Document:

<PAGE>   1
                                                                    EXHIBIT 10.2

                              EMPLOYMENT AGREEMENT

         THIS EMPLOYMENT AGREEMENT ("Agreement") is made and entered into as of
April 1, 2001, by and between CENTEX DEVELOPMENT COMPANY, L.P., a Delaware
limited partnership ("CDCLP"), and RICHARD C. DECKER ("Executive"), an
individual resident of Coppell, Texas.

                                    RECITALS

         A. Vista Properties Company (now known as Centex-Vista Properties), a
division of Centex Homes, a Nevada general partnership ("Centex-Vista"), and
Executive entered into an Employment Agreement dated as of July 26, 1996 (the
"Original Agreement").

         B. Executive and David Quinn, acting on behalf of Centex-Vista and
CDCLP, executed a Memorandum dated July 31, 1998 (the "Memorandum"), to clarify
that the terms of the Original Agreement apply to all activities of Executive
performed on behalf of Centex-Vista and CDCLP. (Because CDCLP is managed by 3333
Development Corporation, a Nevada corporation, its sole general partner, the
term "CDCLP" as used in this Agreement will include both Centex Development
Company, L.P. and 3333 Development Corporation).

         C. Since the signing of the Original Agreement, a number of strategic
and organizational changes have occurred within Centex-Vista, CDCLP and their
related affiliated entities. Although Executive continues to be involved in the
disposition of real estate assets owned or controlled by Centex-Vista,
Executive's duties and responsibilities now primarily relate to CDCLP and its
operations.

         D. CDCLP and Executive desire to terminate the Original Agreement and
enter into this Agreement to reflect the current agreement between CDCLP and
Executive regarding the services to be rendered by Executive to CDCLP and the
compensation to be paid by CDCLP to Executive.

         E. CDCLP desires to employ Executive and Executive desires to be
employed by and to serve CDCLP in the capacities and for the term and
compensation and upon and subject to the terms and conditions set forth in this
Agreement.

         F. In addition to the terms of employment described in this Agreement,
Executive will be employed by Centex Service Company ("CSC"), an affiliate of
Centex-Vista, as more particularly described in a Dual Employment Agreement
dated as of January 1, 2001 (the "Dual Employment Agreement"), by and among
CDCLP, CSC and Executive.

                                    AGREEMENT

         NOW, THEREFORE, CDCLP and Executive mutually undertake and agree as
follows:

1.       Employment of Executive.

         A. Executive's employment with Centex-Vista commenced effective as of
July 26, 1996 (the "Original Commencement Date") and ended effective as of March
31, 2001. Executive's employment with CSC under the terms of the Dual Employment
Agreement, commenced effective January 1, 2001.

         B. Effective as of April 1, 2001 (the "Commencement Date"), CDCLP
agrees to employ Executive and Executive accepts employment with CDCLP and
agrees to serve CDCLP in the capacities, for the term and compensation, and upon
and subject to the terms and conditions set forth in this Agreement.

                                      -1-
<PAGE>   2

         C. Executive's tenure with Centex Corporation ("Centex") and its
related entities (including CDCLP) (individually, a "Centex Company";
collectively, the "Centex Companies") will be measured for all purposes
(including vesting of incentive and benefit plans) from the Original
Commencement Date.

2.       Duties of Executive.

         A. Executive will serve as President of the Centex Commercial
Development division of 3333 Development Corporation and President of Centex
Commercial Development, LLC. In those capacities, Executive will oversee the
real estate activities of certain other Centex Companies, including
Centex-Vista, EFO Land, L.P. ("EFO"), Nomas Corp. ("Nomas"), and their
subsidiaries, and such other real estate operations as the Chief Executive
Officer of CDCLP (the "CEO") may from time to time designate. Executive will be
responsible for providing the strategic direction and directing and supervising
the day-to-day management and operation of the business.

         B. Executive's employment will be subject to the direction of the CEO
and will be performed within the policies and guidelines established from time
to time by the CEO. Executive will, as the CEO may from time to time direct,
render such services of an executive and administrative character to CDCLP as
are usual and customary in the case of an executive of Centex Companies.

         C. Executive agrees that, subject to Section 5.A., during and
throughout the term of this Agreement, he will devote substantially all of his
business time and efforts to the performance of his duties and responsibilities
to be performed by him under the terms of this Agreement, and that during such
time he will not undertake any activities, business or otherwise, which would
interfere with or limit, in any material respect, his responsibilities under
this Agreement. CDCLP agrees, however, that Executive may spend a portion of his
business time working on issues related to partnerships that were, at one time,
affiliated with Trammell Crow Company in which Executive had involvement prior
to the Original Commencement Date, so long as such personal activities do not
interfere with Executive's performance of his duties under this Agreement.

3.       Compensation.

         A. Salary. As compensation for the services rendered by Executive to
CDCLP, CDCLP will pay Executive an annual salary of $315,000 for fiscal year
2002. The salary will be payable in accordance with the payroll policies of
CDCLP or as may otherwise be mutually agreed upon. The salary will be prorated
as to any period of service that is less than a full fiscal year. By
determination of the CEO, CDCLP may, in subsequent fiscal years and in its sole
and absolute discretion, increase the Executive's annual salary.

         B. Expense Reimbursement. In addition to such salary, Executive will be
reimbursed for all actual, normal out-of-pocket expenses incurred by him in
connection with his duties under this Agreement.

         C. Fringe Benefits. CDCLP will provide to Executive, during his
employment under this Agreement, all so-called "fringe benefits", including, but
not limited to, health and dental insurance, disability insurance, profit
sharing plan, supplemental executive retirement plan, salary continuation plan,
life insurance, and the like, that are currently granted to or provided for
executives of companies that are related to Centex in similar capacities or that
may be granted to or provided for such executives during the term of Executive's
employment under this Agreement. In addition, Executive will be entitled to a
$700 per month car allowance and the opportunity to join a luncheon club at
CDCLP expense. Fringe benefits are at all times subject to revision by CDCLP, in
its sole and absolute discretion.

