<PAGE>   1
                                                                   Exhibit 99.11

                             THE CERPLEX GROUP, INC.
                        AUTOMATIC STOCK OPTION AGREEMENT



RECITALS

         A. The Corporation has implemented an automatic option grant program
under the Plan pursuant to which eligible non-employee members of the Board will
automatically receive special option grants at periodic intervals over their
period of Board service in order to provide such individuals with a meaningful
incentive to continue to serve as members of the Board.

         B. Optionee is an eligible non-employee Board member, and this
Agreement is executed pursuant to, and is intended to carry out the purposes of,
the Plan in connection with the automatic grant of an option to purchase shares
of Common Stock under the Plan.

         C. All capitalized terms in this Agreement shall have the meaning
assigned to them in the attached Appendix.

            NOW, THEREFORE, it is hereby agreed as follows:

            
            1. GRANT OF OPTION. The Corporation hereby grants to Optionee, as of
the Grant Date, a Non-Statutory Option to purchase up to the number of Option
Shares specified in the Grant Notice. The Option Shares shall be purchasable
from time to time during the option term specified in Paragraph 2 at the
Exercise Price.

            2. OPTION TERM. This option shall have a term of ten (10) years
measured from the Grant Date and shall accordingly expire at the close of
business on the Expiration Date, unless sooner terminated in accordance with
Paragraph 5, 6 or 7.

            3. LIMITED TRANSFERABILITY. This option, together with the special
stock appreciation right provided under Paragraph 7(b), shall be neither
transferable nor assignable by Optionee other than by will or by the laws of
descent and distribution following Optionee's death and may be exercised, during
Optionee's lifetime, only by Optionee.

            4. EXERCISABILITY/VESTING.

               (a)  This option shall be immediately exercisable for any or all
of the Option Shares, whether or not the Option Shares are vested in accordance
with the Vesting Schedule and shall remain so exercisable until the Expiration
Date or sooner termination of the option term under Paragraph 5, 6 or 7.


<PAGE>   2
            (b) Optionee shall, in accordance with the Vesting Schedule, vest in
the Option Shares in one or more installments over his or her period of Board
service. Vesting in the Option Shares may be accelerated pursuant to the
provisions of Paragraph 5, 6 or 7. In no event, however, shall any additional
Option Shares vest following Optionee's cessation of service as a Board member.

         5. CESSATION OF BOARD SERVICE. Should Optionee's service as a Board
member cease while this option remains outstanding, then the option term
specified in Paragraph 2 shall terminate (and this option shall cease to be
outstanding) prior to the Expiration Date in accordance with the following
provisions:

            (a) Should Optionee cease to serve as a Board member for any reason
while holding this option, then Optionee (or, in the event of Optionee's death
the personal representative of Optionee's estate or the person or persons to
whom the option is transferred pursuant to Optionee's will or in accordance with
the laws of descent and distribution) shall have a twelve (12)-month period
(commencing with the date of such cessation of Board service) in which to
exercise this option, but in no event shall this option be exercisable at any
time after the Expiration Date. During such limited period of exercisability,
this option may not be exercised in the aggregate for more than the number of
Option Shares (if any) in which Optionee is vested on the date Optionee ceases
service as a Board member. Upon the earlier of (i) the expiration of such twelve
(12)-month period or (ii) the specified Expiration Date, the option shall
terminate and cease to be exercisable with respect to any vested Option Shares
for which the option has not been exercised.

            (b) Upon Optionee's cessation of Board service, this option shall
immediately terminate and cease to be outstanding with respect to any and all
Option Shares in which Optionee is not otherwise at that time vested in
accordance with the Vesting Schedule.

            (c) In the event of a Corporate Transaction or Change in Control,
the provisions of Paragraph 6 or 7 shall govern the period for which this option
is to remain exercisable following Optionee's cessation of Board service and
shall supersede any provisions to the contrary in this paragraph.

