Forestar Group Inc. (NYSE:FOR) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02.
|(b)||Departure of Directors or Certain Officers|
Forestar Group Inc. (the “Company”) announced that Phillip J. Weber, Chief Executive Officer, tendered his resignation from the Company effective December28, 2017. Mr.Weber has served as the Chief Executive Officer since September 2015 and in other roles with the Company since October 2009. In connection with his resignation, and to a Change in Control/Severance Agreement with the Company, Mr.Weber will receive a cash payment in the amount of $2,595,859, two years of continued medical/welfare benefits, one year of outplacement assistance, and certain other benefits. The Change in Control/Severance cash payments were approved by the Company’s stockholders in connection with the Company’s merger on October5, 2017. The Company expects that Mr.Weber will assist the Company on an as-needed basis with the transition to a new Chief Executive Officer.
|(c)||Appointment of Certain Officers|
The Board of Directors has appointed Daniel C. Bartok, age 61, to the office of Chief Executive Officer of the Company, effective December29, 2017.
Mr.Bartok joins Forestar with more than 35 years of experience in real estate, most recently serving as the Executive Vice President of Owned Real Estate for Wells Fargo Bank, a diversified financial services company, from 2008 to 2017. Prior to joining Wells Fargo, he builta successful real estate development company operating across multiple states, with an emphasis on residential land development and homebuilding. Mr.Bartok graduated from the University of Illinois with a degree in accounting and began his career at Price Waterhouse.
|(e)||Compensatory Arrangements of Certain Officers|
The Compensation Committee of the Board of Directors of the Company approved a compensation package for Mr.Bartok consisting of an annual base salary of $300,000 and a potential annual performance bonus of up to $400,000. In addition, equity awards for Mr.Bartok will be determined by the Compensation Committee upon approval by the Company’s stockholders of the Company’s new equity compensation plan, which is expected to be adopted by the Company’s Board of Directors in February 2018. The Company intends to enter into its standard officer indemnification agreement with Mr.Bartok, effective December29, 2017.
About Forestar Group Inc. (NYSE:FOR)
Forestar Group Inc. is a residential and mixed-use real estate development company. The Company operates through three segments: Real Estate, Oil and Gas, and Other Natural Resources. Its Real Estate segment secures entitlements and develops infrastructure on its lands for single-family residential and mixed-use communities, and manages its undeveloped land, commercial and income producing properties, mainly a hotel and its multifamily properties. Its Oil and Gas segment is an independent oil and gas exploration, development and production operation and manages its owned and leased mineral interests. Its Other Natural Resources segment manages its timber, recreational leases and water resource initiatives. The Company owns directly or through ventures interests in approximately 60 residential and mixed-use projects consisting of over 7,000 acres of real estate located in approximately 10 states and approximately 20 markets.