goals set forth in Section1(b)) shall be prorated in
accordance with the following equation: (i) the numerator representing the number of days beginning on the Grant Date and ending on the day of the Participant’s Retirement and (ii) the denominator representing the number of days
beginning on the Grant Date and ending on the Vesting Date. 
 Notwithstanding Sections 1(a) and (b) to the contrary, the MSUs shall
automatically become fully vested upon the earlier of: (i) the consummation of a Change in Control, (ii) Participant’s death, and (iii) Participant’s Disability. 

 2. Risk of Forfeiture: 
 The MSUs shall be subject to a risk of forfeiture until such time the risk of forfeiture lapses in accordance with the Vesting Schedule. All or any portion of the MSUs subject to a risk of forfeiture
shall automatically be forfeited and terminated upon the earlier of: (i) the first day Participant’s continuous service as an employee, non-employee director or other service provider of Forestar or its Affiliates is terminated
(voluntarily or otherwise, for cause or not for cause); and (ii) a failure to satisfy the Performance-Based Vesting Requirement as of the Vesting Date, but only to the extent applicable. 
 3. Conversion and Settlement of Vested MSUs: 
 As soon as practicable
following the Vesting Date set forth in Section 1(a) and the Committee’s certification of the results of the Conversion Formula pursuant to Section 1(b), but in no event later than March 15th of the calendar year following the calendar year that contains the
Vesting Date, the MSUs that vest pursuant to the Vesting Schedule shall be converted into whole shares of Forestar common stock and distributed to Participant. 
 Participant and Forestar agree that the MSUs granted herein are governed by the terms and conditions of this Notice, the Award Agreement and the Plan. 

  
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 FORESTAR GROUP INC. 

MARKET-LEVERAGED STOCK UNIT AWARD AGREEMENT 
 1. Grant of MSUs. Subject to the terms and conditions of the Forestar Group Inc. 2007 Stock Incentive Plan (the “Plan”), the Notice of Market-Leveraged Stock Unit Award
(the “Notice”) and this Market-Leveraged Stock Unit Award Agreement (the “Award Agreement”), Forestar Group Inc. (the “Company”) hereby grants to the participant named in the Notice
(“Participant”) the number of market-leveraged stock units (“MSUs”) as set forth in the Notice. The Plan and the Notice are incorporated herein by reference. Except as otherwise defined in the Notice or this Award
Agreement, all terms used in this Award Agreement shall have the meaning as defined in the Plan. 
 2. Taxes. 

(a) Tax Liability. Participant hereby acknowledges and understands that he or she may suffer adverse tax consequences as a result
of his or her rights under this Award Agreement. Participant hereby represents that he or she has consulted with any tax consultants Participant deems advisable in connection with his or her rights under this Award Agreement and that Participant is
not relying on Forestar for any tax advice. In the event Forestar determines that it has a tax withholding obligation in connection with Participant’s rights under this Award Agreement, Participant agrees to make appropriate arrangements with
Forestar or its Affiliate for the satisfaction of such withholding. Participant consents to Forestar or its Affiliate satisfying any withholding obligation by withholding from other compensation due to Participant in the event such satisfactory
arrangements are not made. Forestar does not commit and is under no obligation to structure the MSUs to reduce or eliminate Participant’s tax liability. Participant hereby acknowledges his or her understanding that Forestar’s obligations
under this Award Agreement are fully contingent on Participant first satisfying this Section 2(a). Therefore, a failure of Participant to reasonably satisfy this Section 2 in accordance with Forestar’ sole and absolute discretion
shall result in the termination and expiration of this Award Agreement and all of Forestar’s obligations hereunder. 
 (b)
The MSUs and this Award Agreement are intended to avoid Section 409A of the Code (“Section 409A”) due to application of the short-term deferral rule. To that end this Award Agreement and the MSUs shall at all times be
interpreted in a manner that is consistent with such intent. Notwithstanding any other provision in the Plan, the Notice or this Award Agreement to the contrary, the Committee shall have the right, in its sole discretion, to adopt such amendments to
the Plan, the Notice or this Award Agreement or take such other actions (including amendments and actions with retroactive effect) as the Committee determines are necessary or appropriate for the MSUs to avoid application of (or comply with, as the
case may be) Section 409A. To the extent Section 409A applies to the MSUs and Participant is a “specified employee,” as defined in Treasury Regulation Section 1.409A-1(i), and except as otherwise provided under the Code, no
payment or benefit that is subject to Section 409A shall be made under the Notice and this Award Agreement on account of Participant’s separation from service with Forestar within the meaning of Section 409A(a)(2)(A)(i) of the Code
before the date that is the first day of the seventh month beginning after the date of Participant’s separation from service (or, if earlier, the date of death of Participant or any other date permitted under Section 409A of the Code).

