Document:

EXHIBIT NO. 10.3

                                      2000
                       KEY EXECUTIVE INCENTIVE BONUS PLAN
                            SCOTT'S LIQUID GOLD-INC.

                               Purpose of the Plan

     The purpose of the Key Executive Incentive Bonus Plan (the "Plan") is to
provide incentive to the Company's key executives to maximize corporate earnings
for 2000 and to reward such executives based upon performance.

                              Structure of the Plan

     This Plan is constructed to reserve exclusively to the shareholders the
first $1 million in pre-tax earnings.  Thereafter, for each $1 million in
additional pre-tax earnings, a bonus of $100,000 will be paid as incentive
bonus.

     This Plan is also constructed so as to encourage Management to expend every
effort possible to increase pre-tax earnings in excess of $1 million.  The more
pre-tax profit the Company makes, the greater the bonus and the greater the
return to the Company's shareholders.  Further, by not capping bonuses to be
paid under this Plan, the Board of Directors believes that the incentives to the
Company's executives to make larger and larger profits will not be limited.

                                 Plan Provisions

1.   For 2000, a bonus pool equal to 10% of pre-tax earnings in excess of $1
million will be set aside for distribution to the Company's key executives.

2.   Partial distributions of the bonus pool may be made in December of 1999,
but the final distribution is only to be made after the close of the year, based
upon audited pre-tax profits, during the quarter following the close of the
fiscal year.

3.   Bonuses, if any, for 2000, will be divided among the Company's four
executive officers as follows:  President, 35%; Executive Vice President and
Treasurer, 25% each; Vice President - Marketing, 15%.

4.   For purposes of this Plan, net pre-tax earnings and pre-tax profits shall
be determined without the deduction or addition of gains or losses from
infrequent or unusual events or transactions or from extraordinary items.  The
exclusion of any such event, transaction or item shall be determined by action
of the Compensation Committee of the Board of Directors of the Company after
reviewing the proposed or final statements of income of the Company for the
relevant period and reviewing the accounting treatment of any such event,
transaction or item by the Company's independent accountants.EXHIBIT NO. 10.5

                            SCOTT'S LIQUID GOLD-INC.

                          EMPLOYEE STOCK OWNERSHIP PLAN

                                       AND

                                 TRUST AGREEMENT

                                TABLE OF CONTENTS

                                    ARTICLE 1
                                   DEFINITIONS

    1.1  Account                                               1
    1.2  Anniversary Date                                      1
    1.3  Beneficiary                                           1
    1.4  Break in Service                                      1
    1.5  Code                                                  1
    1.6  Committee                                             1
    1.7  Compensation                                          1
    1.8  Defined Benefit Plan                                  2
    1.9  Defined Contribution Plan                             2
    1.10 Disability                                            3
    1.11 Effective Date                                        3
    1.12 Employee                                              3
    1.13 Employer                                              3
    1.14 Employment Commencement Date                          3
    1.15 ERISA                                                 3
    1.16 Highly Compensated Employee                           3
    1.17 Hours of Service                                      5
    1.18 Key Employee                                          6
    1.19 Limitation Year                                       6
    1.20 Non-Key Employee                                      6
    1.21 Normal Retirement Date                                6
    1.22 Participant                                           7
    1.23 Participating Employer                                7
    1.24 Plan                                                  7
    1.25 Plan Entry Date                                       7
    1.26 Plan Sponsor                                          7
    1.27 Plan Year                                             7
    1.28 Reemployment Commencement Date                        7
    1.29 Related Group                                         7
    1.30 Required Aggregation Group                            7
    1.31 Service                                               7
    1.32 Stock                                                 7
    1.33 Top Heavy Plan                                        7
    1.34 Trust                                                 8
    1.35 Trustee                                               8
    1.36 Trust Fund                                            8
    1.37 Valuation Date                                        9
    1.38 Year of Service - Participation                       9
    1.39 Year of Service - Vesting                             9

                                    ARTICLE 2
                          ELIGIBILITY AND PARTICIPATION

    2.1  Eligibility                                          10
    2.2  Years of Service - Participation                     10
    2.3  Participation Upon Reemployment                      10
    2.4  Change in Employee Status                            10

                                    ARTICLE 3
                                  CONTRIBUTIONS

    3.1  Amount of Contribution                               12
    3.2  Carry Over Contributions                             12
    3.3  Minimum Employer Contribution                        12
    3.4  Return of Employer Contributions                     13
    3.5  Participant Contributions                            13

                                    ARTICLE 4
                             ALLOCATIONS TO ACCOUNTS

    4.1  Participant's Account                                14
    4.2  Allocation of Contributions and Forfeitures          14
    4.3  Allocation of Minimum Contribution                   14
    4.4  Limitations on Allocations to Participants' Accounts 14
    4.5  Code 415 Definitions                                 16
    4.6  Allocation of Earnings, Losses and
	      Changes in Fair Market Value
         of the Net Assets of the Trust Fund                  19
    4.7  Accounting                                           19
    4.8  Methods of Valuation                                 19
    4.9  Stock Dividends, Splits, Rights, Warrants, Options and Other
          Reorganizations                                      20

                                    ARTICLE 5
                        VESTING OF PARTICIPANT'S ACCOUNT

    5.1  Vesting                                              21
    5.2  Vesting Schedule                                     21
    5.3  Full Vesting Upon Termination or Partial
	      Termination of Plan or
         Upon Complete Discontinuance of Contributions        21
    5.4  Service Included in Determination of Vested Accounts 22
    5.5  Break in Service - Vesting                           22
    5.6  Forfeiture Occurs                                    22
    5.7  Amendment to Vesting Schedule                        22
    5.8  Special Accounting After Distribution to
	      Reemployed Participants                              23

