Document:

<PAGE>

                                                                     EXHIBIT 4.1

<Table>
<S>                              <C>                  <C>
              COMMON                                            COMMON

   PAR VALUE $0.01 PER SHARE                          FORMED UNDER THE LAWS OF
 THIS CERTIFICATE AND THE SHARES                        THE STATE OF DELAWARE
REPRESENTED HEREBY ARE SUBJECT TO
THE RESTRICTIONS ON THE TRANSFER OF                             SHARES
SHARES, WHICH ARE CONTAINED IN THE
  CERTIFICATE OF INCORPORATION.

                                 [LIBERTE LOGO]

THIS CERTIFICATE IS TRANSFERABLE                      CUSIP 530154
         IN NEW YORK, NEW YORK                        SEE REVERSE SIDE FOR CERTAIN DEFINITIONS

                             LIBERTE INVESTORS INC.

                             A DELAWARE CORPORATION

THIS CERTIFIES THAT

IS THE REGISTERED HOLDER OF

             FULLY PAID AND NON-ASSESSABLE SHARES OF COMMON STOCK OF

LIBERTE INVESTORS INC. TRANSFERABLE ONLY ON THE BOOKS OF THE CORPORATION BY THE
HOLDER HEREOF IN PERSON OR BY DULY AUTHORIZED ATTORNEY UPON SURRENDER OF THIS
CERTIFICATE PROPERLY ENDORSED. THIS CERTIFICATE IS NOT VALID UNTIL COUNTERSIGNED
BY THE TRANSFER AGENT AND REGISTERED BY THE REGISTRAR.

         IN WITNESS WHEREOF, THE SAID CORPORATION HAS CAUSED THIS CERTIFICATE TO
BE SIGNED BY ITS DULY AUTHORIZED OFFICERS AND TO BE SEALED WITH THE SEAL OF THE
CORPORATION.

                                                                        DATED

            SECRETARY                [LIBERTE CORPORATE SEAL]           COUNTERSIGNED AND REGISTERED:
                                                                                         THE BANK OF NEW YORK,

                                                                                                        TRANSFER AGENT
                                                                                                        AND  REGISTRAR

CHAIRMAN OF THE BOARD                                                                             AUTHORIZED SIGNATURE
</Table>

<PAGE>

                             LIBERTE INVESTORS INC.

         THE COMPANY'S CERTIFICATE OF INCORPORATION RESTRICTS THE TRANSFER OF
THE COMPANY'S EQUITY SECURITIES, AND IN SOME CIRCUMSTANCES REQUIRES THE TRANSFER
OF SUCH SECURITIES, INCLUDING THESE SHARES, IN CONNECTION WITH THE PRESERVATION
OF CERTAIN TAX ATTRIBUTES OF THE COMPANY. THE CERTIFICATE OF INCORPORATION ALSO
IN CERTAIN CIRCUMSTANCES: (1) LIMITS THE CONVERSION OR EXCHANGE OF CERTAIN
SECURITIES, (2) PROHIBITS THE EXERCISE OF OPTIONS, AND (3) RESTRICTS THE
FORECLOSURE OF CERTAIN PLEDGES OF SECURITIES. A COPY OF THE COMPANY'S
CERTIFICATE OF INCORPORATION IS ON FILE AT THE COMPANY'S PRINCIPAL OFFICE.

         IN ACCORDANCE WITH THE PROVISIONS OF SECTION 151(f) OF THE DELAWARE
GENERAL CORPORATION LAW, THE COMPANY WILL FURNISH WITHOUT CHARGE TO EACH
STOCKHOLDER WHO SO REQUEST THE POWERS, DESIGNATIONS, PREFERENCES AND RELATIVE,
PARTICIPATING, OPTIONAL, OR OTHER SPECIAL RIGHTS OF EACH CLASS OF STOCK OR
SERIES THEREOF OF THE COMPANY AND THE QUALIFICATIONS, LIMITATIONS, OR
RESTRICTIONS OF SUCH PREFERENCES AND/OR RIGHTS.

         The following abbreviations, when used in the inscription on the face
of this Certificate, shall be construed as though they were written out in full
according to applicable laws or regulations:

<Table>
<S>                                                       <C>
TEN COM  - as tenants in common                         UNIF GIFT MIN ACT     -             Custodian
                                                                                -----------           ----------
                                                                                  (Cust)               (Minor)

TEN ENT  - as tenants by the entireties                                         under Uniform Gifts to Minors

JT TEN   - as joint tenants with right of                                       Act
           survivorship and not as tenants                                      -----------------------------
           in common                                                                       (State)

                   Additional abbreviations may also be used though not in the above list.

           For value received,                          hereby sell, assign and transfer unto
                                ----------------------
</Table>

PLEASE INSERT SOCIAL SECURITY OR OTHER
      IDENTIFYING NUMBER OF NEW OWNER

--------------------------------------------------------------------------------
PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS INCLUDING POSTAL ZIP CODE OF ASSIGNEE

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

____________________________ Shares of Common Stock represented by the within
Certificate, and do hereby irrevocably constitute and appoint ________________

____________________________ Attorney to transfer the said shares on the books
of the within-named Trust with full power of substitution in the premises.

Dated
      ------------------------------

NOTICE: THE SIGNATURE(S) TO THIS
ASSIGNMENT MUST CORRESPOND WITH               ---------------------------------
THE NAME(S) AS WRITTEN UPON THE
FACE OF THE CERTIFICATE IN EVERY
PARTICULAR, WITHOUT ALTERATION OR             ---------------------------------
ENLARGEMENT OF ANY CHANGES WHATEVER.