  
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 3. Legality of Initial Issuance. Upon the conversion set forth in Section 3 of
the Notice, no shares of Forestar common stock shall be issued unless and until Forestar has determined that: (i) Forestar and Participant have taken all actions required to register such shares under applicable securities laws or to perfect an
exemption from such registration requirements, if applicable; (ii) all applicable listing requirements of any stock exchange or other securities market on which such shares are listed have been satisfied; and (iii) any other applicable
provision of state or U.S. federal law or other applicable law has been satisfied. 
 4. Rights as a Shareholder of
Forestar. Participant’s receipt of the grant of MSUs pursuant to the Notice and this Award Agreement shall provide and confer no rights or status as a shareholder of Forestar until such MSUs are converted and granted to Participant in
accordance with Section 3 of the Notice. 
 5. Definitions. For purposes of this Award Agreement, the following
terms shall have the meanings set forth below: 
 (a) The term “Change in Control” shall mean consummation of
any of the following events: 
 (i) any Person (as defined in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934,
excluding Forestar and its Affiliates) is or becomes the Beneficial Owner (as defined in Rule 13d-3 of the Securities Exchange Act of 1934), directly or indirectly, of securities of Forestar (not including in the securities beneficially owned by
such person any securities acquired directly from Forestar or its Affiliates) representing 20% or more of the combined voting power of Forestar’s then outstanding securities, excluding any Person who becomes such a Beneficial Owner in
connection with a transaction described in clauses (A), (B) or (C) of Section 5(a)(iii). 
 (ii) within any
twenty-four month period, the following individuals cease for any reason to constitute a majority of the number of directors then serving on the Board: individuals who, on the Effective Date, constitute the Board and any new director (other than a
director whose initial assumption of office is in connection with an actual or threatened election contest, including but not limited to a consent solicitation, relating to the election of directors of Forestar) whose appointment or election by the
Board or nomination for election by Forestar’s shareholders was approved or recommended by a vote of at least two-thirds of the directors then still in office who either were directors on the date hereof or whose appointment, election or
nomination for election was previously so approved or recommended; 
 (iii) there is consummated a merger, consolidation of
Forestar or any direct or indirect subsidiary of Forestar with any other corporation or any recapitalization of Forestar (for purposes of this paragraph (iii), a “Business Event”) unless, immediately following such Business Event
(A) the directors of Forestar immediately prior to such Business Event continue to constitute at least a majority of the board of directors of Forestar, the surviving entity or any parent thereof, (B) the voting securities of Forestar
outstanding immediately prior to such Business Event continue to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity or any parent thereof), in combination with the ownership of any trustee
or other fiduciary holding securities under an employee benefit plan of Forestar or any subsidiary of Forestar, at least 60% of the combined voting power of the securities of Forestar or such surviving entity or any parent thereof outstanding
immediately after such Business Event, and (C) in the event of a recapitalization, no Person is or becomes the Beneficial Owner, directly or indirectly, of securities of Forestar or such surviving entity or any parent thereof (not including in
the securities Beneficially Owned by such Person any securities acquired directly from Forestar or its Affiliates) representing 20% or more of the combined voting power of the then outstanding securities of Forestar or such surviving entity or any
parent thereof (except to the extent such ownership existed prior to the Business Event); 

  
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 (iv) the shareholders of Forestar approve a plan of complete liquidation or dissolution of
Forestar; 
 (v) there is consummated an agreement for the sale, disposition or long-term lease by Forestar of substantially all
of Forestar’s assets, other than (a) such a sale, disposition or lease to an entity, at least 50% of the combined voting power of the voting securities of which are owned by shareholders of Forestar in substantially the same proportions as
their ownership of Forestar immediately prior to such sale or disposition or (b) the distribution directly to Forestar’s shareholders (in one distribution or a series of related distributions) of all of the stock of one or more
subsidiaries of Forestar that represent substantially all of Forestar’s assets; or 
 (vi) any other event that the Board,
in its sole discretion, determines to be a Change in Control for purposes of this Agreement. 
 Notwithstanding the foregoing, a “Change in
Control” under Sections 5(a)(i) through (v) shall not be deemed to have occurred by virtue of the consummation of any transaction or series of integrated transactions immediately following which the record holders of the common stock of
Forestar immediately prior to such transaction or series of transactions continue to have substantially the same proportionate ownership in one or more entities which, singly or together, immediately following such transaction or series of
transactions, own all or substantially all of the assets of Forestar as constituted immediately prior to such transaction or series of transactions. 
 (b) The term “Conversion Formula” is based on total shareholder return and shall mean, subject to the 50% threshold set forth in Section 1(b) of the Notice, the product of the number
of MSUs subject to this Award Agreement that vested under the Time-Based Vesting Requirement; multiplied by the following formula: [(Vesting Date Fair Market Value minus Grant Date Fair Market Value) divided by the Grant Date Fair Market Value],
plus 1. Notwithstanding the foregoing, the Conversion Formula shall be limited so that its maximum payout cannot exceed the lesser of: (i) 150% of the number of MSUs granted on the Grant Date, and (ii) the numeric limitation set forth in
Section 5.2 of the Plan. 
 (c) The term “Disability” shall mean the total and permanent disability of
Participant. Whether a permanent disability exists shall be determined by the Committee in its sole discretion and in accordance with uniform and non-discriminatory standards adopted by the Committee from time to time (formal or otherwise).

 (d) The term “Grant Date Fair Market Value” (set forth on the first page of this Award Agreement) shall be
equal to the average closing price per share of Forestar common stock for the forty trading day period ending immediately prior to the Grant Date. 
 (e) The term “Reinvested Dividends” shall mean, with respect to each cash dividend or distribution (if any) paid with respect to shares of Forestar common stock to shareholders of record
on and after the Date of Grant, an amount equal to the quotient of (i) the product of (A) the amount of such cash dividends or distributions paid with respect to one share of Forestar common stock, multiplied by (B) the number of MSUs
subject to this Award Agreement that vested under the Time-Based Vesting Requirement; divided by (ii) the product of (A) the fair market value of one share of Forestar common stock as of the applicable dividend record date, multiplied by
(B) the number of MSUs subject to this Award Agreement that vested under the Time-Based Vesting Requirement. 

