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                                                                EXHIBIT 10.11

                             SAMUELS JEWELERS, INC.
                            STOCK PURCHASE AGREEMENT

         This STOCK PURCHASE AGREEMENT (the "Agreement") is made as of July ___,
2000 between Samuels Jewelers, Inc., a Delaware corporation (the "Company"), and
________________ (the "Purchaser"). In consideration of the agreements contained
herein, the parties agree as follows:

         1. Issuance. The Company agrees to issue to Purchaser, and Purchaser
hereby agrees to purchase from the Company on the date hereof _________________
shares of common stock of the Company at a per share price equal to $5.25 (the
"Purchased Shares") for a total purchase price of $____________________.
Purchaser's rights as a shareholder with respect to the Purchased Shares are
subject to restrictions and conditions imposed by this Agreement.

         2. Loans in Connection with the Purchased Shares. The Company agrees to
initially lend to Purchaser for the purpose of acquiring the Purchased Shares an
amount not to exceed 90% of the purchase price (the "Loan"). Purchaser shall
execute a promissory note in favor of the Company (the "Note") in substantially
the form of Exhibit A attached hereto in a principal amount equal to the amount
of such Loan, contemporaneously with the execution of this Agreement. The Note
shall be 100% recourse as to the accrued interest and 25% recourse as to the
principal on the Note.

         3. Purchaser Representations and Agreements. Purchaser hereby
represents and warrants to, and agrees with, the Company as set forth below.

                  (a) Purchaser has full power and authority to execute, deliver
                  and perform Purchaser's obligations under this Agreement and

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                  this Agreement is a valid and binding obligation of Purchaser,
                  enforceable in accordance with its terms. Purchaser is not
                  subject to any restriction on Purchaser's ability to acquire
                  the Purchased Shares being acquired pursuant to this
                  Agreement.

                  (b) Purchaser has reviewed this Agreement and all annexes,
                  schedules and exhibits attached hereto, and has received all
                  such business, financial and other information as Purchaser
                  deems necessary and appropriate to enable Purchaser to
                  evaluate the financial risk inherent in making an investment
                  in the Purchased Shares.

                  (c) Purchaser has been furnished access to the business
                  records of the Company and such additional information and
                  documents as Purchaser has requested and has been afforded an
                  opportunity to ask questions of and receive answers from
                  representatives of the Company concerning the business,
                  operations, market potential, capitalization, financial
                  condition and prospects, and all other matters deemed relevant
                  by Purchaser.

                  (d) Purchaser is acquiring the Purchased Shares acquired
                  hereunder with Purchaser's own property for investment, for
                  Purchaser's own account, and not as a nominee or agent for any
                  other person, firm or corporation, and not with a view to the
                  sale or distribution of all or any part thereof. Purchaser
                  does not have any contract, undertaking, agreement or

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                  arrangement with any person, firm or corporation to sell,
                  transfer or grant participation to such person, firm or
                  corporation, with respect to any of the Purchased Shares.

                  (e) If the Purchased Shares sold to the Purchaser are not
                  covered by a valid registration statement and cannot be freely
                  transferred without such a registration statement in place,
                  the Company shall use all reasonable efforts to register such
                  Purchased Shares on whatever form it deems appropriate.

                  (f) Purchaser (i) has such knowledge and experience in
                  financial and business matters as to be capable of evaluating
                  the merits and risks of his or her investment in the Company;
                  (ii) has the ability to bear the economic risks of its
                  investment for an indefinite period of time; and (iii) has
                  either a pre-existing personal or business relationship with
                  the Company or any of the Company's officers, directors, or
                  controlling persons, or by reason of Purchaser's business or
                  financial experience or the business or financial experience
                  of Purchaser's professional advisors who are unaffiliated with
                  and who are not compensated by the Company or any affiliate or
                  selling agent of the Company, directly or indirectly, could be
                  reasonably assumed to have the capacity to protect Purchaser's
                  own interest in connection with the transaction.

