EX-10.3



 EXHIBIT 10.3 

FORM OF 
 INDEMNIFICATION AGREEMENT 
 SCOTT’S LIQUID GOLD-INC. 

This Agreement is made and entered into as of
[                ] between Scott’s Liquid Gold-Inc., a Colorado corporation (the “Corporation”), and
[                ] of Denver, Colorado [(“Officer”)/(“Director”)]. 
 RECITALS: 
 A. At the request of the Corporation, [Officer/Director]
currently serves as [an executive officer/a director] of the Corporation (as defined below). As such, [Officer/Director] may be subjected to claims, suits or proceedings. 
 B. [Officer/Director] has indicated that it was and is a condition of [Officer/Director]’s acceptance and continuing in such service that, among other things, the Corporation agrees to indemnify
[Officer/Director] against liabilities, expenses and costs incurred in connection with any such claims, suits or proceedings, in accordance with, and to the fullest extent permitted by, the Colorado Business Corporation Act; and 

C. The Corporation’s Articles of Incorporation and the Colorado Business Corporation Act contemplate that contracts may be made
between the Corporation and officers or directors with respect to indemnification. 
 AGREEMENT: 

Now, therefore, in consideration of [Officer/Director]’s acceptance and continuation of service as [an executive officer/a director]
after the date of this Agreement, and in consideration of the mutual covenants stated herein, the parties agree as follows: 
 1.
Definitions. As used in this Agreement, the following terms have the following meanings: 
 (a) Act. The term
“Act” means the Colorado Business Corporation Act as it exists on the date of this Agreement and as it may be hereafter amended from time to time. In the case of any amendment of the Colorado Business Corporation Act after the date of this
Agreement, when used in reference to an act or omission occurring prior to effectiveness of such amendment, the term “Act” shall include such amendment only to the extent that the amendment permits the Corporation to provide broader
indemnification rights than the Colorado Business Corporation Act permitted the Corporation to provide at the date of this Agreement and prior to the amendment. 







 (b) Officer. As used in reference to a position of officer, the term “executive
officer” means an executive officer of the Corporation and, while an executive officer of the Corporation, such officer’s serving at the Corporation’s request as a director, officer, agent, associate, employee, fiduciary, manager,
member, partner, promoter, or a trustee of, or holding a similar position with, any corporation, partnership, joint venture, trust, other enterprise or person or employee benefit plan. The term “executive officer” also includes, unless the
context otherwise requires, the estate or personal representative of an executive officer. The term “executive officer” shall also include any such broader definition of officer as may be provided in the Act with amendments after the date
of this Agreement. 
 (c) Proceeding. The term “proceeding” means any threatened, pending or completed action,
suit or proceeding whether civil, criminal, administrative or investigative, and whether formal or informal. 
 2. Agreement to
Indemnify. The Corporation shall indemnify, and keep indemnified, [Officer/Director] in accordance with, and to the fullest extent permitted and/or required by, the Act from and against any judgments, penalties, fines (including but not limited
to ERISA excise taxes), amounts paid in settlement and reasonable expenses (including but not limited to expenses of investigation and preparation and fees and disbursements of [Officer/Director]’s counsel, accountants or other experts)
actually incurred by [Officer/Director] in connection with any proceeding in which [Officer/Director] was or is made a party or was or is involved (for example, as a witness) because [Officer/Director] is or was [an executive officer/a director] of
the Corporation. 
 3. Insurance. So long as [Officer/Director] may be subject to any possible proceeding by reason of the fact that
[Officer/Director] is or was [an executive officer/a director] of the Corporation, to the extent the Corporation maintains an insurance policy or policies providing directors’ and officers’ liability insurance, [Officer/Director] shall be
covered by such policy or policies, in accordance with its or their terms, to the maximum extent of the coverage applicable to any then current [executive officer/director] of the Corporation. 

4. Advances. In the event of any proceeding in which [Officer/Director] is a party or is involved and which may give rise to a right of
indemnification from the Corporation pursuant to this Agreement, following written request to the Corporation by [Officer/Director], the Corporation shall pay to [Officer/Director], in accordance with and to the fullest extent permitted and/or
required by the Act, amounts to cover reasonable expenses incurred by [Officer/Director] in such proceeding in advance of its final disposition upon receipt of (a) a written affirmation by [Officer/Director] of [Officer/Director]’s good
faith belief that [Officer/Director] has met any applicable standard of conduct; (b) a written undertaking executed by or on behalf of [Officer/Director] to repay the advance if it shall ultimately be determined that [Officer/Director] did not
meet such standard of conduct; and (c) satisfactory evidence as to the amount of such expenses. 

