Document:

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                                                                   EXHIBIT 10.34

                              EMPLOYMENT AGREEMENT

         THIS EMPLOYMENT AGREEMENT (THE "AGREEMENT") is made this 1st day of
February, 2001, and is effective the 1st day of February, 2001, by and between
KRISPY KREME DOUGHNUTS, INC., a North Carolina corporation (the "Company"), and
JOHN W. TATE (the "Executive").

                                     RECITAL

         The Executive is being hired as Chief Financial Officer and President
of Krispy Kreme Manufacturing and Distribution, and the parties have negotiated
this Agreement in consideration of the Executive's valuable services and
leadership.

         NOW THEREFORE, in consideration of the mutual promises and covenants
herein contained, the parties do hereby agree as follow:

         1. EFFECTIVE DATE. This Agreement shall be effective upon, and from and
after, the date set forth above.

         2. DEFINITIONS. As used herein, the following terms shall have the
following meanings:

                  (a) "Disability" shall mean the Executive becoming disabled
         and unable to continue his employment with the Company as defined in
         the Company's then applicable disability policy for the Senior
         Management of the Company.

                  (b) "Discharge" shall mean the termination by the Company of
         the Executive's employment during the Period of Employment for any
         reason other than (i) Good Cause, (ii) death of the Executive, (iii)
         Disability of the Executive, or (iv) Retirement of the Executive.

                  (c) "Expiration Date" means the date that the Period of
         Employment (as it may have been extended) expires.

                  (d) "Good Cause" has its meaning as defined in Section 6
         hereof.

                  (e) "Period of Employment" shall be for a term of three years
         beginning February 1, 2001 and ending February 1, 2004; provided,
         however, that commencing February 1, 2002, the Executive's Period of
         Employment shall automatically be extended for successive one-year
         periods each year as of February 1st of each year unless the Company
         gives Executive written notice of nonextension on or before that date.

                  (f) "Retirement" shall mean a time when the sum of the
         Executive's age and employment with the Company equals or exceeds 65.

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                  (g) "Senior Management" shall mean the senior executive
         management of the Company currently consisting of the chief executive
         officer, the president, and the executive vice presidents.

                  (h) "Stock Option Plan" shall mean the Krispy Kreme Doughnut
         Corporation 1998 Stock Option Plan and/or the Krispy Kreme Doughnuts,
         Inc. 2000 Stock Incentive Plan.

                  (i) "Termination Date" shall mean:

                           (i) If the Executive's employment is terminated by
                  reason of death, the Executive's date of death;

                           (ii) If the Executive's employment is terminated by
                  reason of Retirement, the date of his Retirement;

                           (iii) If the Executive's employment is terminated by
                  reason of Disability, the date of his Disability;

                           (iv) If the Executive's employment is terminated for
                  Good Cause, the date specified in the written notice of
                  termination given by the Company pursuant to Section 6(a);

                           (v) If the Executive's employment is terminated by
                  reason of a Discharge, the effective date of Discharge;

                           (vi) If the Executive's employment is terminated by
                  reason of non-extension of the Period of Employment, the
                  Expiration Date; and

                           (vii) If the Executive voluntarily terminates his
                  employment as permitted by Section 6(b), the effective date of
                  his termination of employment.

         3. EMPLOYMENT; PERIOD OF EMPLOYMENT.

         The Company hereby employs the Executive, and the Executive hereby
accepts employment by the Company, for the Period of Employment, in the position
and with the duties and responsibilities set forth in Section 4, upon the terms
and subject to the conditions of this Agreement.

         4. POSITION, DUTIES AND RESPONSIBILITIES. During the Period of
Employment, the Executive shall

                  (a) serve as Chief Financial Officer and President of Krispy
         Kreme Manufacturing and Distribution or in such other Senior Management
         position as may be assigned to him by the Board of Directors. The
         Executive shall be employed hereunder in Forsyth County, North Carolina

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         and he shall not be required to relocate his residence or principal
         office to any place outside Forsyth County, North Carolina without his
         consent; and

                  (b) devote his best efforts to the furtherance of the interest
         of the Company and the performance of his duties hereunder and agrees
         not to engage in any competition whatsoever, either directly or
         indirectly, with the Company or any of its subsidiaries or affiliates.
         The Executive shall be allowed holiday and vacation periods, leaves for
         periods of illness or incapacity and personal leaves in accordance with
         the Company's regular practices for members of Senior Management.

         5. COMPENSATION, COMPENSATION PLANS AND BENEFITS. During the Period of
Employment, the Executive shall be compensated as follows:

                  (a) He shall receive an annual base salary equal to $330,000,
         with annual increases in accordance with the Company's regular
         practices for members of Senior Management. In addition, he shall
         receive certain non-incentive compensation (including automobile
         allowance). Such compensation shall be paid in accordance with the
         Company's regular schedule for payment of salaried employees.

                  (b) He shall receive such other bonuses as are afforded the
         Company's Senior Management and be eligible to participate in all of
         the Company's executive compensation plans provided to members of
         Senior Management of the Company from time to time.

                  (c) He shall be entitled to participate in and receive other
         employee benefits, which may include, but are not limited to, benefits
         under any life, health, accident, disability, medical, dental and
         hospitalization insurance plans, use of a Company automobile or an
         automobile allowance, and other perquisites and benefits, as are
         provided to members of Senior Management of the Company from time to
         time.