           4. Restriction on Sale or Transfer. Except as provided herein, none
of the Purchased Shares (or any beneficial interest therein) shall be sold,
transferred, assigned or pledged (including transfer by operation of law)

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and any attempt to make any such sale, transfer, assignment or pledge shall be
null and void and of no effect unless such transfer complies with all applicable
law, including, without limitation, securities law. The Company shall not be
required (a) to transfer on its books any Purchased Shares which shall have been
sold, pledged or disposed of in violation of any of the provisions of this
Agreement or (b) to treat as owner of such Purchased Shares or to accord the
right to vote or to pay dividends to any purported transferee of Purchased
Shares in violation of this Agreement.

           5. Injunctive Relief. Purchaser acknowledges that (i) the provisions
of Section 4 are reasonable and necessary to protect the legitimate interests of
the Company, and (ii) any violation of Section 4 will result in irreparable
injury to the Company, the exact amount of which will be difficult to ascertain,
and that the remedies at law for any such violation would not be reasonable or
adequate compensation to the Company for such a violation. Accordingly,
Purchaser agrees that if Purchaser violates the provisions of Section 4, in
addition to any other remedy which may be available at law or in equity, the
Company shall be entitled to specific performance and injunctive relief, without
posting bond or other security, and without the necessity of proving actual
damages.

           6. Legends. The certificates representing the Purchased Shares will
bear substantially the following legends:

                  (a) "THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE BEEN
                  ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO, OR IN
                  CONNECTION WITH, THE SALE OR DISTRIBUTION THEREOF. NO SUCH

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                  SALE OR DISPOSITION MAY BE EFFECTED WITHOUT AN EFFECTIVE
                  REGISTRATION STATEMENT RELATED THERETO OR AN OPINION OF
                  COUNSEL SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS
                  NOT REQUIRED UNDER THE SECURITIES ACT OF 1933."

                  (b) "THE SHARES RESPRESENTED BY THIS CERTIFICATE MAY BE
                  TRANSFERRED ONLY IN ACCORDANCE WITH THE TERMS OF AN AGREEMENT
                  BETWEEN SAMUELS JEWELERS, INC AND THE SHAREHOLDER, A COPY OF
                  WHICH IS ON FILE WITH THE SECRETARY OF THE COMPANY."

           7. Tax Matters. Purchaser understands that Purchaser (and not the
Company) shall be responsible for and will pay any federal, state, local or
foreign tax liability and any of Purchaser's other tax consequences that may
arise as a result of the transactions contemplated by this Agreement, including
the acquisition and disposition of Purchased Shares. Purchaser shall rely solely
on the determinations of Purchaser's tax advisors or his or her own
determinations, and not on any statements or representations by the Company or
any of its agents, with regard to all such tax matters.

           8. General Provisions.

                  (a) No Assignments. Except as specifically provided to the
                  contrary in this Agreement, neither party shall transfer,
                  assign or encumber any of its or his or her rights,
                  privileges, duties or obligations under this Agreement without
                  the prior written consent of the other party, and any attempt
                  to so transfer, assign or encumber shall be void; provided,
                  however, that the Company may assign this Agreement and its
                  rights hereunder in connection with a sale or exchange of its
                  voting stock or a sale or exchange of all or substantially all
                  of the assets of the Company.

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                  (b) Notices. All notices, requests, consents and other
                  communications required or permitted hereunder shall be in
                  writing and shall be deemed to have been duly given and made
                  and served either by personal delivery to the person for whom
                  it is intended or by telecopy, receipt of which is
                  acknowledged by the telecopy number set forth below for the
                  applicable addressee, or if deposited, postage prepaid,
                  registered or certified mail, return receipt requested, in the
                  United States mail:

                           (i) if to Purchaser, addressed to Purchaser at his or
                           her address shown on the stock register maintained by
                           the Company, or at such other address as Purchaser
                           may specify by written notice to the Company, or

                           (ii) if to the Company, addressed to the Company at
                           2914 Montopolis Drive, Suite 200, Attention:
                           Secretary, or at such other address as the Company
                           may specify by written notice to Purchaser.

                  Each such notice, request, consent and other communication
                  shall be deemed to have been given upon receipt thereof as set
                  forth above or, if sooner, three days after deposit as
                  described above. The addresses for the purposes of this
                  Section 8(b) may be changed by giving written notice

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                  of such change in the manner provided herein for giving
                  notice. Unless and until such written notice is received, the
                  addresses provided herein shall be deemed to continue in
                  effect for all purposes hereunder.