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<PAGE>   3

         D. Bonus. Within 45 days after the end of each fiscal year (the fiscal
year ends on March 31) during the term of this Agreement, CDCLP will pay to
Executive an annual bonus payment (the "Annual Bonus") in the amount determined
in accordance with Exhibit 1--Part 1, which is attached to this Agreement and
incorporated herein by reference. The Annual Bonus will be prorated as to any
period of service that is less than a full fiscal year.

         E. Stock Options.

                  (1) On the Original Commencement Date, subject to the terms of
the Original Agreement, Executive was granted employee stock options to purchase
35,000 shares of common stock of Centex ("Centex Common Stock") at an exercise
price equal to the market value of Centex Common Stock on the close of business
on the Original Commencement Date, with a vesting period of 20% per year
beginning on the second anniversary of the date of grant.

                  (2) Within 60 days after the end of each fiscal year during
the term of this Agreement, beginning with the fiscal year ending March 31,
1997, Executive may also be granted stock options to purchase Centex Common
Stock subject to and in accordance with the terms and conditions of an Executive
Option Grant Agreement executed by Executive and Centex under the terms of the
Original Agreement.

4.       Term and Termination.

         A. Executive's employment with CDCLP will begin on the Commencement
Date and will continue until terminated in accordance with Section 4.B.

         B. Executive's employment by CDCLP may be terminated in the following
ways:

                  (1) Resignation. Executive may resign at any time for any
reason. The effective date of the resignation will be not less than 30 days from
the date of Executive's written resignation.

                  (2) Resignation for CDCLP's Breach. Executive may resign if
CDCLP commits a material breach of the terms and conditions of this Agreement
and fails to cure the breach prior to the expiration of 20 days after the
delivery to CDCLP of written notice from Executive setting forth the nature and
extent of such breach. Executive may seek to recover damages for CDCLP's breach
through an action at law or in equity.

                  (3) Termination Without Cause. CDCLP may terminate Executive's
employment with CDCLP for any reason or no reason at all, with or without cause.
The effective date of this termination will be 30 days from the date of notice
of termination.

                  (4) Termination for Executive's Breach. CDCLP may terminate
Executive's employment with CDCLP if Executive commits a material breach of the
terms and conditions of this Agreement and fails to cure the breach prior to the
expiration of 20 days after the delivery to Executive of written notice from
CDCLP setting forth the nature and extent of such breach. CDCLP may seek to
recover damages for Executive's breach through an action at law or in equity.

                  (5) Termination for Bad Acts. CDCLP may terminate Executive's
employment with CDCLP immediately, and without advance notice, if Executive
commits acts of theft, embezzlement, fraud, dishonesty or acts involving moral
turpitude. CDCLP may seek to recover damages for Executive's actions through an
action at law or in equity.

                                      -3-
<PAGE>   4

                  (6) Termination Due to Death of Executive. Executive's
employment with CDCLP will terminate immediately and automatically upon
Executive's death.

The failure by CDCLP to terminate Executive's employment or Executive to resign
with respect to any one or more of the matters referred to in this Section 4.B.
above will not be taken or held to be a waiver by CDCLP of its right to
terminate Executive's employment or Executive to resign based on that matter or
any subsequent matter.

         C. CDCLP will have different compensation obligations to Executive
under the different scenarios by which Executive's employment is terminated:

                  (1) If Executive resigns, as described in Section 4.B.(1) or
(2) above, then CDCLP will be obligated to pay to Executive the following: (i)
all salary accrued through the effective date of the resignation; (ii)
reimbursement for all expenses incurred by Executive through the effective date
of the resignation; (iii) within 45 days after the end of the fiscal year, any
Annual Bonus accrued through the effective date of the resignation; and (iv) the
Post-Employment Bonus (described in Section 4.D.).

                  (2) If CDCLP terminates Executive's employment under Sections
4.B.(3) or (4) above, then CDCLP will be obligated to pay to Executive the
following: (i) all salary accrued through the effective date of the termination;
(ii) a lump sum payment equal to the annual salary in effect on the effective
date of the termination, as described in Section 3.A. above; (iii) reimbursement
for all expenses incurred by Executive through the effective date of the
termination; (iv) within 45 days after the end of the fiscal year, any Annual
Bonus accrued through the effective date of termination; and (v) the
Post-Employment Bonus.

                  (3) If CDCLP terminates Executive's employment under Section
4.B.(5) above, CDCLP will pay to Executive only the following: (i) within 10
days of the effective date of the termination, all salary accrued through the
effective date of the termination; (ii) within 10 days of the effective date of
the termination, reimbursement for all expenses incurred by Executive through
the effective date of the termination; and (iii) within 45 days after the end of
the fiscal year, any Annual Bonus accrued through the effective date of the
termination. CDCLP will be entitled to reduce the amounts to be paid to
Executive by the liquidated amounts owing to CDCLP by Executive for acts of
theft, embezzlement, fraud or dishonesty.

                  (4) If Executive's employment terminates due to Executive's
death, as described in Section 4.B.(6), all obligations of CDCLP under this
Agreement will terminate, except that CDCLP will pay to the heirs of Executive
the following: (i) all salary accrued through the effective date of the
termination; (ii) reimbursement for all expenses incurred by Executive through
the effective date of the termination; (iii) any Annual Bonus accrued through
the effective date of termination; and (iv) the Post-Employment Bonus, as if
Executive had resigned immediately prior to his death.

Under any termination, resignation or non-renewal scenario, the amounts
described in this Section 4.C. will constitute the entire compensation to
Executive. After the date of termination, resignation or expiration of the
employment term, CDCLP will not be obligated to compensate Executive under
Sections 3.A., B., C., D. or E. with respect to periods of time after the date
of termination, resignation or expiration of the employment term. Any
obligations of CDCLP set forth in any other agreement or plan (e.g., any stock
option agreement, profit sharing plan, supplemental executive retirement plan,
salary continuation plan, etc.) will not be affected by the terms of this
Section 4.C., but rather will continue to the extent that the terms of such
other agreements and plans provide for continuation of such agreements or plans
following termination or expiration of employment.

                                      -4-
<PAGE>   5

         D. In the circumstances specifically stated in Section 4.C. above,
CDCLP will pay to Executive the a lump sum payment or ongoing payments (the
"Post-Employment Bonus") determined in the manner set forth in Exhibit 1--Part
2.