                  (d) He shall be entitled to be reimbursed for the reasonable
         and necessary out-of-pocket expenses, including entertainment, travel
         and similar items, incurred by him in performing his duties hereunder
         upon presentation of such documentation thereof as the Company may
         normally and customarily require of the members of Senior Management.

                  (e) The Company agrees to pay the Executive's dues and
         assessments for membership in either Forsyth Country Club or Oldtown
         Club, and in the Piedmont Club.

         6. TERMINATION OF EMPLOYMENT. During the Period of Employment,
Executive's employment may be terminated in the following manner:

                  (a) Termination for Good Cause.

                           (i) The Company may terminate the Executive's
                  employment for Good Cause. Termination of employment shall be
                  deemed to have been for Good Cause if (i) the Executive
                  habitually neglects or refuses to do his duties and fails to
                  cure such neglect within ten (10) days after having received

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                  written notice of same from the Company or (ii) the Executive
                  commits (a) acts constituting a felony or (b) acts of gross
                  negligence or willful misconduct to the material detriment of
                  the Company.

                           (ii) Termination by the Company for Good Cause may be
                  made only by written notice of termination from the Company to
                  the Executive that has been specifically approved in advance
                  by the Board of Directors. Such notice shall set forth all
                  acts constituting such neglect or refusal to do duties or
                  gross negligence or willful misconduct as is applicable.

                  (b) Voluntary Termination.

                           The Executive may voluntarily terminate his
                  employment with the Company upon 30 days prior written notice.

                  (c) Termination by Reason of Death, Disability, or Retirement.

                           The employment of the Executive shall be terminated
                  by death, Disability or Retirement of the Executive.

         7. EFFECT OF TERMINATION.

                  (a) If the Executive's employment is terminated by reason of
         death, Retirement or voluntary termination of employment, the Company
         shall pay the Executive (or his estate in the case of his death) his
         base salary, non-incentive compensation (including automobile
         allowance), bonuses and benefits as provided in Section 5 through the
         Termination Date and (in the case of his death) a death benefit of
         $5,000. Any payments and benefits due to the Executive under employee
         benefit plans and programs of the Company, including the Stock Option
         Plan, shall be determined in accordance with the terms of such benefit
         plans and programs; provided, however, that all options held by the
         Executive under the Stock Option Plan shall become 100% vested if the
         Executive's employment is terminated by reason of death or Retirement.

                  (b) If the Executive's employment is terminated by reason of
         Disability, the Company shall pay the Executive his base salary,
         non-incentive compensation, bonuses and benefits for a period of six
         months following the date of Disability. Thereafter, this Agreement
         terminates and the Executive shall receive those benefits payable to
         him under the applicable disability insurance plan provided by the
         Company. Any payments and benefits due to the Executive under employee
         benefit plans and programs of the Company, including the Stock Option
         Plan, shall be determined in accordance with the terms of such benefit
         plans and programs; provided, however, that all options held by the
         Executive under the Stock Option Plan shall become 100% vested as of
         the Executive's termination of employment by reason of Disability.

                  (c) In the event of the Executive's Discharge by the Company,

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                           (i) the Company shall pay the Executive

                                    A. his then current annual base salary and
                           non-incentive compensation (including automobile
                           allowance) and provide the Executive with his then
                           current benefits (as provided in Section 5) through
                           the Expiration Date pursuant to Section 2(e) to the
                           extent permitted by law and unless Executive elects a
                           lump sum payment pursuant to subparagraph (f); and

                                    B. within thirty (30) days from the
                           Termination Date (1) a lump sum equal to Executive's
                           then current monthly base salary amount multiplied by
                           the number of months that have elapsed between the
                           month of Discharge and the preceding February, and
                           (2) a lump sum amount equal to the sum of adding
                           three times the Executive's bonus calculated at 50%
                           of his annualized base salary for the then current
                           fiscal year, discounted at the rate of six percent
                           (6%) per annum. The latter payment is full and final
                           satisfaction of all the Company's obligations for
                           bonus and/or other incentive payments.

                           (ii) Any payments and benefits due to executive under
                  the employee benefit plans and programs of the Company,
                  including the Stock Option Plan, shall be determined in
                  accordance with the terms of such benefit plans and programs;
                  provided, however, that all options held by the Executive
                  under the Stock Option Plan shall become 100% vested as of the
                  Termination Date.

                  (d) In the event of the Company's nonextension of the
         Employment Period, Executive shall continue to be employed by the
         Company pursuant to this Agreement through the Expiration Date, and his
         employment shall be terminated as of the Expiration Date. Then, the
         following provisions shall apply:

                           (i) within thirty (30) days from the Termination
                  Date, the Company shall pay Executive (1) a lump sum equal to
                  Executive's then current annual base salary, and (2) a lump
                  sum amount equal to three times the Executive's bonus
                  calculated at 50% of his base salary for the then current
                  fiscal year discounted at the rate of six percent (6) per
                  annum. The latter payment is full and final satisfaction of
                  all the company's obligations for bonus and/or other incentive
                  payments.

                           (ii) Any payments and benefits due to Executive under
                  employee benefit plans and programs of the Company, including
                  the Stock Option Plan, shall be determined in accordance with
                  the terms of such benefit plans and programs; provided,
                  however, that all options held by the Executive under the
                  Stock Option Plan shall become 100% vested as of the
                  Expiration Date.