  
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 5. Burden of Proof. If under applicable law, the entitlement of [Officer/Director] to be indemnified
or advanced expenses hereunder depends upon whether a standard of conduct has been met, the burden of proof of establishing that [Officer/Director] did not act in accordance with such standard shall rest with the Corporation. [Officer/Director]
shall be presumed to have acted in accordance with such standard and to be entitled to indemnification or the advancement of expenses (as the case may be) unless, based upon a preponderance of the evidence, it shall be determined that
[Officer/Director] has not met such standard. Such determination and any evaluation as to the reasonableness of amounts claimed by [Officer/Director] shall be made by the Board of Directors of the Corporation or such other body or persons as may be
permitted by the Act. For purposes of this Agreement, unless otherwise expressly stated, the termination of any proceeding by judgment, order, settlement (whether with or without court approval) or conviction, or upon a plea of nolo contendere, or
its equivalent, shall not create a presumption that [Officer/Director] did not meet any particular standard of conduct or have any particular belief or that a court has determined that indemnification is not permitted by applicable law. 

6. Notice to the Corporation. [Officer/Director] shall notify the Secretary of the Corporation in writing of any matter for which
[Officer/Director] intends to seek indemnification hereunder as soon as reasonably practicable following the receipt by [Officer/Director] of written notice thereof; provided, however, that delay in so notifying the Corporation shall not
constitute a waiver or release by [Officer/Director] of rights hereunder. 
 7. Counsel for Proceeding. In the event of any proceeding in
which [Officer/Director] is a party or is involved and which may give rise to a right of indemnification hereunder, the Corporation shall have the right to retain counsel reasonably satisfactory to [Officer/Director] to represent [Officer/Director]
and any others the Corporation may designate in such proceeding. In any such proceeding, [Officer/Director] shall have the right to retain [Officer/Director]’s own counsel, but the fees and expenses of such counsel shall be at the expense of
[Officer/Director] unless (a) the retention of such counsel has been specifically authorized by the Corporation; (b) representation of [Officer/Director] and another party by the same counsel would be inappropriate, in the reasonable
judgment of [Officer/Director], due to actual or potential differing interests between them (as might be the case for representation of both the Corporation and [Officer/Director] in a proceeding by or in the right of the Corporation); (c) the
counsel retained by the Corporation and satisfactory to [Officer/Director] has advised [Officer/Director], in writing, that such counsel’s representation of [Officer/Director] would be likely to involve such counsel in representing differing
interests which could adversely affect either the judgment or loyalty of such counsel to [Officer/Director], whether it be a conflicting, inconsistent, diverse or other interest; or (d) the Corporation shall fail to retain counsel for
[Officer/Director] in such proceeding. Notwithstanding the foregoing, if an insurance carrier has supplied directors’ and officers’ liability insurance covering a proceeding and is entitled to retain counsel for the defense of such
proceeding, then the insurance carrier shall retain counsel to conduct the defense of such proceeding unless [Officer/Director] and the Corporation concur in writing that the insurance carrier’s


  
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doing so is undesirable. The Corporation shall not be liable under this Agreement for any settlement of any proceeding effected without its written consent. The Corporation shall not settle any
proceeding in any manner which would impose any penalty or limitation on [Officer/Director] without [Officer/Director]’s written consent. Consent to a proposed settlement of any proceeding shall not be unreasonably withheld by either the
Corporation or [Officer/Director]. 
 8. Enforcement. The Corporation acknowledges that [Officer/Director] is relying upon this Agreement
in serving as [an executive officer/a director] of the Corporation. If a claim for indemnification or advancement of expenses is not paid in full by the Corporation within ninety (90) days after a written claim has been received from
[Officer/Director] by the Corporation, [Officer/Director] may at any time bring suit against the Corporation to recover the unpaid amount of the claim. If successful in whole or in part in such suit, [Officer/Director] shall also be entitled to be
paid all reasonable fees and expenses (including without limitation fees of counsel) in bringing and prosecuting such claim. Whether or not [Officer/Director] has met any applicable standard of conduct, the Court in such suit may order
indemnification or the advancement of expenses as the Court deems proper (subject to any express limitation of the Act). Further, the Corporation shall indemnify [Officer/Director] from and against any and all expenses (including attorneys’
fees) and, if requested by [Officer/Director], shall (within ten business days of such request) advance such expenses to [Officer/Director], which are incurred by [Officer/Director] in connection with any claim asserted against or suit brought by
[Officer/Director] for recovery under any directors’ and officers’ liability insurance policies maintained by the Corporation, regardless of whether [Officer/Director] is unsuccessful in whole or in part in such claim or suit. 