  
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 (f) The term “Retirement” shall mean a Participant’s voluntary
Separation From Service after either (i) attaining age 65 or (ii) attaining age 55 and completing at least five years of service with Forestar or any of its Affiliates. For purposes of this paragraph (f), the term “Separation From
Service” shall mean a Participant’s separation from service (within the meaning of Treasury Regs. 1.409A-1(h)) with Forestar and its Affiliates after the Date of Grant of the relevant MSUs. 

(g) The term “Vesting Date Fair Market Value” shall be equal to the sum of: (i) the average closing price per share
of Forestar common stock for the forty trading day period ending immediately prior to the Vesting Date; and (ii) Reinvested Dividends. Notwithstanding the foregoing or anything in this Award Agreement to the contrary, in the event of a Change
in Control the Vesting Date Fair Market Value per share of Forestar common stock shall be equal to the per share consideration provided in such Change in Control, plus Reinvested Dividends. 

6. General Provisions. 
 (a) Notice. Any notice required by the terms of this Award Agreement shall be given in writing and shall be deemed effective upon personal delivery or upon deposit with the U.S. Postal Service, by
registered or certified mail, with postage and fees prepaid. Notice shall be addressed to Participant as set forth in the Notice and to Forestar at its corporate headquarters, attention General Counsel. 

(c) Successors and Assigns. Except as provided herein to the contrary, the Notice and this Award Agreement shall be binding upon
and inure to the benefit of the parties, their respective successors and permitted assigns. 
 (d) Nonalienation of
Benefits. Except as required by applicable law, no right or benefit under the Plan, the Notice or this Award Agreement shall be subject to anticipation, alienation, sale, assignment, hypothecation, pledge, exchange, transfer, encumbrance or
charge, and any attempt to anticipate, alienate, sell, assign, hypothecate, transfer, pledge, exchange, transfer, encumber or charge the same shall be void. No right or benefit hereunder shall in any manner be liable for or subject to the debts,
contracts, liabilities or torts of the person entitled to such benefit. If Participant shall become bankrupt or attempt to anticipate, alienate, sell, assign, hypothecate, pledge, exchange, transfer, encumber or charge any right or benefit under the
Plan, the Notice or this Award Agreement, then such right or benefit shall, in the discretion of the Committee, cease and terminate, and in such event, the Committee in its discretion may hold or apply the same or any part thereof for the benefit of
Participant or his beneficiary, spouse, children or other dependents, or any of them, in such manner and in such proportion as the Committee may deem proper. Notwithstanding the foregoing, Participant may designate one or more beneficiaries of
Participant’s MSUs in the event of Participant’s death. Such designation shall be on a beneficiary designation form provided by Forestar’s Board of Directors. The terms of the Notice and this Award Agreement and this Section 6(d)
shall be binding upon the executors, administrators, heirs, successors and transferees of Participant. 

  
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 (e) Severability. The validity, legality or enforceability of the remainder of the
Notice and this Award Agreement shall not be affected even if one or more of the provisions of the Notice or this Award Agreement shall be held to be invalid, illegal or unenforceable in any respect. 

(f) Amendment. Forestar may amend, alter, or discontinue the Notice and this Award Agreement, however, no amendment, suspension or
termination of the Notice or this Award Agreement shall materially impair the rights of Participant unless otherwise agreed between Participant and Forestar. 
 (g) Administration and Interpretation. Any question or dispute regarding the interpretation of the Notice or this Award Agreement or the receipt of the MSUs hereunder shall be submitted by
Participant to the Committee. The resolution of such a dispute by the Committee shall be final and binding on all parties. 
 (h)
Headings. The section headings in the Notice and this Award Agreement are inserted only as a matter of convenience, and in no way define, limit or interpret the scope of the Notice or this Award Agreement or of any particular section.

 (i) Counterparts. The Notice may be executed simultaneously in two or more counterparts, each of which shall be deemed
an original, but all of which together shall constitute one and the same instrument. Any counterpart or other signature delivered by facsimile shall be deemed for all purposes as being a good and valid execution and deliver of this Award Agreement
by that party. 
 (j) Arbitration. Participant and Forestar agree that the Notice and this Award Agreement arises out of,
and is inseparable from, Participant’s employment or other service with Forestar or any of its Affiliates. Participant and Forestar further agree to final and binding arbitration as the exclusive forum for resolution of any dispute of any
nature whatsoever, whether initiated by Participant or Forestar, arising out of, related to, or connected with Participant’s employment or other service with, or termination by, Forestar or any of its Affiliates. This includes, without
limitation, any dispute arising out of the application, interpretation, enforcement, or claimed breach of the Notice or this Award Agreement. The only exceptions to the scope of this arbitration provision are claims arising under any written
agreement between Participant and Forestar or its Affiliate that expressly provides that such claims are not subject to binding arbitration. Arbitration under this provision shall be conducted under the employment dispute rules and procedures of
either the American Arbitration Association or of JAMS/Endispute, according to the preference of the party initiating such arbitration. Appeal from, or confirmation of, any arbitration award under this paragraph may be made to any court of competent
jurisdiction under standards applicable to appeal or confirmation of arbitration awards under the Federal Arbitration Act. This arbitration provision and related proceedings shall be subject to and governed by the Federal Arbitration Act.