                  (c) Choice of Law. This Agreement shall be governed by and
                  construed in accordance with the laws of the State of Texas
                  without giving effect to conflict of law principles.

                  (d) Severability. The parties hereto agree that the terms and
                  provisions in this Agreement are reasonable and shall be
                  binding and enforceable in accordance with the terms hereof
                  and, in any event, that the terms and provisions of this
                  Agreement shall be enforced to the fullest extent permissible
                  under law. In the event that any term or provision of this
                  Agreement shall for any reason be adjudged to be unenforceable
                  or invalid, then such unenforceable or invalid term or
                  provision shall not affect the enforceability or validity of
                  the remaining terms and provisions of this Agreement, and the
                  parties hereto agree to replace such unenforceable or invalid
                  term or provision with an enforceable and valid arrangement
                  which in its economic effect shall be as close as possible to
                  the unenforceable or invalid term or provision.

                  (e) Parties in Interest. All of the terms and provisions of
                  this Agreement shall be binding upon and inure to the benefit
                  of and be enforceable by the respective permitted successors
                  and assigns of the parties hereto.

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                  (f) Modification, Amendment and Waiver. No modification,
                  amendment or waiver of any provision of this Agreement shall
                  be effective against the Company or Purchaser unless approved
                  in writing by the parties, and, in the case of the Company,
                  authorized by its Board. The failure at any time to enforce
                  any of the provisions of this Agreement shall in no way be
                  construed as a waiver of such provisions and shall not affect
                  the right of any of the parties thereafter to enforce each and
                  every provision hereof in accordance with its terms.

                  (g) Integration. This Agreement, including all exhibits
                  attached hereto, constitutes the entire agreement of the
                  parties with respect to the subject matter hereof and
                  supersedes all prior negotiations, understandings and
                  agreements, written or oral.

                  (h) Headings. The headings of the sections and paragraphs of
                  this Agreement have been inserted for convenience of reference
                  only and do not constitute a part of this Agreement.

                  (i) Counterparts. This Agreement may be executed in
                  counterpart with the same effect as if all parties had signed
                  the same document. All such counterparts shall be deemed an
                  original, shall be construed together and shall constitute one
                  and the same instrument.

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

                                    SAMUELS JEWELERS, INC.

                                    By:
                                       Name: Dwayne A. Cooper
                                       Title: Vice President & Treasurer

                                    PURCHASER:

                                    Name:

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                                                                Exhibit 10.12

                             SAMUELS JEWELERS, INC.
                           DEFERRED COMPENSATION PLAN

           1. Purpose. The purpose of the Samuels Jewelers, Inc. Deferred
Compensation Plan (the "Plan") is to permit certain employees of Samuels
Jewelers, Inc. (the "Company") and its subsidiaries to defer the payment of
certain compensation payable to them for their services.

           2. Definitions.

                     (a) "Base Salary" means the Participant's annual base
salary from the Company and its subsidiaries for any Plan Year, before reduction
for deferrals pursuant to this Plan, the Company's 401(k) Plan, or a cafeteria
plan under Section 125 of the Internal Revenue Code of 1986, as amended.

                     (b) "Beneficiary" means the person(s) designated by a
Participant to receive payment of his or her Deferral Account in the event of
his or her death pursuant to Section 8.

                     (c) "Board" means the Board of Directors of the Company.

                     (d) "Bonus" means the annual bonus which may be payable to
a Participant for his or her services to the Company or any of its subsidiaries
except the value of any "Tax Note Bonus" payable to such Participant.

                     (e) "Cause" shall mean (i) if the Participant is party to
an employment agreement or similar agreement with the Company and such agreement
includes a definition of Cause, the definition contained therein or (ii) if no
such employment or similar agreement exists, Cause shall mean (a) the
Participant's failure to perform the duties reasonably assigned to him or her by
the Company, (b) a good faith finding by the Company of the Participant's
dishonesty, gross negligence or misconduct, (c) a material breach by the

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Participant of any written Company employment policies or rules or (d) the
Participant's conviction for, or his or her plea of guilty or nolo contendere
to, a felony or for any other crime which involves fraud, dishonesty or moral
turpitude.