         6. CORPORATE TRANSACTION.

            (a) In the event of a Corporate Transaction, all Option Shares at
the time subject to this option but not otherwise vested shall automatically
vest so that this option shall, immediately prior to the effective date of such
Corporate Transaction, become exercisable for any or all of the Option Shares as
fully-vested shares of Common Stock. Immediately following the Corporate
Transaction, this option shall terminate and cease to be exercisable except to
the extent assumed by the successor corporation (or parent thereof) in
connection with such Corporate Transaction.


                                       2.

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            (b) If this option is assumed in connection with a Corporate
Transaction, then this option shall be appropriately adjusted, immediately after
such Corporate Transaction, to apply to the number and class of securities which
would have been issuable to Optionee in consummation of such Corporate
Transaction had the option been exercised immediately prior to such Corporate
Transaction, and appropriate adjustments shall also be made to the Exercise
Price, provided the aggregate Exercise Price shall remain the same.

            (c) This Agreement shall not in any way affect the right of the
Corporation to adjust, reclassify, reorganize or otherwise change its capital or
business structure or to merge, consolidate, dissolve, liquidate or sell or
transfer all or any part of its business or assets.

         7. CHANGE IN CONTROL/HOSTILE TAKE-OVER.

            (a) All Option Shares subject to this option at the time of a Change
in Control but not otherwise vested shall automatically vest so that this option
shall, immediately prior to the effective date of such Change in Control, become
fully exercisable for all of the Option Shares at the time subject to this
option and may be exercised for all or any portion of such shares as
fully-vested shares of Common Stock. This option shall remain exercisable for
such fully-vested Option Shares until the earliest to occur of (i) the
Expiration Date, (ii) the sooner termination of this option in accordance with
Paragraph 5 or 6 or (iii) the surrender of the option in connection with a
Hostile Take-Over.

            (b) Provided this option has been outstanding for at least six (6)
months prior to the occurrence of a Hostile Take-Over, Optionee shall have the
unconditional right (exercisable during the thirty (30)-day period immediately
following the consummation of such Hostile Take-Over) to surrender this option
to the Corporation in exchange for a cash distribution from the Corporation in
an amount equal to the excess of (i) the Take-Over Price of the Option Shares at
the time subject to the surrendered option (whether or not those Option Shares
are otherwise at the time vested) over (ii) the aggregate Exercise Price payable
for such shares. This Paragraph 7(b) limited stock appreciation right shall in
all events terminate upon the expiration or sooner termination of the option
term and may not be assigned or transferred by Optionee.

            (c) To exercise the Paragraph 7(b) limited stock appreciation right,
Optionee must, during the applicable thirty (30)-day exercise period, provide
the Corporation with written notice of the option surrender in which there is
specified the number of Option Shares as to which the Option is being
surrendered. Such notice must be accompanied by the return of Optionee's copy of
this Agreement, together with any written amendments to such Agreement. The cash
distribution shall be paid to Optionee within five (5) days following such
delivery date, and no approval or consent of the Board shall be required in
connection with such option surrender and cash distribution. Upon receipt of
such cash distribution, this option shall be cancelled with respect to the
Option


                                       3.


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Shares subject to the surrendered option (or the surrendered portion) and
Optionee shall cease to have any further right to acquire those Option Shares
under this Agreement. The option shall, however, remain outstanding for the
balance of the Option Shares (if any) in accordance with the terms of this
Agreement, and the Corporation shall issue a new stock option agreement
(substantially in the same form as this Agreement) for those remaining Option
Shares.

         8. ADJUSTMENT IN OPTION SHARES. Should any change be made to the Common
Stock by reason of any stock split, stock dividend, recapitalization,
combination of shares, exchange of shares or other change affecting the
outstanding Common Stock as a class without the Corporation's receipt of
consideration, appropriate adjustments shall be made to (i) the total number
and/or class of securities subject to this option and (ii) the Exercise Price in
order to reflect such change and thereby preclude a dilution or enlargement of
benefits hereunder.