5.       Confidentiality and Non-Competition.

         A. Executive recognizes and acknowledges that the relationship created
between Executive and CDCLP is one of trust, and Executive agrees that during
the period of time commencing with the Commencement Date and ending on the
earlier of the death of Executive or 1 year after the cessation of Executive's
employment with CDCLP or any other Centex Companies for any reason other than a
default under this Agreement by CDCLP, Executive will not directly or indirectly
(including, without limitation, as an advisor, principal, partner, stockholder,
consultant, officer, director, employee or otherwise), through one or more
intermediaries, corporate or otherwise, individually or in concert with others,
be or become interested in, connected with, or engaged in any business which is
competitive with any business in which CDCLP (or any of its subsidiaries)
engages during the term of this Agreement. The prohibition of this Section 5.A.
will extend to the product type (which will be the product relating to the
business of CDCLP) in any geographic area in which CDCLP or any other Centex
Companies are conducting or engaging in any business at the time Executive's
employment is terminated. Notwithstanding the prohibition contained in this
Section 5.A., Executive will be entitled to make passive investments (i) in any
such competitive enterprise if Executive's investment constitutes less than 1%
of the equity ownership of such enterprise and (ii) in any real estate matter or
transaction so long as such investment does not compete with the business of
CDCLP or any other Centex Companies. Additionally, notwithstanding the foregoing
prohibition contained in this Section 5.A., upon cessation of Executive's
employment with CDCLP or any other Centex Companies, Executive will be entitled
to operate a small real estate development company of the size and nature that
he operated before he entered into the Original Agreement.

         B. Executive further agrees that during the term of this Agreement and
for a period of 2 years after the cessation of Executive's employment with CDCLP
or any other Centex Companies for any reason, Executive will not, without the
prior written consent of CDCLP, directly or indirectly, solicit or otherwise
induce any of the employees of CDCLP or any other Centex Companies to leave the
employment of CDCLP or any other Centex Companies. Executive further agrees that
during the term of this Agreement and for a period of 2 years after the
cessation of Executive's employment with CDCLP or any other Centex Companies for
any reason, Executive will not, without the prior written consent of CDCLP,
directly or indirectly, hire or employ any employees of CDCLP or any other
Centex Companies.

         C. Executive acknowledges and agrees that the names of the customers of
CDCLP, the methods of operation of CDCLP, sales, marketing, and other trade
secrets, as they may exist from time to time, are valuable, special, and unique
assets of CDCLP. Executive will not, during and after the term of his employment
under this Agreement, disclose any such names or trade secrets, or any part of
such names or trade secrets, that Executive becomes aware of during his
employment under this Agreement, to any person, firm, corporation, association
or other entity.

         D. Executive recognizes and acknowledges that CDCLP will suffer
irreparable harm if Executive violates any of the terms or provisions of this
Section 5. Accordingly, Executive agrees that CDCLP will be entitled to an
injunction restraining Executive from violating this Section 5, which relief
will be in addition to, and not in lieu of, CDCLP's right to seek all other
remedies which CDCLP may have at law and in equity.

         E. Executive and CDCLP agree that if the non-competition covenants
contained in this Agreement should be held by any court or other constituted
legal authority to be void or unenforceable in any particular area or
jurisdiction, then the parties to this Agreement will consider this Agreement to
be amended

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<PAGE>   6

and modified so as to eliminate the particular area or jurisdiction as to which
the non-competition covenants are held to be void or otherwise unenforceable,
and as to all other areas and jurisdictions covered by this Agreement, the terms
and provisions of this Agreement will remain in full force and effect as
originally written.

         F. Executive and CDCLP further agree that if the non-competition
covenants contained in this Agreement should be held by any court or other
constituted legal authority to be effective in any particular area or
jurisdiction only if said covenants are modified to limit their duration or
scope, then the parties to this Agreement will consider such non-competition
covenants to be amended and modified with respect to that particular area or
jurisdiction so as to comply with the order of any court or other constituted
legal authority, and as to all other political subdivisions of the United
States, the non-competition covenants contained in this Agreement will remain in
full force and effect as originally written.

         G. Executive and CDCLP agree that the covenants set forth in this
Agreement are appropriate and reasonable when considered in light of the nature
and extent of the Business conducted by CDCLP. Executive acknowledges that CDCLP
has a legitimate interest in protecting its business, the restrictive covenants
set forth above are not oppressive to Executive, and are reasonable in
limitations as to time, scope, geographical area and activity, the restrictive
covenants do not harm in any manner whatsoever the public interest and Executive
has received substantial consideration for agreeing to the non-compete and
non-solicitation covenants.

6.       Miscellaneous.

         A. This Agreement will be governed by, and construed and interpreted in
accordance with, the substantive laws of the State of Texas without giving
effect to any conflict-of-laws rule or principle that would result in the
application of the laws of another jurisdiction.

         B. All covenants and agreements set forth in this Agreement by or on
behalf of either party will bind its or his successors and assigns, and all
covenants and agreements set forth in this Agreement by or on behalf of either
party will inure to the benefit of and be enforceable by the other party and its
or his heirs, devisees, personal representatives, successors and assigns.
Executive may not assign any rights or delegate any duties under this Agreement
without the prior written consent of CDCLP and any assignment of rights or
delegation of duties without CDCLP's prior written consent will be of no force
or effect, and will constitute a default under this Agreement. Executive
acknowledges that CDCLP may, at any time, delegate any or all of its obligations
under this Agreement or assign any or all of its interest under this Agreement
to another Centex Company provided that such delegation or assignment is
approved by Executive, whose approval will not be unreasonably withheld,
conditioned or delayed. Following said delegation or assignment this Agreement
will remain fully enforceable against Executive.

         C. Effective as of April 1, 2001, this Agreement supersedes and
replaces, in their entirety, the Original Agreement and the Memorandum. This
Agreement expresses the entire agreement between Executive and CDCLP with
reference to the subject matter of this Agreement and supersedes all prior
written or oral and all contemporaneous oral discussions, arrangements,
negotiations, and agreements with respect to the subject matter of this
Agreement. No waiver, modification, or amendment of this Agreement or of any
covenant, condition or limitation in this Agreement will be valid, unless it is
in a written document signed by the party most detrimentally affected by the
waiver or modification. The parties further agree that the provisions of this
paragraph may not be waived except as in the manner described in this paragraph.