                     (f) "Change in Control" means the occurrence of (i) the
dissolution or liquidation of the Company, (ii) a reorganization, merger or
consolidation of the Company with one or more corporations as a result of which
the Company is not the surviving corporation or as a result of which it is the
surviving corporation and its outstanding voting securities are converted to or
reclassified as cash, securities of another corporation or other property
(unless the principal purpose of such transaction is to change the state of the
Company's incorporation), (iii) a sale of assets of the Company or its
subsidiaries having a fair market value equal to more than 50% of the total fair
market value of the Company's assets to an entity which is not controlling,
controlled by or under common control with the Company, or (iv) the acquisition
of a record or beneficial interest in more than 30% of the then outstanding
voting securities of the Company, either in a single transaction or a series of
transactions, by an entity or "group" within the meaning of Section 13(d) of the
Securities Exchange Act of 1934 and the rules and regulations promulgated
thereunder which is not an affiliate of the Company.

                     (g) "Committee" means the Committee appointed to administer
the Plan pursuant to Section 10.

                     (h) "Deferral Account" means an account established
pursuant to Section 5.

                     (i) "Effective Date" means July 21, 2000.

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                     (j) "Election Form" means a written election to defer
compensation under the Plan on a form approved by the Committee.

                     (k) "Eligible Employee" means an employee of the Company or
a subsidiary of the Company who is designated by the Committee to participate in
the Plan.

                     (l) "Employer" means the Company and any subsidiary of the
Company which has been designated by the Board.

                     (m) "Financial Hardship" means an unanticipated emergency
caused by an event which is beyond the Participant's control and which would
result in severe financial hardship to the Participant.

                     (n) "Participant" means an Eligible Employee who is
participating in the Plan pursuant to Section 3.

                     (o) "Plan Year" means the period beginning on July 21, 2000
and ending on December 31, 2000 and each calendar year thereafter.

           3. Eligibility and Participation.

                     (a) In order to participate in the Plan for any Plan Year,
an Eligible Employee must file an Election Form with the Committee prior to the
beginning of the Plan Year. Notwithstanding the foregoing, an Eligible Employee
may become a Participant for the first Plan Year by filing an Election Form with
the Committee no later than 30 days after the Effective Date.

                     (b) Participation in the Plan shall continue until the
balance credited to a Participant's Deferral Account has been reduced to zero.

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           4. Amount of Deferral; Time of Payment.

                     (a) An Eligible Employee may elect on an Election Form to
defer payment of (i) up to 50% (in increments of 5%) of his or her Base Salary
and (ii) up to 100% (in increments of 5%) of his or her Bonus. Such deferral
election must be made by December 31 of the year prior to the Plan Year of
deferral, except for the first Plan Year in which case it must be made within
30-days following the Effective Date of the Plan, and shall remain in effect for
all subsequent Plan Years unless a new Election Form is filed with the
Committee. Such deferral shall only apply to amounts which have not yet been
earned. Notwithstanding anything contained herein to the contrary, deferrals for
the first Plan Year with respect to Base Salary shall not be applicable to Base
Salary payable for services rendered prior to the date an Election Form is
received by the Committee.

                     A Participant may change his or her deferral percentage(s)
for any Plan Year by filing a new Election Form with the Committee prior to the
beginning of such Plan Year. A Participant may discontinue deferrals at any time
during the Plan Year, provided, however, that such Participant shall not be
permitted to resume participation in the Plan until the next following Plan
Year.

                     (b) Amounts deferred shall be credited to a book entry
account of the Company and shall be credited with interest at a rate equal to
the prime rate in effect from time to time.

           5. Accounts. The Company shall establish a Deferral Account for each
Participant on its books. A Participant's deferral of Base Salary and Bonus
under Section 4 shall be credited to the Participant's Deferral Account. The
balance credited to such Deferral Account shall be adjusted from time to time to
reflect the accrual of interest as provided in Section 4(b).