         9. STOCKHOLDER RIGHTS. The holder of this option shall not have any
stockholder rights with respect to the Option Shares until such person shall
have exercised the option, paid the Exercise Price and become a holder of record
of the purchased shares.

         10. MANNER OF EXERCISING OPTION.

             (a) In order to exercise this option with respect to all or any 
part of the Option Shares for which this option is at the time exercisable,
Optionee (or any other person or persons exercising the option) must take the
following actions:

                 (i)  To the extent the option is exercised for vested Option 
         Shares, execute and deliver to the Corporation a Notice of Exercise for
         the Option Shares for which the option is exercised. To the extent this
         option is exercised for unvested Option Shares, execute and deliver to
         the Corporation a Purchase Agreement.

                 (ii) Pay the aggregate Exercise Price for the purchased shares
         in one or more of the following forms:

                      (A) cash or check made payable to the Corporation,

                      (B) shares of Common Stock held by Optionee
                  (or any other person or persons exercising the option) for the
                  requisite period necessary to avoid a charge to the
                  Corporation's earnings for financial reporting purposes and
                  valued at Fair Market Value on the Exercise Date, or


                                       4.


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                           (C) to the extent the option is exercised for vested
                  Option Shares, through a special sale and remittance procedure
                  pursuant to which Optionee (or any other person or persons
                  exercising the option) shall concurrently provide irrevocable
                  written instructions (I) to a Corporation-designated brokerage
                  firm to effect the immediate sale of the purchased shares and
                  remit to the Corporation, out of the sale proceeds available
                  on the settlement date, sufficient funds to cover the
                  aggregate Exercise Price payable for the purchased shares plus
                  all applicable Federal, state and local income and employment
                  taxes required to be withheld by the Corporation by reason of
                  such exercise and (II) to the Corporation to deliver the
                  certificates for the purchased shares directly to such
                  brokerage firm in order to complete the sale.

                      Except to the extent the sale and remittance procedure is 
                  utilized in connection with the option exercise, payment of
                  the Exercise Price must accompany the Notice of Exercise (or
                  the Purchase Agreement) delivered to the Corporation in
                  connection with the option exercise.

                                    (iii) Furnish to the Corporation appropriate
         documentation that the person or persons exercising the option (if
         other than Optionee) have the right to exercise this option.

                      (b) As soon after the Exercise Date as practical, the
Corporation shall issue to or on behalf of Optionee (or any other person or
persons exercising this option) a certificate for the purchased Option Shares,
with the appropriate legends affixed thereto. To the extent any such Option
Shares are unvested, the certificates for those Option Shares shall be endorsed
with an appropriate legend evidencing the Corporation's repurchase rights and
may be held in escrow with the Corporation until such shares vest.

                      (c) In no event may this option be exercised for any
fractional shares.

                  11. COMPLIANCE WITH LAWS AND REGULATIONS.

                      (a) The exercise of this option and the issuance of the
Option Shares upon such exercise shall be subject to compliance by the
Corporation and Optionee with all applicable requirements of law relating
thereto and with all applicable regulations of any stock exchange (or the Nasdaq
National Market if applicable) on which the Common Stock may be listed for
trading at the time of such exercise and issuance.

                      (b) The inability of the Corporation to obtain approval
from any regulatory body having authority deemed by the Corporation to be
necessary to the lawful issuance and sale of any Common Stock pursuant to this
option shall relieve the

                                       5.

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Corporation of any liability with respect to the non-issuance or sale of the
Common Stock as to which such approval shall not have been obtained. The
Corporation, however, shall use its best efforts to obtain all such approvals.

                  12. SUCCESSORS AND ASSIGNS. Except to the extent otherwise
provided in Paragraph 3 or 6, the provisions of this Agreement shall inure to
the benefit of, and be binding upon, the Corporation and its successors and
assigns and Optionee, Optionee's assigns and the legal representatives, heirs
and legatees of Optionee's estate.