 (k) Venue. To the extent Section 6(j) does not apply, the parties and their assignees hereby agree that any suit,
action or proceeding arising out of or related to the Notice or this Award Agreement shall be brought in the United States District Court for the Western District of Texas (or should such court lack jurisdiction to hear such action, suit or
proceeding, in a Texas state court in Travis County) and that all parties shall submit to the jurisdiction of such court. Except as provided in Section 6(j), the parties irrevocably waive, to the fullest extent permitted by law, any objection
the party may have to the laying of venue for any such suit, action or proceeding brought in such court. If any one or more provisions of this Section 6(k) shall for any reason be held invalid or unenforceable, it is the specific intent of the
parties that such provisions shall be modified to the minimum extent necessary to make it or its application valid and enforceable. 

  
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 (l) Entire Agreement; Governing Law. The provisions of the Notice and the Plan
are incorporated herein by reference. This Award Agreement, together with the Notice and the Plan, constitute the entire agreement of the parties with respect to the subject matter hereof and supersede in their entirety all prior undertakings,
representation and agreements of Forestar and Participant (whether oral or written, and whether express or implied) with respect to the subject matter hereof. This Award Agreement is to be construed in accordance with and governed by the internal
laws of the State of Texas without giving effect to any choice of law rule that would cause the application of the laws of any jurisdiction other than the internal laws of the State of Texas to the rights and duties of the parties. 

(m) No Guarantee of Continued Service. PARTICIPANT ACKNOWLEDGES AND AGREES THAT THE NOTICE, THIS AWARD AGREEMENT AND THE MSUs
GRANTED HEREUNDER DO NOT CONSTITUTE AN EXPRESS OR IMPLIED PROMISE OF CONTINUED ENGAGEMENT AS AN EMPLOYEE OR INDEPENDENT CONTRACTOR OF FORESTAR FOR ANY PERIOD OR AT ANY TIME. 
 (n) Waiver. Failure to insist upon strict compliance with any of the terms, covenants, or conditions hereof will not be deemed a waiver of such term, covenant, or condition, nor will any waiver or
relinquishment of, or failure to insist upon strict compliance with, any right or power hereunder at any one or more times be deemed a waiver or relinquishment of such right or power at any other time or times. 

*     *     *     *     * 

  
 6EX-10.19

 Exhibit 10.19 

INDEMNIFICATION AGREEMENT 

This Indemnification Agreement, dated as of
                    ,         , is made by and between Forestar Group Inc., a Delaware corporation (the
“Company”), and                     , an officer of the Company (the “Indemnitee”). 

RECITALS 

A. The Company seeks to attract and retain competent and experienced persons to serve as officers and wishes to protect such individuals
by providing comprehensive liability insurance and indemnification, due to exposure to litigation costs and risks resulting from their service to and on behalf of the Company; 
 B. The statutes and judicial decisions regarding the duties of officers are often difficult to apply, ambiguous, or conflicting, and therefore fail to provide such officers with adequate, reliable
knowledge of legal risks to which they are exposed or information regarding the proper course of action to take; 
 C.
Plaintiffs may seek damages in amounts which, coupled with the costs of litigation (whether or not the case is meritorious), cause the defense and/or settlement of such litigation to exceed the personal resources of officers and directors;

 D. The Company believes that it is unfair for its officers and the officers of its subsidiaries to assume the risk of huge
judgments and other expenses that may occur in cases in which the officer received no personal profit and in cases where the officer was not culpable; 
 E. The Company recognizes that the issues in controversy in litigation against an officer of a corporation such as the Company or a subsidiary of the Company are often related to the knowledge, motives
and intent of such officer, that he or she is usually the only witness with knowledge of the essential facts and exculpating circumstances regarding such matters and that the long period of time that usually elapses before the trial or other
disposition of such litigation often extends beyond the normal time that the officer can reasonably recall such matters; and may extend beyond the normal time for retirement for such officer with the result that he or she, after retirement or in the
event of his or her death, his or her spouse, heirs, executors or administrators, may be faced with limited ability and undue hardship in maintaining an adequate defense, which may discourage such an officer from serving in that position;

 F. Based upon their experience as business managers, the Board of Directors of the Company (the “Board”) has
concluded that, to retain and attract talented and experienced individuals to serve as officers of the Company and its subsidiaries and to encourage such individuals to take the business risks necessary for the success of the Company and its
subsidiaries, it is desirable for the Company to contractually indemnify its officers against expenses and damages in connection with claims against such officers in connection with their service to the Company and its subsidiaries, and has further
concluded that the failure to provide such contractual indemnification could result in great harm to the Company and its subsidiaries and the Company’s stockholders; 
 G. Section 145 of the General Corporation Law of Delaware, under which the Company is organized (“Section 145”), empowers the Company to indemnify its officers, directors, employees
and agents by agreement and to indemnify persons who serve, at the request of the Company, as the directors, officers, employees or agents of other corporations or enterprises, and expressly provides that the indemnification provided by
Section 145 is not exclusive; 

  
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 H. The Company, after reasonable investigation prior to the date hereof, has determined that
the liability insurance coverage available to the Company and its subsidiaries as of the date hereof may be inadequate and/or unreasonably expensive. The Company believes, therefore, that the interests of the Company’s stockholders would best
be served by a combination of such insurance as the Company may obtain, or request a subsidiary to obtain, pursuant to the Company’s obligations hereunder and the indemnification by the Company of its officers; 

I. The Company desires and has requested the Indemnitee to serve or continue to serve as an officer of the Company and/or one or more
subsidiaries of the Company free from undue concern for claims for damages arising out of or related to such services to the Company and/or one or more subsidiaries of the Company; 