         D. Any notice or other communication required, permitted, or
contemplated by this Agreement must be in writing, and delivered to the other
party (i) in person, (ii) by facsimile transmission (with the original following
in the United States mail), (iii) by overnight delivery service (including
Federal Express),

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<PAGE>   7

or (iv) by certified mail, return receipt requested. If such notice is given in
person or via facsimile transmission, such notice will be deemed given when
received or transmitted. If such notice is given by overnight delivery service
(including Federal Express), such notice is deemed received the business day
following delivery to the delivery service of such notice. If such notice is
given by certified mail, such notice will be deemed received 3 business days
after a certified letter containing such notice, properly addressed with postage
prepaid, is deposited in the United States mail. Notice must go to the parties
at the following addresses:

<Table>
<S>                                                                   <C>
         If to CDCLP:                                                  with a copy to:

         Centex Development Company, L.P.                              Centex Development Company, L.P.
         2728 North Harwood                                            2728 North Harwood
         Dallas, Texas 75201                                           Dallas, Texas 75201
         Attn:    Stephen M. Weinberg,                                 Attn:    Joel S. Reed,
                  President and Chief Executive Officer                         General Counsel
         Phone:   (214) 981-6700                                       Phone:   (214) 981-6997
         Fax:     (214) 981-6909                                       Fax:     (214) 981-6180

         If to Executive:

         Richard C. Decker
         Centex Development Company, L.P.
         2728 North Harwood
         Dallas, Texas 75201
         Phone:   (214) 981-6712
         Fax:     (214) 981-6909
</Table>

Any party may change its address, facsimile number or telephone number for the
purpose of this paragraph by giving written notice of such change to each of the
other parties in the manner described in this Agreement. To be effective, such
notice of change must expressly state that it is given for the purpose of
changing the notice provisions of this Agreement.

         E. In the event that attorneys' fees or other costs and expenses are
incurred to secure performance of any of the obligations described in this
Agreement, or to establish damages for the breach or default under this
Agreement or to obtain any other appropriate relief, whether by way of
prosecution or defense, the prevailing party (which will be the party who
receives the substance of the relief sought) will be entitled to recover
reasonable attorneys' fees and costs incurred in such action.

         IN WITNESS WHEREOF, the parties to this Agreement have executed and
delivered this Agreement in Dallas, Texas as of the day and year first above
written.

<Table>
<S>                              <C>
EXECUTIVE:                                CDCLP:

                                          CENTEX DEVELOPMENT COMPANY, L.P.,
                                          a Delaware limited partnership

/s/ RICHARD C. DECKER            By:      3333 Development Corporation,
---------------------------               a Nevada corporation
Richard C. Decker

                                          By:      /s/ STEPHEN M. WEINBERG
                                             -----------------------------------------
                                                   Stephen M. Weinberg
                                                   President and Chief Executive Officer
</Table>

                                      -7-
<PAGE>   8

By signing below, Centex-Vista Properties, a division of Centex Homes, assumes
the obligation to pay to Executive any sums due from CDCLP under this Agreement
that are not paid by CDCLP. Other than the obligation set forth in this
paragraph, Centex-Vista Properties is not a party to this Agreement.

                                 CENTEX-VISTA PROPERTIES,
                                 a division of Centex Homes

                                 By:      /s/ STEPHEN M. WEINBERG
                                    --------------------------------
                                          Stephen M. Weinberg
                                          Chairman

                                      -8-
<PAGE>   9

                                    Exhibit 1

                                Bonus Calculation

Part 1--Annual Bonus

A.       The Annual Bonus to be paid to Executive pursuant to Section 3.D. of
         the Agreement is an amount equal to the following:

         1.       6% of the Operating Earnings generated by CCD Operations from
                  the Existing Projects; plus

         2.       5% of the Operating Earnings generated by CCD Operations from
                  the New Projects.

B.       For purposes of calculating the bonus to be paid to Executive, the
         following defined terms apply:

         1.       "Operating Earnings" means the "consolidated operating
                  earnings (pre-tax)" generated by CCD Operations, as shown in
                  the financial statements of CDCLP and of Centex for the
                  applicable fiscal year, adjusted downward by a Cash Charge or
                  upward by a Cash Credit, as appropriate. "Operating Earnings"
                  includes any Deferred Earnings Realized (as defined below).

         2.       "CCD Operations" means the activities (including land
                  acquisition, financing, development, leasing, operation and/or
                  sale) of the following companies and partnerships (and their
                  subsidiary entities, whether owned in whole or in part):

                  (a)      The "Commercial Development" business segment of
                           CDCLP, including Centex Commercial Development, L.P.
                           (collectively referred to as "CCD")

                  (b)      Centex-Vista, including EFO and Nomas projects
                           described on Exhibit 2

                  (c)      Any other entities that may be formed or acquired for
                           purposes of the CCD business segment's commercial
                           real estate activities

         3.       "Deferred Earnings" means the difference between the value at
                  which land is transferred from Centex-Vista to CDCLP and the
                  basis at which the land is carried on the books of
                  Centex-Vista.

         4.       "Deferred Earnings Realized" means the Deferred Earnings
                  realized by Centex-Vista when the land transferred by
                  Centex-Vista to CDCLP is transferred to a third party not
                  related to Centex.

         5.       "Existing Projects" means the real estate projects listed on
                  Exhibit 2 attached to this Agreement.

         6.       "New Projects" means the real estate projects now or hereafter
                  owned by CDCLP or any other Centex Companies that are
                  acquired, developed or sold by or under the direction of CCD
                  during Executive's employment with CDCLP. "New Projects"
                  includes any land owned by CDCLP, Centex-Vista, EFO or Nomas
                  that has not been developed as an operating project as of
                  March 31, 2001. "New Projects" specifically excludes any
                  Existing Projects.