                  It is further provided, however, that within sixty (60) days
                  of the date of notification by the Company to the Executive of

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                  its intention not to extend the Period of Employment, the
                  Executive may, at his option, elect to have the non-extension
                  treated as a Discharge with an effective date thirty (30) days
                  after the Executive's notification to the Company of his
                  election.

                  (e) In the event of the Executive's Termination For Cause by
         the Company, the Company shall pay the Executive his then current base
         salary and non-incentive compensation (including automobile allowance)
         and provide the Executive with his then current benefits (as provided
         in Section 5) through the Termination Date. Any payments and benefits
         due the Executive under employee benefit plans and programs of the
         Company, including the Stock Option Plan, shall be determined in
         accordance with the terms of such benefit plans and programs.

                  (f) In the event the Executive's employment is terminated by
         reason of Discharge or nonextension of the Employment Period, the
         Executive may, at his option, elect to receive a lump sum amount equal
         to the base salary and non-incentive compensation due, discounted at a
         rate of six percent (6%) per annum.

                  (g) In the event the Executive's employment is terminated by
         reason of Discharge, the Company shall furnish the Executive, for a
         period of six (6) months subsequent to the Termination Date,
         outplacement services, reasonable office space, and secretarial
         assistance.

                  (h) If any of the payments provided for in this Agreement,
         together with any other payments which the Executive has the right to
         receive from the Company or any corporation which is a member of an
         "affiliated group" as defined in Section 1504(a) of the Code (without
         regard to Section 1504(b) of the Code) of which the Company is a
         member, would constitute an "excess parachute payment" as defined in
         Section 280G(b)(1) of the Code as it presently exists, such that any
         portion of such payments are subject to the excise tax imposed by
         Section 4999 of the Code, or any interest or penalty with respect to
         such excise tax (such excise tax, together with any such interest or
         penalty, are collectively referred to as the "Excise Tax"), then the
         Executive shall be entitled to receive an additional payment (an
         "Excise Tax Restoration Payment"). The amount of the Excise Tax
         Restoration Payment shall be the amount necessary to fund the payment
         by the Executive of any Excise Tax on the total payments, as well as
         all income taxes imposed on the Excise Tax Restoration Payment, any
         excise tax imposed on the Excise Tax Restoration Payment, and any
         interest or penalties imposed with respect to taxes on the Excise Tax
         Restoration Payment or any Excise Tax.

         8. TERMINATION FOR GOOD REASON. In the event of a "Change in Control"
of the Company (as hereinafter defined), the Executive may terminate his
employment for Good Reason. For purposes of this Agreement, "Good Reason" shall
mean the occurrence of any of the following events during the twelve (12) months
immediately preceding or following the effective date of a Change in Control of
the Company:

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                  (a) a material change in the scope of the Executive's assigned
         duties and responsibilities from those in effect immediately prior to a
         Change in Control of the Company or the assignment of duties or
         responsibilities that are inconsistent with the Executive's status in
         the Company;

                  (b) a reduction by the Company in the Executive's base salary
         or incentive compensation as in effect on the date of a Change in
         Control;

                  (c) the Company's requirement that the Executive be based
         anywhere other than the Company's office in Forsyth County, North
         Carolina, at which he was based prior to the Change in Control of the
         Company; or

                  (d) the failure by the Company to continue to provide the
         Executive with benefits substantially similar to those specified in
         Section 5 of this Agreement.

         For purposes of Section 8(c) above, the Company shall be deemed to have
required the Executive to be based somewhere other than the Company's office at
which he was based prior to the Change in Control if the Executive is required
to spend more than two days per week on a regular basis at a business location
not within 50 miles of the Executive's primary business location as of the
effective date of a Change in Control.

         If the Executive terminates his employment for Good Reason, this shall
be treated as the Discharge of the Executive by the Company. Accordingly, the
Company shall pay the amounts and provide the benefits to the Executive
specified in Section 7 above, applicable in the event of Discharge. The
Executive shall not be obligated in any way to mitigate the Company's
obligations to him under this Section 8 and any amounts earned by the Executive
subsequent to his termination of employment shall not serve as an offset to the
payments due him by the Company under this Section.

         For purposes of this Agreement, a "Change in Control" means the date on
which the earlier of the following events occur:

                  (a) the acquisition by any entity, person or group of
         beneficial ownership, as that term is defined in Rule 13d-3 under the
         Securities Exchange Act of 1934, of more than 30% of the outstanding
         capital stock of the Company entitled to vote for the election of
         directors ("Voting Stock");

                  (b) the merger or consolidation of the Company with one or
         more corporations as a result of which the holders of outstanding
         Voting Stock of the Company immediately prior to such a merger or
         consolidation hold less than 60% of the Voting Stock of the surviving
         or resulting corporation;

                  (c) the transfer of substantially all of the property of the
         Company other than to an entity of which the Company owns at least 80%
         of the Voting Stock; or

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                  (d) the election to the Board of Directors of the Company of
         three or more directors during any twelve (12) month period without the
         recommendation or approval of the incumbent Board of Directors of the
         Company.

         Upon a Change in Control, as defined above in this Section 8, all
outstanding stock options shall become 100% vested and immediately exercisable,
regardless of whether the Executive terminates employment or not.