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           6. Payment of Deferral Account. A Participant's Deferral Account
shall be paid on the earlier of:

                     (a) The seven (7) year anniversary of the date of the
initial deferral;

                     (b) Within six (6) months following a termination of
employment if such termination is by reason of death or disability or by the
Employer without Cause;

                     (c) Within thirty (30) days following a termination of
employment if such termination is for reasons other than death or disability or
other than by the Employer without Cause;

                     (d) Immediately upon a Change in Control; or

                     (e) Immediately upon an event of default by the Company
under any of its debt obligations pursuant to the terms thereof if, as a result
of such event of default, the Company is required to accelerate the payment of
its obligations thereunder in an amount (taking into account the acceleration of
any payments due under any other debt obligations of the Company due to an event
of default) equal to, or in excess of, $5,000,000.

           7. Financial Hardship and Other Distributions.

                     (a) In the event of a Participant's Financial Hardship, the
Committee may determine, in its sole discretion, to pay the Participant the
amount necessary to relieve such Financial Hardship.

                     (b) In the event of any request made by a Participant upon
at least ten (10) days' prior written notice to the Company other than due to a
Financial Hardship, a Participant may elect to receive from the Participant's
Deferral Account the amount specified in the notice (which amount may be reduced
by the Committee as it shall determine in its sole discretion), reduced by a
penalty equal to ten percent (10%) of such amount, which penalty shall be

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forfeited to the Company. A Participant who has received a distribution under
this paragraph may not make additional deferrals under the Plan for a period of
twelve (12) months following the December 31 of the Plan Year in which such
distribution was received.

           8. Designation of Beneficiary. Each Participant may designate or
change the designation of a Beneficiary or Beneficiaries to receive any payments
due hereunder upon his or her death by filing a designation form with the
Committee, on a form approved by it, at any time prior to his or her death. The
Committee shall be bound by the last designation form filed with it by the
Participant prior to his or her death. In the absence of such designation of a
Beneficiary by a Participant, or if no Beneficiary shall survive him or her, the
Participant's Beneficiary shall be his or her estate.

           9. Contractual Obligation. The obligations of the Company to make
payments hereunder shall be contractual only and all such payments shall be made
from the general assets of the Company. Each Participant, Beneficiary and any
other person or persons having or claiming a right to payments hereunder shall
rely solely on the unsecured promise of the Company, and nothing herein shall be
construed to give a Participant, Beneficiary or any other person or persons any
right, title, interest or claim in or to any specific asset, fund, reserve,
account or property of any kind whatsoever owned by the Company or in which it
may have any right, title or interest now or in the future. The Company may, in
its sole discretion, establish a grantor trust (e.g., "Rabbi Trust") for the
payment of benefits under the Plan. The assets of such trust, if any, will be
subject to the claims of the Company's general creditors. To the extent that
benefits are paid by the trust, the Company shall have no further obligation to
pay such benefits.

           10. Administration.The Plan shall be administered by a committee (the
"Committee") of at least three persons appointed by the Board. The Committee
shall have the authority to establish, amend and revoke from time to time rules

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and regulations relating to the Plan and to decide all questions involving the
administration, interpretation or application of the Plan. Any decision by the
Committee concerning the Plan shall be final and binding on all persons
participating in the Plan and their Beneficiaries. No member of the Committee
shall be personally liable for any action or determination under the Plan.

           11. No Assignment. Except as otherwise required by law, no right or
benefit or payment under the Plan shall be subject to assignment, sale or other
transfer nor shall it be liable or subject in any manner to attachment,
garnishment or execution.

           12. No Right to Continued Service. Neither the provisions of the Plan
nor any action taken thereunder shall be construed to give any Participant any
right to be retained in the service of the Employer or any subsidiary of the
Company.

           13. Taxes. The Employer shall have the right to withhold from any
payment made under the Plan any taxes required by law to be withheld with
respect to the payment.

           14. Amendment or Termination. The Board may amend or terminate the
Plan at any time in its discretion, provided that any amendment of the Plan may
not adversely affect the rights of any Participant to receive benefits under the
Plan in accordance with its terms in effect prior to such amendment.

           15. Governing Law. The Plan shall be governed by and construed in
accordance with the laws of the State of Texas without
reference to rules relating to conflicts of law.

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