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
Bilheimer, Stephen J.
2728 N. Harwood
Dallas, TX 75201
USA
2. Issuer Name and Ticker or Trading Symbol
Centex Development Company, L.P.
trades in tandem with Centex Corporation - CTX
3. IRS or Social Security Number of Reporting Person (Voluntary)
4. Statement for Month/Year
December 1996
5. If Amendment, Date of Original (Month/Year)
6. Relationship of Reporting Person(s) to Issuer (Check all applicable)
(X) Director ( ) 10% Owner (X) Officer (give title below) ( ) Other
(specify below)
President
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>
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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)|12/30|M(2)| |.031445(3) |D |____(|11/12|Warrants to |.031445| | | | |
| |/96 | | | | |4) |/97 |purchase "Un|(3) | | | | |
| | | | | | | | |its" (5) | | | | | |
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Warrants |____(3) |12/30|M(2)| |.031445(3) |A |____(|____(|Units |.031445|$8.50(1| | | |
| |/96 | | | | |3) |3) | |(3) |) | | | |
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Warrants |____(3) |12/30|S(2)| |.031445(3) |D |____(|____(|Units |.031445|$37.25(| | | |
| |/96 | | | | |3) |3) | |(3) |1) | | | |
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Option Right to Buy |$8.50(1)|12/30|M(2)| |.059745(3) |D |____(|11/12|Warrants to |.059745| | | | |
| |/96 | | | | |4) |/97 |purchase Uni|(3) | | | | |
| | | | | | | | |ts | | | | | |
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Warrants |____(3) |12/30|M(2)| |.059745(3) |A |____(|____(|Units |.059745|$8.50(1| | | |
| |/96 | | | | |3) |3) | |(3) |) | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
Warrants |____(3) |12/30|S(2)| |.059745(3) |D |____(|____(|Units |.059745|$37.375|.094334(3) |D | |
| |/96 | | | | |3) |3) | |(3) |(1) | | | |
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Option Right to Buy |$8.50(1)|12/31|M(2)| |.157223(3) |D |____(|11/11|Warrants to |.157223| | | | |
| |/96 | | | | |6) |/97 |purchase Uni|(3) | | | | |
| | | | | | | | |ts | | | | | |
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Warrants |____(3) |12/31|M(2)| |.157223(3) |A |____(|____(|Units |.157223|$8.50(1| | | |
| |/96 | | | | |3) |3) | |(3) |) | | | |
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Warrants |____(3) |12/31|S(2)| |.157223(3) |D |____(|____(|Units |.157223|$37.50(|.314447(3) |D | |
| |/96 | | | | |3) |3) | |(3) |1) | | | |
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| | | | | | | | | | | | | | |
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Explanation of Responses:
(1) Per share of Common Stock of Centex
Corporation.
(2) This exercise and/or sale was made pursuant to and in reliance upon the
exemption contained in Rule 16b-3.
(3) Pursuant to a Nominee Agreement dated November 30, 1987, each person who is
the beneficial owner of shares
of Centex Corporation ("Centex") Common Stock is also the beneficial owner of
an undivided interest in 900 warrants
(the "Warrants") to purchase Class B units of limited partnership interest in
Centex Development Company, L.P.
("CDC") at an exercise price of $500 per Class B unit, which Warrants are held
of record by Chemical Bank, as
successor nominee. Each beneficial owner's proportionate interest in the
Warrants is equal to the number of shares
of Centex Common Stock he owns divided by the total number of shares of Centex
Common Stock oustanding from
time to time. The exercise price for the Warrants will be determined at the
time they become exercisable based on the
number of Warrants that are then exercisable, the manner in which the Warrants
are subdivided is at the discretion
of the general partner of CDC and the number of shares of Centex Common Stock
oustanding at that time. The
Warrants will be exercisable for a 90-day period commencing on a date to be
specified after their detachment. Unless
sooner detached, the Warrants will be detached on November 30, 2007, unless
such date is extended by a vote of
the Centex stockholders. Until the Nominee Agreement is terminated with respect
to the Warrants and certificates
evidencing the Warrants are issued in the name of the beneficial owners
thereof, the Reporting Person has no right
to obain a certificate evidencing his beneficial interest in the Warrants or to
dispose of the Warrants separate from
Centex Common Stock. Computations set forth in this Form have been made using
28,621,684 shares of Centex
Common Stock outstanding as reported in Centex Corporation's Form 10-Q for
fiscal quarter ending 9/30/96.
(4) Centex Corporation Employee Stock Option granted 11/12/87, exercisable:
9,600 shares of Centex Common Stock
on 3/31/90; 2,914 shares of Centex Common Stock on each of 11/11/91, 11/11/92,
11/11/93, 11/11/94, 11/11/95 and
11/11/96; 2,916 shares of Centex Common Stock on
7/12/97.
(5) "Units" is defined as Class B Limited Partnership
Units.
(6) Centex Corporation Employee Stock Option granted 11/11/87. Options vest
over the ten year life of the option at
the rate of 3,000 shares of Centex Common Stock a year, beginning on the first
anniversary of the grant with full
vesting nine years and eight months after the date of the
grant.
SIGNATURE OF REPORTING PERSON
\s\ J. Stephen Bilheimer
DATE
January 3, 1997