                                      -9-
<PAGE>   10

         7.       "Cash Charge" or "Cash Credit", for a particular Measuring
                  Period, means the following amount:

<Table>
<S>                                          <C>                     <C>                       <C>
                                                                        Days in
                                Cost of           Average CCD          Measuring                 Liquidity
                         (       Funds       x   Cash Position  x       Period       )    +     Adjustment
                                                                        -------
                                                                          365
</Table>

                  A positive number generated by this formula is a Cash Charge
                  and a negative number is a Cash Credit. The Cash Charge or
                  Cash Credit will be determined for each Measuring Period
                  during a fiscal year and then added together for purposes of
                  calculating Operating Earnings.

         8.       "Cost of Funds" means the prime rate of interest quoted to
                  CDCLP by its primary banking institution (which, on April 1,
                  2001, is Bank of America) on the first day of the Measuring
                  Period, plus the prime rate of interest quoted on the last day
                  of the Measuring Period, divided by two.

         9.       "Average CCD Cash Position " means the CCD Cash Position on
                  the first day of the Measuring Period, plus the CCD Cash
                  Position on the last day of the Measuring Period, divided by
                  two.

         10.      "CCD Cash Position" means, at any point in time, the
                  following:

                  (a)      The fair market value of land transferred by
                           Centex-Vista, EFO or Nomas to CDCLP (or its
                           subsidiaries) after March 31, 2001, for development
                           or sale by CCD, reduced by any debt assumed by CDCLP
                           (the value of land owned by Centex-Vista, EFO or
                           Nomas will not be included in the CCD Cash Position
                           while such land remains undeveloped or owned by
                           Centex-Vista, EFO or Nomas, as the case may be); plus

                  (b)      Any cash funded by CDCLP (or its subsidiaries) or CCD
                           to acquire land after March 31, 2001, for development
                           or sale by CCD; plus

                  (c)      Any additional cash funded by CDCLP after March 31,
                           2001, for CCD Operations; minus

                  (d)      The net cash proceeds generated by the sale, after
                           March 31, 2001, of "nominally-valued" assets owned by
                           Centex-Vista or EFO, after deducting (i) the
                           "nominal" basis at which such assets are booked by
                           Centex, and (ii) the closing costs associated with
                           the sale; minus

                  (e)      The net cash proceeds generated by the sale, after
                           March 31, 2001, of any other CCD properties (other
                           than those described in clause (d) above), after
                           deducting (i) loan repayment obligations, (ii)
                           distributions to partners, and (iii) the closing
                           costs associated with the sale; minus

                  (f)      Any other cash revenues (e.g. rent, management fees)
                           generated by CCD Operations; minus

                  (g)      Deferred Earnings Realized.

                                      -10-
<PAGE>   11

         11.      "Measuring Period" means the period of time beginning on the
                  first day of a fiscal quarter and ending on the last day of
                  that same fiscal quarter. At the election of CDCLP, the
                  Measuring Period may be reduced or lengthened.

         12.      "Liquidity Adjustment", for a particular Measuring Period,
                  means the following:

<Table>
<S>                                               <C>                      <C>
                                                                                  Liquidity
                             Cost of Funds  x       Liquidity        x       Maintenance Period
                                                                             ------------------
                                                   Requirement                       365
</Table>

                  The "Liquidity Requirement" means the maximum liquidity
                  requirement imposed by any of CCD's lenders. The "Liquidity
                  Maintenance Period" means the number of days that CDCLP is
                  required to maintain the Liquidity Requirement. The Liquidity
                  Maintenance Period will be deemed to be 5 days, unless
                  Executive and CDCLP enter into an agreement to the contrary.

Part 2--Post-Employment Bonus

A.       The Post-Employment Bonus to be paid to Executive pursuant to Section
         4.D. of this Agreement will be either:

         1.       the Lump-Sum Bonus Payment, which will be paid in a lump sum
                  on the effective date of termination of Executive's
                  employment, or

         2.       the Continuing Bonus Payment, which will be paid on an
                  on-going basis after the effective date of termination of
                  Executive's employment.

         CDCLP will have the right to choose whether to make a Lump-Sum Bonus
         Payment or Continuing Bonus Payments.

B.       In addition to the defined terms set forth in Part 1 above, for
         purposes of calculating the Post-Employment Bonus to be paid to
         Executive, the following additional defined terms apply:

         1.       "Lump-Sum Bonus Payment" means an amount equal to the sum of
                  Lump-Sum Bonus Payment (Existing Projects) and Lump-Sum Bonus
                  Payment (New Projects).

         2.       "Continuing Bonus Payment" means an amount equal to the sum of
                  the Continuing Bonus Payment (Existing Projects) and the
                  Continuing Bonus Payment (New Projects). For the fiscal year
                  in which Executive is terminated, the Continuing Bonus Payment
                  will be prorated from the effective date of the termination
                  through the end of the fiscal year.

         3.       "Lump-Sum Bonus Payment (Existing Projects)" is equal to 6% of
                  the sum of:

                  (a)      the difference between:

                           (i)      the Aggregate Fair Market Value of all of
                                    the Existing Projects, and

                           (ii)     the cost book basis of CDCLP or Centex, as
                                    the case may be, in all of such Existing
                                    Projects; plus

                  (b)      the Deferred Earnings relating to Existing Projects.

                                      -11-
<PAGE>   12

         4.       "Lump-Sum Bonus Payment (New Projects)" is equal to 5% of the
                  sum of:

                  (a)      the difference between:

                           (i)      the Aggregate Fair Market Value of all of
                                    the New Projects that are completed or are
                                    Substantially Complete as operating real
                                    estate properties as of the effective date
                                    of termination of Executive's employment,
                                    and

                           (ii)     the cost book basis of CDCLP or Centex, as
                                    the case may be, in all of such Existing
                                    Projects; plus

                  (b)      the Deferred Earnings relating to New Projects.

         5.       "Aggregate Fair Market Value" means the total fair market
                  value of the Existing Projects or the New Projects, as
                  mutually agreed upon by CDCLP and Executive at the time of
                  termination of Executive's employment. If CDCLP and Executive
                  are unable to each an agreement, the Aggregate Fair Market
                  Value will be determined by an appraiser mutually acceptable
                  to CDCLP and Executive.

         6.       "Substantially Complete" means the following:

                  (a)      If Executive resigns his employment (as described in
                           Section 4.B.(1) or (2)), "Substantially Complete"
                           means that a certificate of occupancy (or its
                           equivalent in the particular jurisdiction) has been
                           issued for the shell of the building.