         If the Executive terminates employment with Good Reason within twelve
(12) months of a Change in Control, to the extent permitted by law, the Company
shall continue the medical, disability and life insurance benefits which
Executive was receiving at the time of termination for a period of 36 months
after termination of employment or, if earlier, until Executive has commenced
employment elsewhere and becomes eligible for participation in the medical,
disability and life insurance programs, if any, of his successor employer.
Coverage under Employer's medical, disability and life insurance programs shall
cease with respect to each such program as Executive becomes eligible for the
medical, disability and life insurance programs, if any, of his successor
employer.

         9. CONFIDENTIALITY. During the Period of Employment and following
termination for any reason, the Executive covenants and agrees that he will not
divulge any trade secrets or other confidential information pertaining to the
business of the Company. It is understood that the term "trade secrets" as used
in this Agreement is deemed to include any information which gives the Company a
material and substantial advantage over its competitors but that such term does
not include knowledge, skills or information which is otherwise publicly
disclosed.

         10. NON-COMPETITION. In the event of Termination For Good Cause, or
Voluntary Termination of the Executive, the Executive agrees that for a period
of two years following the Termination Date, Executive shall not directly or
indirectly, personally or with other employees, agents or otherwise, or on
behalf of any other person, firm, or corporation, engage in the business of
making and selling doughnuts and complementary products

                  (a) within a 100 mile radius of any place of business of the
         Company (including franchised operations) or of any place where the
         Company (or one of its franchised operations) has done business since
         the Effective Date of this Agreement,

                  (b) in any county where the Company is doing business or has
         done business since the Effective Date, or

                  (c) in any state where the Company is doing business or has
         done business since the Effective Date.

         Notwithstanding the above, ownership by Executive of an interest in any
licensed franchisee of the Company shall not be deemed to be in violation of
this Section 10. In the event of an actual or threatened breach of this

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provision, the Company shall be entitled to an injunction restraining Executive
from such action and the Company shall not be prohibited in obtaining such
equitable relief or from pursuing any other available remedies for such breach
or threatened breach, including recovery of damages from Executive.

         11. SUCCESSORS; BINDING AGREEMENT.

                  (a) This Agreement shall be binding upon, and inure to the
         benefit of, the parties hereto, their heirs, personal representatives,
         successors and assigns.

                  (b) The Company shall require any successor (whether direct or
         indirect and whether by purchase, merger, consolidation or otherwise)
         to all or substantially all of the business or assets of the Company
         expressly to assume and agree to perform this Agreement in the same
         manner and to the same extent that the Company would be required to
         perform if no such succession had taken place. As used herein,
         "Company" shall mean the Company as defined in the preamble to this
         Agreement and any successor to its business or assets which executes
         and delivers (or is required to execute and deliver) the agreement
         provided for in this Section 11(b), or which otherwise becomes bound by
         the terms and provisions of this Agreement or by operation of law.

         12. ARBITRATION. Except as hereinafter provided, any controversy or
claim arising out of or relating to this Agreement of any alleged breach thereof
shall be settled by arbitration in the City of Winston-Salem, North Carolina in
accordance with the rules then obtaining of the American Arbitration Association
and any judgment upon any award, which may include an award of damages, may be
entered in the highest State or Federal court having jurisdiction. Nothing
contained herein shall in any way deprive the Company of its claim to obtain an
injunction or other equitable relief arising out of the Executive's breach of
the provisions of Paragraphs 9 and 10 of this Agreement. In the event of the
termination of Executive's employment, Executive's sole remedy shall be
arbitration as herein provided and any award of damages shall be limited to
recovery of lost compensation and benefits provided for in this Agreement.

         13. NOTICES. For the purposes of this Agreement, notices and all other
communications provided for herein shall be in writing and shall be deemed to
have been duly given when delivered or mailed by United States registered or
certified mail, return receipt requested, postage prepaid, addressed as follows:

         IF TO THE EXECUTIVE:               John W. Tate
                                            161 Wing Haven Circle
                                            Winston-Salem, NC  27106

         IF TO THE COMPANY:                 Krispy Kreme Doughnut Corporation
                                            P.O. Box 83
                                            Winston-Salem, NC  27102-0083
                                            (for mail)

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                                            370 Knollwood Street
                                            Suite 500
                                            Winston-Salem, NC  27103
                                            (for delivery)

                                            Attn:  Randy S. Casstevens,
                                                   Corporate Secretary

         14. GOVERNING LAW. The validity, interpretation, construction and
performance of this Agreement shall be governed by the laws of the State of
North Carolina.

         15. MISCELLANEOUS. No provisions of this Agreement may be modified,
waived or discharged unless such waiver, modification or discharge is agreed to
in writing signed by the Executive and the Company. No waiver by either party
hereto at any time of any breach by the other party hereto of, or compliance
with, any condition or provision of this Agreement to be performed by such other
party shall be deemed a waiver of other provisions or conditions at the same or
at any prior or subsequent time. No agreements or representations, oral or
otherwise, express or implied, with respect to the subject matter hereof have
been made by either party which are not set forth expressly in this Agreement.

         16. SEPARABILITY. The invalidity or lack of enforceability of a
provision of this Agreement shall not affect the validity of any other provision
hereof, which shall remain in full force and effect.

         17. WITHHOLDING OF TAXES. The Company may withhold from any benefits
payable under this Agreement all federal, state and other taxes as shall be
required pursuant to any law or governmental regulation or ruling.