J. The Indemnitee is willing to serve, or to continue to serve, the Company and/or one or more subsidiaries of the Company, provided that
he or she is furnished the indemnity provided for herein; and 
 K. This Agreement is not a substitute for, nor does it diminish
or abrogate any rights of the Indemnitee under, the Company’s Certificate of Incorporation, as amended (the “Certificate”), and Bylaws, as amended (“Bylaws”), or any resolutions adopted pursuant thereto
(including any contractual rights of the Indemnitee that may exist). 
 AGREEMENT 

NOW, THEREFORE, the parties hereto, intending to be legally bound, hereby agree as follows: 

1. Definitions. 
 (a)
Agent. For the purposes of this Agreement, “agent” of the Company means any person who is or was a director, officer, employee or agent of the Company or a subsidiary of the Company; or is or was serving at the request of,
for the convenience of, or to represent the interests of the Company or a subsidiary of the Company as a director, officer, employee or agent of another foreign or domestic corporation, partnership, limited liability company, joint venture, trust or
other enterprise (as defined under Section 145); or was a director, officer, employee or agent of a foreign or domestic corporation or other enterprise which was a predecessor of the Company or a subsidiary of the Company, or was a director,
officer, employee or agent of another foreign or domestic corporation, partnership, limited liability company, joint venture, trust or other enterprise at the request of, for the convenience of, or to represent the interests of such predecessor.

 (b) Expenses. For purposes of this Agreement, “expenses” includes all direct and indirect costs of any
type or nature whatsoever (including, without limitation, all attorneys’ fees and related disbursements, other out-of-pocket costs and reasonable compensation for time spent by the Indemnitee for which he or she is not otherwise compensated by
the Company or any third party) actually and reasonably incurred by the Indemnitee in connection with a proceeding or establishing or enforcing a right to indemnification under this Agreement, the Certificate, the Bylaws, D&O Insurance,
Section 145 or otherwise; provided, however, that expenses shall not include any judgments, fines, ERISA excise taxes or penalties or amounts paid in settlement of a proceeding. 

(c) Proceeding. For the purposes of this Agreement, “proceeding” means any threatened, pending, or completed
action, suit, claim, demand, arbitration, alternative dispute resolution mechanism, investigation, inquiry, administrative hearing, or any other actual, threatened or completed proceeding, including any and all appeals, whether brought by or in the
right of the Company or otherwise, whether civil, criminal, administrative, investigative or any other type whatsoever. 
  

  
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 (d) Subsidiary. For purposes of this Agreement, “subsidiary” means
any corporation, partnership, limited liability company, or other entity of which more than 50% of the outstanding voting securities or interests is owned directly or indirectly by the Company, by the Company and one or more other subsidiaries, or
by one or more other subsidiaries. 
 2. Agreement to Serve. The Indemnitee agrees to serve and/or continue to serve as an agent of the
Company, at its will (or under separate agreement, if such agreement exists), in the capacity the Indemnitee currently serves as an agent of the Company, so long as he or she is duly appointed or elected and qualified in accordance with the
applicable provisions of the Bylaws or the bylaws of any subsidiary of the Company or until such time as he or she tenders his or her resignation in writing, provided, however, that nothing contained in this Agreement is intended to create any right
to continued employment by the Indemnitee. 
 3. Maintenance of Liability Insurance. To the extent the Company maintains an insurance
policy or policies providing directors’ and officers’ liability insurance (“D&O Insurance”), the Indemnitee shall be covered by such policy or policies, in accordance with its or their terms, to the maximum extent of
the coverage available for any Company director. 
 4. Mandatory Indemnification. The Company shall indemnify the Indemnitee: 

(a) Third Party Actions. If the Indemnitee is a person who was or is a party or is threatened to be made a party to any proceeding
(other than an action by or in the right of the Company) by reason of the fact that he or she is or was an agent of the Company, or by reason of anything done or not done by him or her in any such capacity, against any and all expenses and
liabilities of any type whatsoever (including, but not limited to, judgments, fines, ERISA excise taxes or penalties, and amounts paid in settlement) actually and reasonably incurred by him or her in connection with such proceeding if he or she
acted in good faith and in a manner he or she reasonably believed to be in or not opposed to the best interests of the Company, and, with respect to any criminal action or proceeding, had no reasonable cause to believe his or her conduct was
unlawful; and 
 (b) Derivative Actions. If the Indemnitee is a person who was or is a party or is threatened to be made a
party to any proceeding by or in the right of the Company to procure a judgment in its favor by reason of the fact that he or she is or was an agent of the Company, or by reason of anything done or not done by him or her in any such capacity,
against all expenses actually and reasonably incurred by him or her in connection with such proceeding if he or she acted in good faith and in a manner he or she reasonably believed to be in or not opposed to the best interests of the Company;
except that no indemnification under this subsection shall be made in respect of any claim, issue or matter as to which such person shall have been finally adjudged to be liable to the Company unless and only to the extent that the Court of Chancery
of the State of Delaware or the court in which such proceeding was brought shall determine upon application that, despite the adjudication of liability but in view of all the circumstances of the case, such person is fairly and reasonably entitled
to indemnity for such amounts which the Court of Chancery of the State of Delaware or such other court shall deem proper; 
 (c)
Notwithstanding any other provision in this Agreement, to the extent that the Indemnitee is, by reason of his or her status as an agent of the Company, a witness in any proceeding to which the Indemnitee is not a party, the Company shall indemnify
the Indemnitee against all expenses actually and reasonably paid or incurred by the Indemnitee on his or her behalf in connection therewith; and 
 (d) Notwithstanding the foregoing, the Company shall not be obligated to indemnify the Indemnitee for expenses or liabilities of any type whatsoever (including, but not limited to, judgments, fines, ERISA
excise taxes or penalties, and amounts paid in settlement) which have been paid directly to the Indemnitee by or under the terms of D&O Insurance. 
  