                  (b)      If CDCLP terminates Executive's employment (as
                           described in Section 4.B.(3), (4) or (5)) or
                           Executive dies (as described in Section 4.B.(6)),
                           "Substantially Complete" means that a financial
                           package for the proposed project has been approved by
                           the Board of Directors of 3333 Development
                           Corporation.

         7.       "Continuing Bonus Payment (Existing Projects)" is equal to 6%
                  of the sum of:

                  (a)      the book gain earned by CDCLP or Centex on the sale
                           of Existing Projects, as such Existing Projects are
                           sold; plus

                  (b)      at the end of each fiscal year, any Operating
                           Earnings (as defined in Part 1, above) generated by
                           any Existing Projects that have not been sold.

         8.       "Continuing Bonus Payment (New Projects)" is equal to 5% of
                  the sum of:

                  (a)      the book gain earned by CDCLP or Centex on the sale
                           of New Projects, as such New Projects are sold; plus

                  (b)      at the end of each fiscal year, any Operating
                           Earnings generated by any New Projects that have not
                           been sold.

         9.       Adjustments to Operating Earnings. For purposes of calculating
                  the Continuing Bonus Payment, Operating Earnings will be
                  determined in the same manner as such Operating Earnings are
                  determined for purposes of the Annual Bonus, with the
                  following adjustments:

                  (a)      The CCD Cash Position will be reduced by the fair
                           market value of any undeveloped land held by or on
                           behalf of CCD on the effective date of termination of
                           Executive's

                                      -12-
<PAGE>   13

                           employment, with the result that Executive will not
                           bear any Cash Charge for the value of the undeveloped
                           land. The earnings from the later development or sale
                           of such undeveloped land will not be included in
                           Operating Earnings.

                  (b)      After the effective date of termination of
                           Executive's employment, the CCD Cash Position will
                           only be affected by cash funded to operate the
                           Existing Projects and New Projects and by cash
                           proceeds generated from the operation or sale of the
                           Existing Projects and New Projects.

                  (c)      After the effective date of termination of
                           Executive's employment, the charge for overhead that
                           is assessed against Operating Earnings attributable
                           to the Existing Projects and New Projects will be
                           modified to reflect the fact that Executive will not
                           be participating in any new development projects.
                           Executive will be assessed a proportionate portion of
                           50% of the total overhead of CCD Operations, such
                           proportionate share to be the ratio of the Operating
                           Earnings generated by the projects in which Executive
                           participates in earnings (that is, the Existing
                           Projects and the New Projects) to the total Operating
                           Earnings generated by all operating projects that are
                           included in CCD Operations.

                                      -13-
<PAGE>   14

                                    Exhibit 2

                                Existing Projects

                                      -14-<PAGE>   1
                                                                    EXHIBIT 4.11

THIS WARRANT HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED (THE "ACT"), NOR HAS IT BEEN APPROVED BY THE UNITED STATES SECURITIES
AND EXCHANGE COMMISSION OR THE SECURITIES REGULATORY AUTHORITY OF ANY STATE.
THIS WARRANT HAS BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO
DISTRIBUTION OR RESALE AND MAY NOT BE OFFERED FOR SALE, SOLD, MORTGAGED,
PLEDGED, HYPPOTHCATED OR OTHERWISE TRANSFERRED EXCEPT PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT FOR SUCH WARRANT UNDER THE ACT AND APPLICABLE STATE
SECURITIES LAWS OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE COMPANY
THAT REGISTRATION IS NOT REQUIRED UNDER THE ACT AND APPLICABLE STATE SECURITIES
LAWS.

                                     WARRANT

                    to Purchase up to an Aggregate of 265,210

                             Shares of Common Stock

                            CALLON PETROLEUM COMPANY
                       (265,210 shares at $0.01 per share)

                 VOID AFTER 3:00 p.m. (prevailing New York time)
                                ON June 29, 2006

         This is to certify that, for value received, Duke Capital Partners, LLC
(together with its permitted assigns, "Holder") is entitled to purchase, subject
to the provisions of this Warrant, from CALLON PETROLEUM COMPANY, a Delaware
corporation (the "Corporation"), at any time on or after the date hereof for a
period ending June 29, 2006, an aggregate of up to 265,210 fully paid and
nonassessable shares (the "Warrant Shares") of common stock, par value $0.01 per
share (the "Common Stock"), of the Corporation at a price of $0.01 per share, as
adjusted from time to time pursuant to the terms hereof (the "Exercise Price").

         1. Exercise of Warrant. Subject to the provisions hereof, this Warrant
may be exercised in whole or in part (in multiples of at least 1,000 shares), at
any time or from time to time on or after the date hereof for a period ending
June 29, 2006. This Warrant shall be exercised by presentation and surrender
hereof to the Corporation at the principal office of the Corporation,
accompanied by (a) a written notice of exercise and (b) payment to the
Corporation, for the account of the Corporation, of the Exercise Price for the
number of shares of Common Stock specified in such notice. The Exercise Price
for the number of shares of Common Stock specified in the notice shall be
payable in immediately available funds.

         Notwithstanding anything herein to the contrary, in lieu of payment of
the applicable Exercise Price, the Holder may elect to receive upon exercise of
this Warrant, the number of Warrant Shares reduced by a number of shares of
Common Stock having the aggregate Fair Market Value (as hereinafter defined) on
the date of exercise equal to the aggregate Exercise Price for the Warrant
Shares.

         As soon as practicable after such presentation and surrender, but in no
event later than five business days following such date, the Corporation shall
issue and deliver to the Holder the shares

<PAGE>   2
of Common Stock to which the Holder is entitled hereunder. Unless at the time of
such exercise there is in existence an effective registration statement under
the Securities Act of 1933, as amended, concerning the shares of Common Stock
issuable upon exercise of this Warrant, the certificates representing the shares
purchased pursuant to the exercise of this Warrant shall be legended
substantially as follows:

                  "The securities represented by this Certificate have not been
                  registered under the Securities Act of 1933, as amended (the
                  "Act") or under any state securities laws, and are "restricted
                  securities" as that term is defined in Rule 144 under the Act.
                  The securities may not be offered for sale, sold or otherwise
                  transferred without an effective registration statement for
                  such securities under the Act and applicable state securities
                  laws, or an opinion of counsel satisfactory to the Corporation
                  that registration is not required under such Act and
                  applicable state securities laws."