         18. SURVIVAL. The provisions of Sections 9 and 10 of the Agreement
shall survive the termination of this Agreement and shall continue for the terms
set forth in Sections 9 and 10.

         19. CAPTIONS. Captions to the sections of this Agreement are inserted
solely for the convenience of the parties, are not a part of this Agreement, and
in no way define, limit, extend or describe the scope hereof or the intent of
any of the provisions.

         20. NON-ASSIGNABILITY. This Agreement is personal in nature and neither
and neither of the parties hereto shall, without the consent of the other,
assign or transfer this Agreement or any rights or obligations hereunder.
Without limiting the foregoing, the Executive's right to receive payments
hereunder shall not be assignable or transferable, whether by pledge, creation
of a security interest or otherwise, other than a transfer by will or by the
laws of descent or distribution. In the event of any attempted assignment or
transfer contrary to this section, the Company shall have no liability to pay
any amount so attempted to be assigned or transferred.

         IN WITNESS WHEREOF, the Company has caused this Agreement to be
executed and delivered under its seal pursuant to the specific authorization of
its board of directors and the Executive has hereunto set his hand and seal on
the day and year first above written.

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                          KRISPY KREME DOUGHNUTS, INC.

                          By:
                             --------------------------------------------
                                   Scott A. Livengood, CEO and President

[CORPORATE SEAL]

                          EXECUTIVE

                                                                         (Seal)
                          ------------------------------------------------
                                   John W. Tate

                                      -11-<PAGE>   1
                                                                    Exhibit 10.1

                             MAYOR'S JEWELERS, INC.

                            INDEMNIFICATION AGREEMENT

         THIS INDEMNIFICATION AGREEMENT (this "Agreement"), dated as of
__________________, is made by and between Mayor's Jewelers, Inc., a Delaware
corporation (the "Company"), and __________________________________ (the
"Indemnitee").

                                    RECITALS

         A. Section 145 of the General Corporation Law of Delaware, under which
the Company is organized ("Section 145"), empowers the Company to indemnify its
directors, officers, employees and agents by agreement and to indemnify persons
who serve, at the request of the Company, as the directors, officers, employees
or agents of other corporations or enterprises, and expressly provides that the
indemnification provided by Section 145 is not exclusive.

         B. The Company desires and has requested the Indemnitee to serve or
continue to serve as a director or officer of the Company free from undue
concern for claims for damages arising out of or related to such services to the
Company.

         C. The Indemnitee is willing to serve, or to continue to serve the
Company, provided that he is furnished the indemnity provided for herein.

                                    AGREEMENT

         NOW, THEREFORE, the parties, intending to be legally bound, agree as
follows:

         1. DEFINITIONS.

                  (a) EXPENSES. For purposes of this Agreement, "Expenses"
include all out-of-pocket costs of any type or nature whatsoever (including,
without limitation, all attorneys' fees and related disbursements and any
judgments, fines or amounts paid in settlement of a Proceeding (as defined
below)), actually and reasonably incurred by the Indemnitee in connection with
either the investigation, defense or appeal of a Proceeding or establishing or
enforcing a right to indemnification under this Agreement or Section 145 or
otherwise.

                  (b) PROCEEDING. For the purposes of this Agreement,
"Proceeding" means any threatened, pending or completed action, suit or other
proceeding, whether civil, criminal, administrative or investigative (other than
an action by or in the right of the Company).

         2. AGREEMENT TO SERVE. The Indemnitee agrees to serve as a director or
officer of the Company, so long as he is duly appointed or elected and qualified
in accordance with the

<PAGE>   2

applicable provisions of the By-laws of the Company or until such time as he
tenders his resignation in writing; provided, however, that nothing contained in
this Agreement is intended to create any right to continued employment by the
Indenmitee.

         3. LIABILITY INSURANCE.

                  (a) MAINTENANCE OF D&O INSURANCE. The Company covenants and
agrees that, so long as the Indemnitee shall continue to serve as a director or
officer of the Company and thereafter so long as the Indemnitee shall be subject
to any possible Proceeding by reason of the fact that the Indenmitee was a
director or officer of the Company, the Company, subject to Section 3(c), shall
promptly obtain and maintain in full force and effect directors' and officers'
liability insurance ("D&O Insurance") in reasonable amounts from established and
reputable insurers.

                  (b) RIGHTS AND BENEFITS. In all policies of D&O Insurance, the
Indemnitee shall be named as an insured in such a manner as to provide the
Indenmitee the same rights and benefits as are accorded to the most favorably
insured of the Company's directors and officers, if the Indemnitee is a director
or officer.

                  (c) LIMITATION ON REQUIRED MAINTENANCE OF D&O INSURANCE.
Notwithstanding the foregoing, the Company shall have no obligation to obtain or
maintain D&O Insurance if the Company determines in good faith that such
insurance is not reasonably available, the premium costs for such insurance are
disproportionate to the amount of coverage provided or the coverage provided by
such insurance is limited by exclusions so as to provide an insufficient
benefit. If the Company determines to discontinue D&O Insurance coverage, the
Company shall give prompt written notice to the Indemnitee.