  
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 5. Partial Indemnification. If the Indemnitee is entitled under any provision of this Agreement to
indemnification by the Company for some or a portion of any expenses or liabilities of any type whatsoever (including, but not limited to, judgments, fines, ERISA excise taxes or penalties, and amounts paid in settlement) incurred by him or her in a
proceeding but not entitled, however, to indemnification for all of the total amount thereof, the Company shall nevertheless indemnify the Indemnitee for such total amount except as to the portion thereof to which the Indemnitee is not entitled to
indemnification. 
 6. Mandatory Advancement of Expenses. Subject to Section 11(a) below, the Company, if requested by the
Indemnitee, shall advance, to the fullest extent permitted by law, all expenses incurred by the Indemnitee in connection with any proceeding to which the Indemnitee is a party or is threatened to be made a party by reason of the fact that the
Indemnitee is or was an agent of the Company. The Indemnitee hereby undertakes to repay such amounts advanced only if, and to the extent that, it shall ultimately be determined pursuant to Section 8 hereof that the Indemnitee is not
entitled to be indemnified by the Company under this Agreement, the Certificate, the Bylaws, Section 145 or otherwise. The advances to be made hereunder shall be paid by the Company to the Indemnitee within twenty (20) days following
delivery of a written request therefor by the Indemnitee to the Company (which written request shall include, if requested by the Company, reasonable detail underlying the expenses for which the expense advance is requested). 

7. Notice and Other Indemnification Procedures. 
 (a) Promptly after receipt by the Indemnitee of notice of the commencement of or the threat of commencement of any proceedings, the Indemnitee shall, if the Indemnitee believes that indemnification with
respect thereto may be sought from the Company under this Agreement, notify the Company of the commencement or threat of commencement thereof. 
 (b) If, at the time of the receipt of a notice of the commencement of a proceeding pursuant to Section 7(a) hereof, the Company has D&O Insurance in effect, the Company shall give prompt
notice of the commencement of such proceeding to the insurers in accordance with the procedures set forth in the respective policies. The Company shall thereafter take all necessary or desirable action to cause such insurers to pay, on behalf of the
Indemnitee, all amounts payable as a result of such proceeding in accordance with the terms of such policies. 
 (c) In the event
the Company shall be obligated to pay the expenses of any proceedings against the Indemnitee, the Company, if appropriate, shall be entitled to assume the defense of such proceedings, with counsel approved by the Indemnitee (which approval shall not
be unreasonably withheld), upon the delivery to the Indemnitee of written notice of the election so to do. After delivery of such notice, approval of such counsel by the Indemnitee and the retention of such counsel by the Company, the Company will
not be liable to the Indemnitee under this Agreement for any fees of counsel subsequently incurred by the Indemnitee with respect to the same proceeding, provided that (i) the Indemnitee shall have the right to employ his or her counsel in any
such proceeding at the Indemnitee’s expense; and (ii) if (A) the employment of counsel by the Indemnitee has been previously authorized by the Company, (B) the Indemnitee shall have reasonably concluded that there may be a
conflict of interest between the Company and the Indemnitee in the conduct of any such defense or (C) the Company shall not, in fact, continue to employ counsel approved by the Indemnitee to assume the defense of such proceeding, the fees and
expenses of the Indemnitee’s counsel shall be at the expense of the Company (subject to the limitations set forth in Section 4). Notwithstanding the above, unless the Indemnitee consents otherwise, the Company shall not be entitled
to assume the defense of any proceeding brought by or on behalf of the Company against the Indemnitee or any proceeding as to which the Indemnitee has reasonably made the conclusion provided in (ii)(B) above. 

 

  
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 (d) The Company shall not, without the prior written consent of the Indemnitee, consent to
the entry of any judgment against the Indemnitee or enter into any settlement or compromise which (i) includes an admission of fault of the Indemnitee, any non-monetary remedy imposed on the Indemnitee or a liability for which the Indemnitee is
not wholly indemnified hereunder or (ii) with respect to any proceeding with respect to which the Indemnitee may be or is made a party or a participant or may be or is otherwise entitled to seek indemnification hereunder, does not include, as
an unconditional term thereof, the full release of the Indemnitee from all liability in respect of such proceeding, which release will be in form and substance reasonably satisfactory to the Indemnitee. Neither the Company nor the Indemnitee will
unreasonably withhold its consent to any proposed settlement; provided, however, the Indemnitee may withhold consent to any settlement that does not provide a full and unconditional release of the Indemnitee from all liability in
respect of such proceeding. 
 8. Determination of Right to Indemnification. 

(a) To the extent the Indemnitee has been successful on the merits or otherwise in defense of any proceeding referred to in Sections
4(a) or 4(b) of this Agreement or in the defense of any claim, issue or matter described therein, the Company shall indemnify the Indemnitee against expenses actually and reasonably incurred by him or her in connection with such proceeding.