                  13. NOTICES. Any notice required to be given or delivered to
the Corporation under the terms of this Agreement shall be in writing and
addressed to the Corporation at its principal corporate offices. Any notice
required to be given or delivered to Optionee shall be in writing and addressed
to Optionee at the address indicated below Optionee's signature line on the
Grant Notice. All notices shall be deemed effective upon personal delivery or
upon deposit in the U.S. mail, postage prepaid and properly addressed to the
party to be notified.

                  14. CONSTRUCTION. This Agreement and the option evidenced
hereby are made and granted pursuant to the Plan and are in all respects limited
by and subject to the terms of the Plan.

                  15. GOVERNING LAW. The interpretation, performance and
enforcement of this Agreement shall be governed by the laws of the State of
California without resort to that State's conflict-of-laws rules.


                                       6.


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                                    EXHIBIT I

                               NOTICE OF EXERCISE


                  I hereby notify The Cerplex Group, Inc. (the "Corporation")
that I elect to purchase         shares of the Corporation's Common Stock (the
"Purchased Shares") at the option exercise price of $   per share (the "Exercise
Price") pursuant to that certain option (the "Option") granted to me under the
Corporation's Restated 1993 Stock Option Plan on            , 199 .

                  Concurrently with the delivery of this Exercise Notice to the
Corporation, I shall hereby pay to the Corporation the Exercise Price for the
Purchased Shares in accordance with the provisions of my agreement with the
Corporation (or other documents) evidencing the Option and shall deliver
whatever additional documents may be required by such agreement as a condition
for exercise. Alternatively, I may utilize the special broker-dealer sale and
remittance procedure specified in my agreement to effect payment of the Exercise
Price for any Purchased Shares in which I am vested at the time of exercise of
the Option.


____________________, 199__
        Date


                                               _________________________________
                                               Optionee

                                               Address:_________________________

                                               _________________________________


Print name in exact manner
it is to appear on the
stock certificate:                             _________________________________

Address to which certificate
is to be sent, if different
from address above:                            _________________________________

                                               _________________________________

Social Security Number:                        _________________________________


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                                    APPENDIX


         The following definitions shall be in effect under the Agreement:

         A.     AGREEMENT shall mean this Automatic Stock Option Agreement.

         B.     BOARD shall mean the Corporation's Board of Directors.

         C.     CHANGE IN CONTROL shall mean a change in ownership or control of
the Corporation effected through either of the following transactions:

                (i)  the acquisition, directly or indirectly, by any person or
         related group of persons (other than the Corporation or a person that
         directly or indirectly controls, is controlled by, or is under common
         control with, the Corporation) of beneficial ownership (within the
         meaning of Rule 13d-3 of the 1934 Act) of securities possessing more
         than fifty percent (50%) of the total combined voting power of the
         Corporation's outstanding securities pursuant to a tender or exchange
         offer made directly to the Corporation's stockholders which the Board
         does not recommend such stockholders to accept, or

               (ii)  a change in the composition of the Board over a period of
         thirty-six (36) consecutive months or less such that a majority of the
         Board members ceases, by reason of one or more contested elections for
         Board membership, to be comprised of individuals who either (A) have
         been Board members continuously since the beginning of such period or
         (B) have been elected or nominated for election as Board members during
         such period by at least a majority of the Board members described in
         clause (A) who were still in office at the time the Board approved such
         election or nomination.

         D.    CODE shall mean the Internal Revenue Code of 1986, as amended.

         E.    COMMON STOCK shall mean the Corporation's common stock.

         F.    CORPORATE TRANSACTION shall mean either of the following 
stockholder-approved transactions to which the Corporation is a party:

               (i) a merger or consolidation in which securities possessing
         more than fifty percent (50%) of the total combined voting power of the
         Corporation's outstanding securities are transferred to a person or
         persons different from the persons holding those securities immediately
         prior to such transaction, or


                                      A-1.


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                  (ii) the sale, transfer or other disposition of all or
         substantially all of the Corporation's assets in complete liquidation
         or dissolution of the Corporation.