         4. MANDATORY INDEMNIFICATION. Subject to Section 8 below, the Company
shall indemnify the Indemnitee as follows:

                  (a) SUCCESSFUL DEFENSE. To the extent the Indemnitee has been
successful on the merits or otherwise in defense of any Proceeding (including,
without limitation, an action by or in the right of the Company) to which the
Indemnitee was a party by reason of the fact that he is or was a director or
officer of the Company at any time, the Company shall indemnify the Indemnitee
against all Expenses of any type whatsoever actually and reasonably incurred by
the Indemnitee in connection with the investigation, defense or appeal of such
Proceeding.

                  (b) THIRD PARTY ACTIONS. If the Indemnitee is a person who was
or is a party or is threatened to be made a party to any Proceeding (other than
an action by or in the right of the Company) by reason of the fact that the
Indemnitee is or was a director or officer of the Company, or by reason of
anything done or not done by the Indemnitee in any such capacity, then the
Company shall indemnify the Indemnitee against any and all Expenses and
liabilities of any type whatsoever actually and reasonably incurred by the
Indemnitee in connection with the investigation, defense, settlement or appeal
of such Proceeding; PROVIDED that the Indemnitee acted in good faith and in a
manner the Indemnitee reasonably believed to be in or not opposed to the best
interests of the Company and its stockholders, and, with respect to any criminal
action or Proceeding, had no reasonable cause to believe his conduct was
unlawful.

                                       2
<PAGE>   3

                  (c) DERIVATIVE ACTIONS. If the Indemnitee is a person who was
or is a party or is threatened to be made a party to any threatened, pending or
completed action or suit by or in the right of the Company by reason of the fact
that the Indemnitee is or was a director or officer of the Company, or by reason
of anything done or not done by the Indemnitee in any such capacity, then the
Company shall indemnify the Indemnitee against all expenses (including
attorneys' fees) actually and reasonably incurred by the Indemnitee in
connection with the investigation, defense, settlement, or appeal of such
Proceeding, PROVIDED that the Indemnitee acted in good faith and in a manner he
reasonably believed to be in or not opposed to the best interests of the Company
and its stockholders; except that no indemnification under this Section 4(c)
shall be made in respect to any claim, issue or matter as to which the
Indemnitee shall have been finally adjudged to be liable to the Company by a
court of competent jurisdiction unless and only to the extent that the court in
which such Proceeding was brought shall determine upon application that, despite
the adjudication of liability but in view of all the circumstances of the case,
the Indemnitee is fairly and reasonably entitled to indemnity for such amounts
which the court shall deem proper.

                  (d) ACTIONS WHERE THE INDEMNITEE IS DECEASED. If the
Indemnitee is a person who was or is a party or is threatened to be made a party
to any Proceeding by reason of the fact that the Indemnitee is or was a director
or officer of the Company, or by reason of anything done or not done by the
Indemnitee in any such capacity, and if prior to, during the pendency of, or
after completion of, such Proceeding the Indemnitee becomes deceased, then the
Company shall indemnify the Indemnitee's heirs, executors and administrators
against any and all Expenses and liabilities of any type whatsoever actually and
reasonably incurred to the extent the Indemnitee would have been entitled to
indemnification pursuant to Sections 4(a), 4(b) or 4(c) above were the
Indemnitee still alive.

Notwithstanding the foregoing, the Company shall not be obligated to indemnify
the Indemnitee for Expenses or liabilities of any type whatsoever for which
payment is actually made to or on behalf of the Indemnitee under a valid and
collectible insurance policy of D&O insurance, or under a valid and enforceable
indemnity clause, bylaw or agreement.

         5. PARTIAL INDEMNIFICATION. If the Indemnitee is entitled under any
provision of this Agreement to indemnification by the Company for some or a
portion of any Expenses or liabilities of any type whatsoever incurred by the
Indemnitee in the investigation, defense, settlement or appeal of a Proceeding,
but not entitled, however, to indemnification for all of the total amount
thereof, then the Company shall nevertheless indemnify the Indemnitee for such
total amount except as to the portion thereof to which the Indemnitee is not
entitled.

         6. MANDATORY ADVANCEMENT OF EXPENSES. Subject to Section 8(a) below,
the Company shall advance all expenses (including, for purposes of this Section
6 only, all attorneys' fees and related disbursements, but not any judgments,
fines, ERISA excise taxes or penalties, or amounts paid in settlement of a
proceeding) incurred by the Indemnitee in connection with the investigation,
defense, settlement or appeal of any Proceeding to which the Indemnitee is a
party or is threatened to be made a party by reason of the fact that the
Indemnitee is or was a director or officer of the Company. The Indemnitee
undertakes to repay such amounts advanced only if, and to the extent that, it
shall be determined finally by a court of competent jurisdiction that the

                                       3
<PAGE>   4

Indemnitee is not entitled to be indemnified by the Company as unauthorized
hereby. The advances to be made hereunder shall be paid by the Company to the
Indemnitee within five (5) days following delivery of a written request by the
Indemnitee to the Company.

         7. NOTICE AND OTHER INDEMNIFICATION PROCEDURES.

                  (a) Promptly after receipt by the Indemnitee of notice of the
commencement of or the threat of commencement of any Proceeding, the Indemnitee
shall, if the Indemnitee reasonably believes that indemnification with respect
thereto may be sought from the Company under this Agreement, notify the Company
of the commencement or threat of commencement thereof.