 (b) In the event that Section 8(a) is inapplicable, the Company shall indemnify the Indemnitee pursuant to the
terms hereof unless, and only to the extent that, the Company shall prove by clear and convincing evidence to a forum listed in Section 8(c) below that the Indemnitee has not met the applicable standard of conduct required to entitle the
Indemnitee to such indemnification. 
 (c) The Indemnitee shall be entitled to select the forum in which the validity of the
Company’s claim under Section 8(b) hereof that the Indemnitee is not entitled to indemnification will be heard from among the following: 
 (1) A majority vote of the directors who are not parties to the proceeding for which indemnification is being sought, even though less than a quorum; 

(2) The stockholders of the Company; 
 (3) Legal counsel selected by the Indemnitee, and reasonably approved by the Board, which counsel shall make such determination in a written opinion; or 

(4) A panel of three arbitrators, one of whom is selected by the Company, another of whom is selected by the Indemnitee and the last of
whom is selected by the first two arbitrators so selected. 
 (d) As soon as practicable, and in no event later than 30 days
after written notice of the Indemnitor’s choice of forum pursuant to Section 8(c) above, the Company shall, at its own expense, submit to the selected forum in such manner as the Indemnitee or the Indemnitee’s counsel may
reasonably request, its claim that the Indemnitee is not entitled to indemnification; and the Company shall act in the utmost good faith to assure the Indemnitee a complete opportunity to defend against such claim. 

 

  
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 (e) Notwithstanding a determination by a forum listed in Section 8(c) hereof
that the Indemnitee is not entitled to indemnification with respect to a specific proceeding, the Indemnitee shall have the right to apply to the Court of Chancery of Delaware, the court in which that proceeding is or was pending, or any other court
of competent jurisdiction, for the purpose of enforcing the Indemnitee’s right to indemnification pursuant to this Agreement. In any such proceeding pursuant to this Section 8(e), the Indemnitee shall be presumed to be entitled to
indemnification under this Agreement, the Company shall have the burden of proving the Indemnitee is not entitled to indemnification and the Company may not refer to or introduce evidence of any determination pursuant to Section 8(c)
adverse to the Indemnitee for any purpose. If a determination is made that the Indemnitee is entitled to indemnification pursuant to Section 8(c), the Company shall be bound by such determination in any proceeding commenced pursuant to
this Section 8(e), absent (i) a misstatement by the Indemnitee of a material fact or an omission of a material fact necessary to make the Indemnitee’s statements in connection with the request for indemnification not materially
misleading or (ii) a prohibition of such indemnification under law. The Company shall be precluded from asserting in any proceeding commenced pursuant to this Section 8(e) that the procedures and presumptions of this Agreement are
not valid, binding and enforceable and shall stipulate in any such proceeding that the Company is bound by all the provisions of this Agreement. 
 (f) Notwithstanding any other provision in this Agreement to the contrary, to the fullest extent permitted by law (i) the Company shall indemnify the Indemnitee against all expenses incurred by the
Indemnitee in connection with any proceeding under this Section 8 involving the Indemnitee and against all expenses incurred by the Indemnitee in connection with any other proceeding by the Indemnitee involving the interpretation or
enforcement of the rights of the Indemnitee under this Agreement or the establishment or enforcement of a right to indemnification under the Certificate, the Bylaws, D&O Insurance, or any statute or law, including Section 145, and
(ii) the Company shall advance such expenses to the Indemnitee as provided in Section 6. 
 (g) All payments of
expenses, including any expense advance, and other amounts by the Company to the Indemnitee pursuant to this Agreement shall be made as soon as practicable after a written request or demand therefor by the Indemnitee is presented to the Company, but
in no event later than thirty (30) days after (i) such request or demand is presented or (ii) such later date as a determination of entitlement to indemnification is made in accordance with Section 8(c), if applicable;
provided, that an expense advance shall be made within the time provided in Section 6. 
 9. Limitation of Actions and Release of
Claims. No proceeding shall be brought and no cause of action shall be asserted by or on behalf of the Company or any subsidiary against the Indemnitee, his or her spouse, heirs, estate, executors or administrators after the expiration of one
year from the act or omission of the Indemnitee upon which such proceeding is based; however, in a case where the Indemnitee fraudulently conceals the facts underlying such cause of action, no proceeding shall be brought and no cause action shall be
asserted after the expiration of one year from the earlier of (i) the date the Company or any subsidiary of the Company discovers such facts, or (ii) the date the Company or any subsidiary of the Company could have discovered such facts by
the exercise of reasonable diligence. Any claim or cause of action of the Company or any subsidiary of the Company, including claims predicated upon the negligent act or omission of the Indemnitee, shall be extinguished and deemed released unless
asserted by filing of a legal action within such period. This Section 9 shall not apply to any cause of action which has accrued on the date hereof and of which the Indemnitee is aware on the date hereof, but as to which the Company has
no actual knowledge apart from the Indemnitee’s knowledge. 
  

  
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 10. Contribution by the Company. To the fullest extent permitted by law, if the
indemnification provided for in this Agreement is unavailable to the Indemnitee for any reason whatsoever, the Company, in lieu of indemnifying the Indemnitee, shall contribute to the amount of expenses and liabilities actually and reasonably
incurred or paid by the Indemnitee in connection with any proceeding in proportion to the relative benefits received by the Company and all officers, directors and employees of the Company other than the Indemnitee who are jointly liable with the
Indemnitee (or would be if joined in such proceeding), on the one hand, and the Indemnitee, on the other hand, from the transaction from which such proceeding arose; provided, however, that the proportion
determined on the basis of relative benefit may, to the extent necessary to conform to law, be further adjusted by reference to the relative fault of the Company and all officers, directors and employees of the Company other than the Indemnitee who
are jointly liable with the Indemnitee (or would be if joined in such proceeding), on the one hand, and the Indemnitee, on the other hand, in connection with the events that resulted in such expenses and liabilities, as well as any other equitable
considerations which applicable law may require to be considered. The relative fault of the Company and all officers, directors and employees of the Company other than the Indemnitee who are jointly liable with the Indemnitee (or would be if joined
in such proceeding), on the one hand, and the Indemnitee, on the other hand, shall be determined by reference to, among other things, the degree to which their actions were motivated by intent to gain personal profit or advantage, the degree to
which their liability is primary or secondary, and the degree to which their conduct was active or passive. To the fullest extent permitted by law, the Company shall fully indemnify and hold the Indemnitee harmless from any claims of contribution
which may be brought by other officers, directors or employees of the Company who may be jointly liable with the Indemnitee for any liability or expense arising from a proceeding. 
 11. Exceptions. Any other provision herein to the contrary notwithstanding, the Company shall not be obligated pursuant to the terms of this Agreement: 