         This Warrant may be exercised in part, provided that the shares of the
Corporation's common stock to be purchased upon any such partial exercise must
be for at least 1,000 shares or for any multiple thereof. If this Warrant should
be exercised in part, then the Corporation shall, upon surrender of this Warrant
for cancellation, execute and deliver a new Warrant evidencing the rights of the
Holder to purchase the balance of the shares of Common Stock purchasable
hereunder. Upon receipt by the Corporation of this Warrant, in proper form for
exercise, the Holder shall be deemed to be the holder of record of the shares of
Common Stock issuable upon such exercise, notwithstanding that the stock
transfer books of the Corporation shall then be closed or that certificates
representing such shares of Common Stock shall not then be actually delivered to
the Holder. The Corporation shall pay any and all expenses, documentary, stamp
or similar issue or transfer taxes and other charges payable in connection with
the preparation, issuance and delivery of Warrant Shares pursuant to this
Paragraph 1 in the name of the Holder.

         No fractional shares of Common Stock shall be issued in connection with
the exercise of this Warrant, but the Corporation shall pay a cash adjustment in
respect of any fraction of a share which would otherwise be issuable in an
amount equal to such fraction multiplied by the Fair Market Value on the date of
exercise. Fair Market Value at any date shall mean the highest market price per
share of Common Stock on such date, as determined by the highest sale price,
regular way, or, if there shall have been no sale on such day, the average of
the highest reported bid and lowest reported asked price, in each case as
officially reported on the principal securities exchange on which the Common
Stock is listed or admitted to trading, or if not listed or admitted to trading
on any securities exchange, the average of the highest reported bid and lowest
reported asked price as furnished by the National Quotation Bureau Incorporated;
provided, however, that if the Common Stock is not traded in such manner that
the quotations referred to herein are available, the Fair Market Value shall be
deemed to be the fair market value of such Common Stock as determined by the
Board of Directors of the Corporation in good faith.

         2. Reservation of Shares: Preservation of Rights of Holder. (a) The
Corporation hereby agrees that at all times it will maintain and reserve, free
from preemptive rights, such number of authorized but unissued shares of Common
Stock so that this Warrant may be exercised without additional authorization of
Common Stock after giving effect to all other options, warrants, convertible
securities and other rights to acquire shares of Common Stock. The Corporation
further agrees that it will not, by charter amendment or through reorganization,

                                      -2-
<PAGE>   3
consolidation, merger, dissolution or sale of assets, or by any other voluntary
act, avoid or seek to avoid the observance or performance of any of the
covenants, stipulations or conditions to be observed or performed hereunder by
the Corporation.

         (b) All shares of Common Stock delivered upon the exercise of the
Warrant shall be validly issued, fully paid and nonassessable.

         (c) As soon as practicable (but no later than 30 days) after the date
hereof, the Corporation shall list the Common Stock issuable upon exercise of
the Warrant on any securities exchange upon which any securities of the
Corporation are then listed, if the listing of such securities is then permitted
under the rules of such exchange.

         3. Exchange or Loss of Warrant. This Warrant is exchangeable, upon
presentation and surrender hereof at the principal office of the Corporation,
only in connection with a partial exercise hereof. The Corporation shall be
under no obligation to issue replacement warrants for the aggregate number of
shares covered hereby except as described herein. The term "Warrant" as used
herein includes any Warrant or Warrants for which this Warrant may be exchanged.
Upon receipt by the Corporation of evidence reasonably satisfactory to it of the
loss, theft, destruction or mutilation of this Warrant, and (in the case of
loss, theft or destruction) of reasonably satisfactory indemnification, and upon
surrender and cancellation of this Warrant, if mutilated, the Corporation will
execute and deliver a new Warrant of like tenor and date.

         4. Restricted Transferability and Registration Rights. This Warrant and
Common Stock issuable upon exercise of this Warrant are subject to the
restrictions on transfer, and the Holder is entitled to the registration rights,
set forth in the Registration Rights Agreement of even date herewith.

         5. Adjustment. The number of shares of Common Stock purchasable upon
the exercise of this Warrant and the Exercise Price shall be subject to
adjustment from time to time as provided in this paragraph 5.

                 A. (1) If, during the term of this Warrant, the Corporation
         shall pay or make a dividend or other distribution on any class of
         capital stock of the Corporation in Common Stock, then the number of
         shares of Common Stock purchasable upon exercise of this Warrant shall
         be increased by multiplying such number of shares by a fraction, of
         which the denominator shall be the number of shares of Common Stock
         outstanding at the close of business on the day immediately preceding
         the date of such distribution and the numerator shall be the sum of
         such number of shares and the total number of shares constituting such
         dividend or other distribution, such increase to become effective
         immediately after the opening of business on the date following such
         distribution.

                 (2) If, during the term of this Warrant, the outstanding shares
         of Common Stock shall be, pursuant to a recapitalization or other
         change in capital structure, subdivided into a greater number of shares
         of Common Stock, then the number of shares of Common Stock purchasable
         upon exercise of this Warrant at the opening of business on the day
         following the day upon which such subdivision becomes effective shall
         be proportionately increased and, conversely, if outstanding shares of
         Common Stock shall each be combined into a smaller number of shares of
         Common Stock, then the number of shares of Common Stock purchasable
         upon exercise of this Warrant at the opening of business on the day
         following the day upon which such combination becomes effective

                                      -3-
<PAGE>   4
         shall be proportionately decreased, such increase or decrease, as the
         case may be, to become effective immediately after the opening of
         business on the day following the day upon which such subdivision or
         combination becomes effective.

                 (3) The reclassification of Common Stock into securities (other
         than Common Stock) and/or cash and/or other consideration shall be
         deemed to involve a subdivision or combination, as the case may be, of
         the number of shares of Common Stock outstanding immediately prior to
         such reclassification into the number or amount of securities and/or
         cash and/or other consideration outstanding immediately thereafter and
         the effective date of such reclassification shall be deemed to be "the
         day upon which such subdivision becomes effective" or "the day upon
         which such combination becomes effective", as the case may be, within
         the meaning of clause (2) above.