                  (b) If, at the time of the receipt of a notice of the
commencement of a Proceeding pursuant to Section 7(a) the Company has D&O
Insurance in effect, then the Company shall give prompt notice of the
commencement of such Proceeding to the insurers in accordance with the
procedures set forth in the respective policies. The Company shall thereafter
take all necessary or desirable action to cause such insurers to pay, on behalf
of the Indemnitee, all amounts payable as a result of such Proceeding in
accordance with the terms of such policies.

                  (c) If the Company is obligated to pay any Expenses of any
Proceeding against the Indemnitee, then the Company, if appropriate, shall be
entitled to assume the defense of such Proceeding, with counsel reasonably
approved by the Indemnitee, upon the delivery to the Indemnitee of written
notice of its election so to do. After delivery of such notice, approval of such
counsel by the Indemnitee and the retention of such counsel by the Company, the
Company will not be liable to the Indemnitee under this Agreement for any fees
of counsel subsequently incurred by the Indemnitee with respect to the same
Proceeding, PROVIDED that: (i) the Indemnitee shall have the right to employ the
Indemnitee's counsel in any such Proceeding at the Indemnitee's expense; and
(ii) if (A) the employment of counsel by the Indemnitee has been previously
authorized in writing by the Company, (B) the Indemnitee shall have reasonably
concluded that there may be a conflict of interest between the Company and the
Indemnitee in the conduct of any such defense or (C) the Company shall not, in
fact, have employed counsel to assume the defense of such Proceeding, then the
fees and expenses of the Indemnitee's counsel shall be at the expense of the
Company.

                  (d) The Indemnitee may elect to have the right to
indemnification or reimbursement or advancement of Expenses interpreted on the
basis of the applicable law in effect at the time of the occurrence of the event
or events giving rise to the applicable Proceeding, to the extent permitted by
law, or on the basis of the applicable law in effect at the time such
indemnification or reimbursement or advancement of Expenses is sought. Such
election shall be made by a notice in writing to the Company at the time
indemnification or reimbursement or advancement of Expenses is sought; PROVIDED,
HOWEVER, that if no such notice is given, and if the General Corporation Law of
Delaware is amended, or other Delaware law is enacted, to permit further
indemnification of the directors or officers, then the directors and officers of
the Company shall be indemnified to the fullest extent permitted under the
General Corporation Law, as so amended, or by such other Delaware law, as so
enacted. Any repeal or modification of the

                                       4
<PAGE>   5

foregoing provision shall not adversely affect any right or protection of a
director or officer of the Company existing at the time of such repeal or
modification.

         8. EXCEPTIONS. Any other provision to the contrary notwithstanding, the
Company shall not be obligated pursuant to the terms of this Agreement:

                  (a) CLAIMS INITIATED BY THE INDEMNITEE. To indemnify or
advance Expenses to the Indemnitee with respect to Proceedings or claims
initiated or brought voluntarily by the Indemnitee and not by way of defense,
unless (i) such indemnification is expressly required to be made by law, (ii)
the Proceeding was authorized by the Board of Directors of the Company, (iii)
such indemnification is provided by the Company, in its sole discretion,
pursuant to the powers vested in the Company under the General Corporation Law
of Delaware or (iv) the Proceeding is brought to establish or enforce a right to
indemnification under this Agreement or any other statute or law or otherwise as
required under Section 145;

                  (b) LACK OF GOOD FAITH. To indemnify the Indemnitee for any
Expenses incurred by the Indemnitee with respect to any Proceeding instituted by
the Indemnitee to enforce or interpret this Agreement, if a court of competent
jurisdiction determines that each of the material assertions made by the
Indemnitee in such Proceeding was not made in good faith or was frivolous; or

                  (c) UNAUTHORIZED SETTLEMENTS. To indemnify the Indemnitee
under this Agreement for any amounts paid in settlement of a Proceeding unless
the Company consents to such settlement, which consent shall not be unreasonably
withheld or delayed.

         9. NON-EXCLUSIVITY. The provisions for indemnification and advancement
of Expenses set forth in this Agreement shall not be deemed exclusive of any
other rights which the Indemnitee may have under any provision of law, the
Company's Certificate of Incorporation or By-laws, the vote of the Company's
stockholders or disinterested directors, other agreements, or otherwise, both as
to action in his official capacity and to action in another capacity while
occupying the Indemnitee's position as a director or officer of the Company, and
the Indemnitee's rights hereunder shall continue after the Indemnitee has ceased
acting as a director or officer of the Company and shall inure to the benefit of
the heirs, executors and administrators of the Indemnitee.

         10. ENFORCEMENT. Any right to indemnification or advances granted by
this Agreement to the Indenmitee shall be enforceable by or on behalf of the
Indemnitee if (i) the claim for indemnification or advances is denied, in whole
or in part or (ii) no disposition of such claim is made within ninety (90) days
of request therefor. The Indemnitee, in such enforcement action, if successful
in whole or in part, shall be entitled to be paid also the expense of
prosecuting the Indemnitee's claim. It shall be a defense to any action for
which a claim for indemnification is made under this Agreement (other than an
action brought to enforce a claim for expenses pursuant to Section 6, PROVIDED
that the required undertaking has been tendered to the Company) that the
Indemnitee is not entitled to indemnification because of the limitations set
forth in Sections 4 and 8. Neither the failure of the Company (including its
Board of Directors or its stockholders) to have made a determination prior to
the commencement of such enforcement action that indemnification of the
Indemnitee is proper in the circumstances, nor an actual determination by the
Company

                                       5
<PAGE>   6

(including its Board of Directors or its stockholders) that such indemnification
is improper, shall be a defense to the action or create a presumption that the
Indenmitee is not entitled to indemnification under this Agreement or otherwise.