(a) Claims Initiated by Indemnitee. To indemnify or advance expenses to the Indemnitee with respect to proceedings or claims
initiated or brought voluntarily by the Indemnitee and not by way of defense, except with respect to proceedings brought to establish or enforce a right to indemnification under this Agreement, the Certificate, the Bylaws, D&O Insurance, any
statute or law or otherwise as required under Section 145 as provided in Section 8(f)(i), but such indemnification or advancement of expenses may be provided by the Company in specific cases if the Board finds it to be appropriate;
or 
 (b) Section 16 Short-Swing Profits. To indemnify the Indemnitee under this Agreement for an accounting of
profits made from the purchase and sale (or sale and purchase) by the Indemnitee of securities of the Company within the meaning of Section 16(b) of the Securities Exchange Act of 1934 or any similar successor statute; 

(c) Lack of Good Faith. To indemnify the Indemnitee for any expenses incurred by the Indemnitee with respect to any proceeding
instituted by the Indemnitee to enforce or interpret this Agreement, if a court of competent jurisdiction determines that the material assertions made by the Indemnitee in such proceeding when taken as a whole were not made in good faith or were
frivolous; or 
 (d) Unauthorized Settlements. To indemnify the Indemnitee under this Agreement for any amounts paid in
settlement of a proceeding effected without the Company’s prior written consent. 
 12. Non-exclusivity. The provisions for
indemnification and advancement of expenses set forth in this Agreement shall not be deemed exclusive of any other rights which the Indemnitee may have under any provision of law, the Certificate or Bylaws, the vote of the Company’s
stockholders or disinterested directors, other agreements, or otherwise, both as to action in his or her official capacity and to action in another capacity while occupying his or her position as an agent of the Company, and the Indemnitee’s
rights hereunder shall continue after the Indemnitee has ceased acting as an agent of the Company and shall inure to the benefit of the heirs, executors and administrators of the Indemnitee. 

 

  
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 13. Interpretation of Agreement. It is understood that the parties hereto intend this Agreement to be
interpreted and enforced so as to provide indemnification to the Indemnitee to the fullest extent now or hereafter permitted by law. 
 14.
Severability. If any provision or provisions of this Agreement shall be held to be invalid, illegal or unenforceable for any reason whatsoever, (i) the validity, legality and enforceability of the remaining provisions of this Agreement
(including without limitation, all portions of any paragraphs of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that are not themselves invalid, illegal or unenforceable) shall not in any way be affected
thereby, and (ii) to the fullest extent possible, the provisions of this Agreement (including, without limitation, all portions of any paragraph of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that
are not themselves invalid, illegal or unenforceable) shall be construed so as to give effect to the intent manifested by the provision held invalid, illegal or unenforceable and to give effect to Section 13 hereof. 

15. Modification and Waiver. No supplement, modification or amendment of this Agreement shall be binding unless executed in writing by both of the
parties hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provision hereof (whether or not similar) nor shall such waiver constitute a continuing waiver. 

16. Successors and Assigns. No party may assign either this Agreement or any of its rights, interests or obligations hereunder without the prior
written approval of the other party and any such assignment by a party without prior written approval of the other parties will be deemed invalid and not binding on such other parties. The terms of this Agreement shall bind, and shall inure to the
benefit of, the parties and their respective successors, permitted assigns, heirs, executors and administrators. 
 17. Notice. All
notices, requests, demands and other communications under this Agreement shall be in writing and shall be deemed duly given (i) if delivered personally, when actually received by the party to which the notice is being delivered or (ii) if
mailed by certified or registered mail with postage prepaid, on the third business day after the mailing date. Addresses for notice to either party are as shown on the signature page of this Agreement, or as subsequently modified by written notice
to the other party. 
 18. Governing Law. This Agreement shall be governed exclusively by and construed according to the laws of the
State of Delaware, as applied to contracts between Delaware residents entered into and to be performed entirely within Delaware, without regard to any conflict of laws principles. 
 19. Consent to Jurisdiction. The Company and the Indemnitee each hereby irrevocably consent to the jurisdiction of the courts of the State of Delaware for all purposes in connection with action or
proceeding which arises out of or relates to this Agreement and agree that any action instituted under this Agreement shall be brought only in the state courts of the State of Delaware. 

[signature page follows] 
  

  
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 The parties hereto have entered into this Indemnification Agreement effective as of the date
first above written. 
  

			
	FORESTAR GROUP INC.
		
	By:	 	 
		 	James M. DeCosmo
		 	President and Chief Executive Officer
		 	6300 Bee Cave Road
		 	Building Two, Suite 500
		 	Austin, Texas 78746

  

			
	
	INDEMNITEE:
	
	  

		
	Address:	 	  

	  

  

  
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