UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 4
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
( ) Check this box if no longer subject to Section 16.
Form 4 or Form 5 obligations may continue. See Instructions 1(b).
1. Name and Address of Reporting Person
Eller, Timothy R.
2728 N. Harwood
Dallas, TX 75201
USA
2. Issuer Name and Ticker or Trading Symbol
Centex Corporation
CTX
3. IRS or Social Security Number of Reporting Person (Voluntary)
4. Statement for Month/Year
January 1997
5. If Amendment, Date of Original (Month/Year)
6. Relationship of Reporting Person(s) to Issuer (Check all applicable)
( ) Director ( ) 10% Owner ( ) Officer (give title below) (X) Other
(specify below)
Director, President, CEO & COO of Centex Real Estate Corporation, subsidiary of
Centex Corporation
7. Individual or Joint/Group Filing (Check Applicable Line)
(X) Form filed by One Reporting Person
( ) Form filed by More than One Reporting Person
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Table I -- Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned |
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1. Title of Security |2. |3. |4.Securities Acquired (A) |5.Amount of |6.Dir |7.Nature of Indirect |
| Transaction | or Disposed of (D) | Securities |ect | Beneficial Ownership |
| | | | Beneficially |(D)or | |
| | | | | A/| | Owned at |Indir | |
| Date |Code|V| Amount | D | Price | End of Month |ect(I)| |
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<S> <C> <C> <C><C> <C> <C> <C> <C> <C>
Common Stock, par value $0.|1/7/97|M(1)| |5,000 |A |$8.50 | | | |
25 per share | | | | | | | | | |
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Common Stock, par value $0.|1/7/97|S(1)| |5,000 |D |$36.625 | | | |
25 per share | | | | | | | | | |
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Common Stock, par value $0.|1/14/9|M(1)| |5,000 |A |$8.50 | | | |
25 per share |7 | | | | | | | | |
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Common Stock, par value $0.|1/14/9|S(1)| |5,000 |D |$39.625 |2,161.69(2) |I |Centex Corp Profit Sharing |
25 per share |7 | | | | | | | |Plan |
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Table II -- Derivative Securitites Acquired, Disposed of, or Beneficially Owned |
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1.Title of Derivative |2.Con- |3. |4. |5.Number of De |6.Date Exer|7.Title and Amount |8.Price|9.Number |10.|11.Nature of|
Security |version |Transaction | rivative Secu |cisable and| of Underlying |of Deri|of Deriva |Dir|Indirect |
|or Exer | | | rities Acqui |Expiration | Securities |vative |tive |ect|Beneficial |
|cise | | | red(A) or Dis |Date(Month/| |Secu |Securities |(D)|Ownership |
|Price of| | | posed of(D) |Day/Year) | |rity |Benefi |or | |
|Deriva- | | | |Date |Expir| | |ficially |Ind| |
|tive | | | | A/|Exer-|ation| Title and Number | |Owned at |ire| |
|Secu- | | | | | D |cisa-|Date | of Shares | |End of |ct | |
|rity |Date |Code|V| Amount | |ble | | | |Month |(I)| |
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<S> <C> <C> <C> <C><C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Option Right to Buy |$8.50 |1/7/9|M(1)| |5,000 |D |____(|11/11|Common Stock|5,000 | | | | |
| |7 | | | | |3) |/97 | | | | | | |
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Option Right to Buy |$8.50 |1/14/|M(1)| |5,000 |D |____(|11/11|Common Stock|5,000 | |20,000 (4) |D | |
| |97 | | | | |3) |/97 | | | | | | |
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| | | | | | | | | | | | | | |
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Explanation of Responses:
(1) This exercise and/or sale was made pursuant to and in reliance upon the
exemption contained in Rule 16b-3.
(2) Number of shares owned as of 1/6/97 by Trustee of Centex Corporation Profit
Sharing Plan based on most
recent plan information available to the Reporting Person. Number of shares has
been rounded to the nearest
whole
number.
(3) Shares vest over the ten year life of the option at the rate of 10% a year,
beginning on the first anniversary of
the grant with full vesting on July 11,
1997.
(4) Of such shares, 4,000 shares are not currently
exercisable.
SIGNATURE OF REPORTING PERSON
/s/ Timothy R. Eller
DATE
February 3, 1997