         11. SUBROGATION. In the event of payment under this Agreement, the
Company shall be subrogated to the extent of such payment to all of the rights
of recovery of the Indemnitee, who shall execute all documents required and
shall do all acts that may be necessary to secure such rights and to enable the
Company effectively to bring suit to enforce such rights.

         12. SURVIVAL OF RIGHTS.

                  (a) All agreements and obligations of the Company contained
herein shall continue during the period the Indemnitee is a director or officer
of the Company and shall continue thereafter so long as the Indemnitee shall be
subject to any possible claim or threatened, pending or completed action, suit
or proceeding, whether civil, criminal, arbitrational, administrative or
investigative, by reason of the fact that the Indemnitee was serving in the
capacity referred to herein.

                  (b) The Company shall require any successor to the Company
(whether direct or indirect, by purchase, merger, consolidation or otherwise) to
all or substantially all of the business or assets of the Company, expressly to
assume and agree in writing to perform this Agreement in the same manner and to
the same extent that the Company would be required to perform if no such
succession had taken place.

         13. INTERPRETATION OF AGREEMENT. It is understood that the parties
intend this Agreement to be interpreted and enforced so as to provide
indemnification to the Indemnitee to the fullest extent permitted by law
including those circumstances in which indemnification would otherwise be
discretionary.

         14. SEVERABILITY. If any provision or provisions of this Agreement
shall be held to be invalid, illegal or unenforceable for any reason, then (i)
the validity, legality and enforceability of the remaining provisions of the
Agreement (including without limitation, all portions of any paragraphs of this
Agreement containing any such provision held to be invalid, illegal or
unenforceable, that are not themselves invalid, illegal or unenforceable) shall
not in any way be affected or impaired thereby, and (ii) to the fullest extent
possible, the provisions of this Agreement (including, without limitation, all
portions of any paragraph of this Agreement containing any such provision held
to be invalid, illegal or unenforceable, that are not themselves invalid,
illegal or unenforceable) shall be construed so as to give effect to the intent
manifested by the provision held invalid, illegal or unenforceable and to give
effect to Section 13.

         15. MODIFICATION AND WAIVER. No supplement, modification or amendment
of this Agreement shall be binding unless executed in writing by both parties.
No waiver of any of the provisions of this Agreement shall be deemed or shall
constitute a waiver of any other provisions (whether or not similar) nor shall
such waiver constitute a continuing waiver.

                                       6
<PAGE>   7

         16. NOTICE. Any notice by either party shall be given by personal
delivery or by sending such notice by certified mail, return-receipt requested,
or by overnight delivery with a reputable courier service, or telecopied,
addressed or telecopied, as the case may be, to the other party at its address
set forth below or at such other address designated by notice in the manner
provided in this section. Such notice shall be deemed to have been received upon
the date of actual delivery if personally delivered or, in the case of mailing,
two (2) days after deposit with the U.S. mail, or if by overnight delivery, the
date of delivery or, in the case of facsimile transmission, when confirmed by
the facsimile machine report.

If to the Indemnitee:

         ______________________

         ______________________

         ______________________

         ______________________

         Facsimile: ___________________

If to the Company:

         Richard W. Bowers
         General Counsel
         Mayor's Jewelers, Inc.
         14051 Northwest 14th Street
         Sunrise, Florida 33323
         Facsimile: (954) 835-3425

with a copy to:

         Robert Robison, Esq.
         Morgan Lewis & Bockius
         101 Park Avenue 45th floor
         New York, NY 10178
         Facsimile: (212) 309-6273

         17. GOVERNING LAW. This Agreement shall be governed exclusively by and
construed according to the laws of the State of Delaware as applied to contracts
between Delaware residents entered into and to be performed entirely within the
State of Delaware.

         18. CONSENT TO SUIT. In the case of any dispute under or in connection
with this Agreement, the Indenmitee may only bring suit against the Company in
the Court of Chancery of the State of Delaware. The Indenmitee hereby consents
to the jurisdiction and venue of the courts of the State of Delaware, and the
Indemnitee hereby waives any claim the Indemnitee may have at any time as to
FORUM NON CONVENIENS with respect to such venue. The Company shall have the
right to institute any legal action arising out of or relating to this Agreement
in any court of competent jurisdiction. Any judgment entered against either of
the parties in any proceeding may be entered and enforced by any court of
competent jurisdiction. If an action at law or in equity

                                       7
<PAGE>   8

is necessary to enforce or interpret the terms of this Agreement, then the
prevailing party shall be entitled to recover, in addition to any other relief,
reasonable attorneys' fees, costs and disbursements.

         19. ENTIRE AGREEMENT. This Agreement contains the entire agreement and
understanding of the parties relating to the subject matter hereof, and merges
and supersedes all prior and contemporaneous discussions, agreements and
understandings of every nature between the parties relating to the subject
matter hereof.

The parties have entered into this Agreement effective as of the date written
above.

                                       MAYOR'S JEWELERS, INC.

                                       By:
                                           -------------------------------------
                                       Name:
                                       Title:

                                       INDEMNITEE:

                                       -----------------------------------------
                                       Name

                                       8

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