                                              THE SIGNATURE(S) SHOULD BE
                                              GUARANTEED BY AN "ELIGIBLE
                                              GUARANTOR INSTITUTION" AS DEFINED
                                              IN RULE 17Ad-15 UNDER THE
                                              SECURITIES EXCHANGE ACT OF 1934,
                                              AS AMENDED.

                                              SIGNATURE(S) GUARANTEED BY:<PAGE>
                                                                    EXHIBIT 10.3

                            STOCK PURCHASE AGREEMENT

         This STOCK PURCHASE AGREEMENT ("AGREEMENT") is dated July 9, 2002, and
is entered into by and between LIBERTE INVESTORS INC., a Delaware corporation
(the "COMPANY"), and DONALD J. EDWARDS, a resident of the State of Illinois
("EDWARDS").

         WHEREAS, in accordance with the terms and conditions of Section 4(h) of
that certain Employment Agreement dated as of July 1, 2002, by and between
Edwards and the Company (the "EMPLOYMENT AGREEMENT"), the Company has agreed to
sell to Edwards up to 333,333 shares of its common stock, par value $0.01 per
share (the "PURCHASED SHARES"), at a purchase price of $3.00 per share; and

         WHEREAS, Edwards now desires to purchase and the Company has agreed to
sell 166,667 shares (the "SHARES") of the Purchased Shares at a purchase price
of $3.00 per Share.

         NOW, THEREFORE, in consideration of the mutual covenants contained
herein and in the Employment Agreement and other good and valuable
consideration, the sufficiency of which are hereby acknowledged, the parties to
this Agreement agree as follows:

                                1. SALE OF STOCK

         1.1 Sale of Stock. Subject to the terms and conditions stated in this
Agreement, the Company shall sell, assign, transfer and deliver the Shares to
Edwards, and Edwards shall purchase the Shares from the Company upon execution
of this Agreement (the "CLOSING").

         1.2. Purchase Price. The purchase price to be paid by Edwards to the
Company for the Shares is $3.00 per share (the "PURCHASE PRICE"), which amount
shall be paid in cash at Closing by wire transfer or by delivery by Edwards to
the Company of a cashier's or bank check by overnight delivery on the business
day immediately following the Closing.

         1.3. Representation by Edwards. Edwards hereby represents and warrants
to the Company that he is acquiring the Shares for his own account and for
investment purposes and not with a view to their distribution within the meaning
of Section 2(11) of the Securities Act of 1933, as amended.

         1.4. Acknowledgement. The parties agree and acknowledge that following
the Closing, Edwards shall continue to be permitted to purchase up to 166,666
shares of the Company's common stock, constituting the remainder of the
Purchased Shares, in accordance with Section 4(h) of the Employment Agreement.

                             2. CLOSING OF PURCHASE

         2.1. Closing. The purchase and sale transaction referred to in Section
1.1 shall take place on the date hereof at the offices of the Company in Dallas,
Texas, or at such other time and place as the parties to this Agreement shall
mutually agree upon.

         2.2. Closing Deliveries. At or promptly following the Closing, (i)
Edwards shall deliver to the Company the Purchase Price, as provided above, and
(ii) the Company shall deliver to Edwards a certificate representing the Shares
being sold on such date.

STOCK PURCHASE AGREEMENT                                                PAGE 1
<PAGE>

                                                                   EXHIBIT 10.3

                                3. MISCELLANEOUS

         3.1. Captions. The captions used in this Agreement are for reference
purposes only, and shall not in any way affect the meaning or interpretation of
this Agreement.

         3.2. Parties in Interest. This Agreement shall be binding upon and
shall inure to the benefit of the parties to this Agreement and their respective
heirs, executors, administrators, successors and assigns.

         3.3. Counterparts. This Agreement may be executed in two or more
counterparts, all of which taken together shall constitute one instrument.

         3.4. Entire Agreement. This Agreement and the Employment Agreement
contain the entire understanding of the parties to this Agreement with respect
to the subject matter contained in this Agreement. This Agreement and the
Employment Agreement supersede all prior agreements and understandings between
the parties with respect to such subject matter.

         3.5. Survival of Representations and Covenants. All representations,
warranties, covenants, and agreements made by the respective parties to this
Agreement hereto shall survive the consummation of the transactions contemplated
by this Agreement.

         3.6. Further Assurances. Each of the parties to this Agreement agrees
that it will perform all such further acts and execute and deliver all such
further documents as may be reasonably required in connection with the
consummation of the transactions contemplated hereby in accordance with the
terms of this Agreement.

         3.7. Governing Law. THIS AGREEMENT IS MADE PURSUANT TO, WILL BE
CONSTRUED UNDER, AND WILL BE CONCLUSIVELY DEEMED FOR ALL PURPOSES TO HAVE BEEN
EXECUTED AND DELIVERED UNDER, THE SUBSTANTIVE LAWS OF THE STATE OF DELAWARE,
WITHOUT REGARD TO ITS PRINCIPLES OF CONFLICT OF LAWS.

                                      *****

STOCK PURCHASE AGREEMENT                                                 PAGE 2

<PAGE>

         IN WITNESS WHEREOF, the parties to this Agreement have executed this
Agreement as of the date first written above.

THE COMPANY:                           LIBERTE INVESTORS INC.

                                       By:     /s/ GERALD J. FORD
                                           ------------------------------------
                                       Name:       Gerald J. Ford
                                             ----------------------------------
                                       Title:      Chairman of the Board
                                              ---------------------------------

EDWARDS:                               /s/ DONALD J. EDWARDS
                                       ----------------------------------------
                                       Donald J. Edwards

STOCK PURCHASE AGREEMENT                                                 PAGE 3

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