9. Proceedings by [Officer/Director]. The Corporation shall indemnify [Officer/Director] and advance expenses to [Officer/Director] in
connection with any proceeding (or part thereof) initiated by [Officer/Director] only if such proceeding (or part thereof) was authorized by the Board of Directors of the Corporation. 
 10. Nonexclusivity. The rights of [Officer/Director] for indemnification and advancement of expenses under this Agreement shall not be deemed exclusive of, or in limitation of, any rights to which
[Officer/Director] may be entitled under Colorado law, the Corporation’s Articles of Incorporation or Bylaws, vote of stockholders or otherwise. 
 11. Miscellaneous. 
 (a) Effectiveness. This Agreement is effective
for, and shall apply to, (i) any claim which is asserted or threatened before, on or after the date of this Agreement but for which no action, suit or proceeding has actually been brought prior to the date of this Agreement and (ii) any
action, suit or proceeding which is threatened before, on or after the date of this Agreement but which is not pending prior to the date of this Agreement. Thus, this Agreement shall not apply to any action, suit or proceeding which has actually
been brought before the date of this Agreement. So long as the foregoing standard of effectiveness has been satisfied, this Agreement shall be effective for and shall be applied to acts or omissions prior to, on or after the date of this Agreement.


  
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 (b) Survival; Continuation. The rights of [Officer/Director] hereunder shall inure to
the benefit of the [Officer/Director] (even after [Officer/Director] ceases to be [an executive officer/a director]), [Officer/Director]’s personal representative, heirs, executors, administrators and beneficiaries; and this Agreement shall be
binding upon the Corporation, its successors and assigns. The rights of [Officer/Director] under this Agreement shall continue so long as [Officer/Director] may be subject to any possible proceeding because of the fact that [Officer/Director] was
[an executive officer/a director] of the Corporation. If the Corporation sells, leases, exchanges or otherwise disposes of, in a single transaction or series of related transactions, all or substantially all of its property and assets, the
Corporation shall, as a condition precedent to such transaction, cause effective provision to be made so that the person or entity acquiring such property and assets shall become bound by and replace the Corporation under this Agreement. 

(c) Governing Law. This Agreement shall be governed by the laws of the State of Colorado. 

(d) Severability. If any provision of this Agreement shall be held to be prohibited by or invalid under applicable law, such
provision shall be deemed amended to accomplish the objectives of the provision as originally written to the fullest extent permitted by law and all other provisions shall remain in full force and effect. 

(e) Amendment. No amendment, termination or cancellation of this Agreement shall be effective unless in writing signed by the
Corporation and [Officer/Director]. 
 (f) Other Payments. The Corporation shall not be liable under this Agreement to
make any payment in connection with any proceeding against or involving [Officer/Director] to the extent [Officer/Director] has otherwise actually received payment (under any insurance policy, Bylaw or otherwise) of the amounts otherwise
indemnifiable hereunder. [Officer/Director] shall repay to the Corporation the amount of any payment the Corporation makes to [Officer/Director] under this Agreement in connection with any proceeding against or involving [Officer/Director], to the
extent [Officer/Director] has otherwise actually received payment (under any insurance policy, Bylaw or otherwise) of such amount. 
 (g) Subrogation. In the event of payment under this Agreement the Corporation shall be subrogated to the extent of such payment to all of the rights of recovery of [Officer/Director], who shall
execute all papers required and shall do everything that may be necessary to secure such rights, including the execution of such documents necessary to enable the Corporation effectively to bring suit to enforce such rights. 

  
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 (h) Headings. The headings in this Agreement are for convenience only and are not to
be considered in construing this Agreement. 
 (i) Counterparts. This Agreement may be executed in counterparts, both of
which shall be deemed an original, and together shall constitute one document. 
 The parties have executed this Agreement as of
the day and year first above stated. 
  

							
	SCOTT’S LIQUID GOLD-INC.	  	 	  	[OFFICER/DIRECTOR]
				
	By:	 	  
	  		  	  

		 	                             
                       , President	  		  	[                             
       ]


  
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