                 (4) The Corporation may in its sole discretion make such
         increases in the number of shares of Common Stock purchasable upon
         exercise of this Warrant, in addition to those required by this
         subparagraph (A), as shall be determined by its Board of Directors to
         be advisable in order to avoid taxation so far as practicable of any
         dividend of stock or stock rights or any event treated as such for
         federal income tax purposes to the recipients.

                 B. Whenever the number of shares of Common Stock purchasable
         upon exercise of this Warrant is adjusted as herein provided, the
         Exercise Price shall be adjusted by multiplying it by a fraction, of
         which the numerator is equal to the number of shares of Common Stock
         purchasable prior to the adjustment and the denominator is equal to the
         number of shares of Common Stock purchasable after the adjustment.

                 C. If any consolidation or merger of the Corporation with
         another entity, or the sale of all or substantially all of its assets
         to another entity, shall be effected in such a way that holders of
         Common Stock shall be entitled to receive stock, securities or assets
         with respect to or in exchange for Common Stock, then, as a condition
         of such consolidation, merger or sale, lawful and adequate provisions
         shall be made whereby the Holder shall thereafter have the right to
         purchase and receive upon the basis and upon the terms and conditions
         specified in this Warrant and in lieu of the shares of the Common Stock
         of the Corporation immediately theretofore purchasable and receivable
         upon the exercise of the rights set forth herein, such shares of stock,
         securities or assets as may be issued or payable with respect to or in
         exchange for a number of outstanding shares of such Common Stock equal
         to the number of shares of such stock immediately theretofore
         purchasable and receivable upon the exercise of the rights set forth
         herein had such consolidation, merger or sale not taken place, and in
         any such case, appropriate provisions shall be made with respect to the
         rights and interests of the Holder to the end that the provisions
         hereof (including without limitation provisions for adjustments of the
         exercise price and of the number of shares purchasable and receivable
         upon the exercise of the Warrant) shall thereafter be applicable, as
         nearly as may be, in relation to any shares of stock, securities or
         assets thereafter deliverable upon the exercise hereof. If a purchase,
         tender or exchange offer is made to and accepted by the holders of more
         than 50% of the outstanding shares of Common Stock of the Corporation,
         the Corporation shall not effect any consolidation, merger or sale with
         the person having made such offer or with any affiliate of such person,
         unless prior to the consummation of such consolidation, merger or sale
         the Holder shall have been given a reasonable opportunity to then elect
         to receive

                                      -4-
<PAGE>   5
         upon the exercise of the Warrant either the stock, securities or assets
         then issuable with respect to the Common Stock of the Corporation or
         the stock, securities or assets, or the equivalent issued to previous
         holders of the Common Stock in accordance with such offer.

                 D. In the event of (i) any taking by the Corporation of a
         record of the holders of any class of securities for the purpose of
         determining the holders thereof who are entitled to receive any
         dividend or other distribution, or any right to subscribe for, purchase
         or otherwise acquire any shares of stock of any class or any other
         securities or assets, or to receive any other right, (ii) any
         reorganization of the Corporation, or any reclassification or
         recapitalization of the capital stock of the Corporation, or any
         transfer of all or substantially all of the assets of the Corporation
         to, or consolidation or merger of the Corporation with any other person
         or (iii) any voluntary or involuntary dissolution or liquidation of the
         Corporation, then and in each such event the Corporation will mail or
         cause to be mailed to the Holder a notice specifying the date on which
         any such record is to be taken for the purpose of such dividend,
         distribution or right, the amount and character of such dividend,
         distribution or right, the date on which any such reorganization,
         reclassification, recapitalization, transfer, consolidation, merger,
         dissolution, liquidation or winding-up is to take place, and the time,
         if any, as of which the holders of record of Common Stock shall be
         entitled to exchange their shares of Common Stock for securities or
         other property deliverable upon such reorganization, reclassification,
         recapitalization, transfer, consolidation, merger, dissolution,
         liquidation or winding-up. Such notice shall be mailed at least 20 days
         prior to the proposed record date therein specified.

         For the purpose of this Paragraph 5, the term "Common Stock" shall
include any shares of the Corporation of any class or series which has no
preference or priority in the payment of dividends or in the distribution of
assets upon any voluntary or involuntary liquidation, dissolution or winding up
of the Corporation and which is not subject to redemption by the Corporation.

         6. Notice. Whenever the number of shares of Common Stock for which this
Warrant is exercisable is adjusted as provided in paragraph 5 hereof, the
Corporation shall promptly compute such adjustment and mail to the Holder a
certificate, signed by the chief financial officer of the Corporation, setting
forth the number of shares of Common Stock for which this Warrant is exercisable
and the exercise price as a result of such adjustment, a brief statement of the
facts requiring such adjustment, the computation thereof and when such
adjustment will become effective.

         7. Rights of the Holder. Prior to the exercise of this Warrant, the
Holder shall not, by virtue hereof, be entitled to any rights of a shareholder
in the Corporation.

         8. Termination. This Warrant and the rights conferred hereby shall
terminate at the aforementioned time on June 29, 2006.

         9. Governing Law. This Warrant shall be governed by, and interpreted in
accordance with, the laws of the State of Delaware without regard to conflict of
laws principles.

         10. Remedies. The Corporation stipulates that the remedies at law of
the Holder in the event of any default or threatened default by the Corporation
in the performance of or compliance with any of the terms of this Warrant are
not and will not be adequate and that such terms may be

                                      -5-
<PAGE>   6
specifically enforced by a decree for the specific performance of any agreement
contained herein or by an injunction against a violation of any of the terms
hereof or thereof or otherwise.

DATED:   January 29, 2001

ATTEST:                                   CALLON PETROLEUM COMPANY

By: /s/ Robert A. Mayfield                By: /s/ John S. Weatherly
    ---------------------------------         ----------------------------------
    Robert A. Mayfield, Secretary         Name:  John S. Weatherly
    ---------------------------------            -------------------------------
                                          Title: Senior Vice President and CFO
                                                 -------------------------------

                                      -6-

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