         G.       CORPORATION shall mean The Cerplex Group, Inc., a Delaware 
corporation.

         H.       EXERCISE DATE shall mean the date on which the option shall 
have been exercised in accordance with Paragraph 10 of the Agreement.

         I.       EXERCISE PRICE shall mean the exercise price per share as 
specified in the Grant Notice.

         J.       EXPIRATION DATE shall mean the date on which the option 
expires as specified in the Grant Notice.

         K.       FAIR MARKET VALUE per share of Common Stock on any relevant 
date shall be determined in accordance with the following provisions:

                  (i)  If the Common Stock is at the time traded on the Nasdaq
         National Market, then the Fair Market Value shall be the closing
         selling price per share of Common Stock on the date in question, as the
         price is reported by the National Association of Securities Dealers on
         the Nasdaq National Market or any successor system. If there is no
         closing selling price for the Common Stock on the date in question,
         then the Fair Market Value shall be the closing selling price on the
         last preceding date for which such quotation exists.

                  (ii) If the Common Stock is at the time listed on any national
         stock exchange, then the Fair Market Value shall be the closing selling
         price per share of Common Stock on the date in question on the exchange
         which serves as the primary market for the Common Stock, as such price
         is officially quoted in the composite tape of transactions on such
         exchange. If there is no closing selling price for the Common Stock on
         the date in question, then the Fair Market Value shall be the closing
         selling price on the last preceding date for which such quotation
         exists.

         L.       GRANT DATE shall mean the date of grant of the option as 
specified in the Grant Notice.

         M.       GRANT NOTICE shall mean the Notice of Grant of Automatic Stock
Option accompanying the Agreement, pursuant to which Optionee has been informed
of the basic terms of the option evidenced hereby.


                                      A-2.

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         N.       HOSTILE TAKE-OVER shall mean a change in ownership of the 
Corporation effected through the following transaction:

                  (i)  the acquisition, directly or indirectly, by any person or
         related group of persons (other than the Corporation or a person that
         directly or indirectly controls, is controlled by, or is under common
         control with, the Corporation) of beneficial ownership (within the
         meaning of Rule 13d-3 of the 1934 Act) of securities possessing more
         than fifty percent (50%) of the total combined voting power of the
         Corporation's outstanding securities pursuant to a tender or exchange
         offer made directly to the Corporation's stockholders which the Board
         does not recommend such stockholders to accept, and

                  (ii) more than fifty percent (50%) of the acquired securities
         are accepted from holders other than the officers and directors of the
         Corporation subject to the short-swing profit restrictions of Section
         16 of the 1934 Act.

         O.       1934 ACT shall mean the Securities Exchange Act of 1934, as 
amended.

         P.       NON-STATUTORY OPTION shall mean an option not intended to 
satisfy the requirements of Code Section 422.

         Q.       NOTICE OF EXERCISE shall mean the notice of exercise in the 
form of Exhibit I.

         R.       OPTION SHARES shall mean the number of shares of Common Stock 
subject to the option.

         S.       OPTIONEE shall mean the person to whom the option is granted 
as specified in the Grant Notice.

         T.       PLAN shall mean the Corporation's Restated 1993 Stock Option 
Plan.

         U.       PURCHASE AGREEMENT shall mean the stock purchase agreement (in
form and substance satisfactory to the Corporation) which grants the Corporation
the right to repurchase, at the Exercise Price, any and all unvested Option
Shares held by Optionee at the time of Optionee's cessation of Service and which
precludes the sale, transfer or other disposition of any purchased Option Share
while subject to such repurchase right.

         V.       TAKE-OVER PRICE shall mean the greater of (i) the Fair Market 
Value per share of Common Stock on the date the option is surrendered to the
Corporation in connection with a Hostile Take-Over or (ii) the highest reported
price per share of Common Stock paid by the tender offeror in effecting the
Hostile Take-Over.


                                      A-3.