                                    ARTICLE 6
                                  DISTRIBUTIONS

    6.1  Distributions Not Exceeding $3,500                   24
    6.2  Distributions Exceeding $3,500                       24
    6.3  Distributions on Account of Attaining
         Age 70 and one/half                                  25
    6.4  Distributions Under Domestic Relations Order         26
    6.5  Diversification Distributions                        27
    6.6  Distribution Methods, Consents and Election          28
    6.7  Annuity Distributions to Participants
	      and Surviving Spouses                                  29
    6.8  Destination of Beneficiary                           29
    6.9  Direct Rollover/Transfer Provisions                  30

                                    ARTICLE 7
                                 EMPLOYER STOCK

    7.1  Registration of Distributed Shares of Employer Stock 32
    7.2  Put Option                                           32
    7.3  Right of First Refusal                               33
    7.4  Sale of Stock                                        33
    7.5  Notice                                               33
    7.6  Legend                                               33

                                    ARTICLE 8
                                 ADMINISTRATION

    8.1  Appointments of Committee                            34
    8.2  Organization and Operation of Committee              34
    8.3  Information to be Made Available to Committee        34
    8.4  Resignation and Removal of Committee Member;
	      Appointment of Successors                            35
    8.5  Duties and Powers of Committee                       35
    8.6  Advice to Designated Fiduciaries                     38
    8.7  Majority Control                                     38

                                    ARTICLE 9
                        POWERS AND DUTIES OF THE TRUSTEE

    9.1  Establishment and Acceptance of Trust                39
    9.2  Investments of Trust Funds                           39
    9.3  Powers of Trustee                                    39
    9.4  Diversification and Prudence Requirements            41
    9.5  Payment of Compensation, Expenses and Taxes          41
    9.6  Appointment, Resignation, Removal and
	      Substitution of Trustee                              41
    9.7  Appointment of Trustee--Acceptance In Writing        42
    9.8  Receipt of Contributions                             42
    9.9  Returns and Reports                                  42

                                   ARTICLE 10
                          CONTINUANCE, TERMINATION AND
                           AMENDMENT OF PLAN AND TRUST

    10.1 Termination of Plan                                  43
    10.2 Termination of Trust                                 43
    10.3 Continuance of Plan and Trust by Successor Business  43
    10.4 Merger, Consolidation or Transfer of Assets or
	      Liabilities of the Plan                              43
    10.5 Distribution of Trust Fund on Termination of Trust   44
    10.6 Suspension of Contributions                          44
    10.7 Amendments to Plan and Trust                         44

                                   ARTICLE 11
                                  RELATED GROUP

    11.1 Adoption of the Plan                                 45
    11.2 Withdrawal From Plan                                 45
    11.3 Termination of Participation by the Plan Sponsor     45

                                   ARTICLE 12
                                  MISCELLANEOUS

    12.1 Participant's Rights                                 47
    12.2 Employer's Obligations                               47
    12.3 Benefits to be Provided Solely from the Trust Fund   47
    12.4 Receipt of Benefits by Fiduciaries                   47
    12.5 Service by Fiduciaries and Disqualified Persons      47
    12.6 Assignment or Alienation                             47
    12.7 Delegation of Authority by Employer                  48
    12.8 Notices from Participants to be Filed with Committee 48
    12.9 Construction of Agreement                            48
    12.10Titles                                               48
    12.11Severability                                         48
    12.12Counterparts                                         48
    12.13Plan for Exclusive Benefit of Participants;
	      Reversion Prohibited                                 48
    12.14Gender, Singular and Plural                          49

                            SCOTT'S LIQUID GOLD-INC.
                          EMPLOYEE STOCK OWNERSHIP PLAN
                               AND TRUST AGREEMENT

     This  Plan  is  designed to qualify as a stock bonus plan for  the  primary
purpose  of enabling Employees to obtain a proprietary interest in the  Employer
by  the acquisition of Stock. The Plan is designed to invest primarily in Stock.
The  Plan  and  Trust are created for the exclusive benefit of Participants  and
Beneficiaries.  The Plan is intended to conform to and qualify under  Code   401
and  501.

     The  Employer adopts this Plan as a restated Plan in substitution for,  and
in  amendment of, the existing Plan. The provisions of this Plan, as a  restated
Plan, shall apply solely to an Employee who performs one Hour of Service for the
Employer on or after the restated Effective Date of the Employer's Plan.  If  an
earlier  effective  date  for  a provision in this restated  Plan  applies,  the
provision  shall  be effective as of the earlier effective date  notwithstanding
the later general Effective Date of the restated Plan.

1
                                    ARTICLE 1
                                   DEFINITIONS

1.1  Account shall mean the separate account or one of the separate accounts
which the Trustee shall maintain for a Participant under the Plan.

1.2  Anniversary Date shall mean the last day of each Plan Year.

1.3  Beneficiary shall mean a person designated by a Participant who is or may
become  entitled to a benefit under the Plan. A Beneficiary who becomes entitled
to  a benefit under the Plan shall remain a Beneficiary under the Plan until the
Trustee has fully distributed the Participant's benefit to such Beneficiary.

1.4  Break in Service shall have the meaning assigned to it by Section 5.5.

1.5  Code means the Internal Revenue Code of 1986, as amended.

1.6  Committee shall mean the committee appointed pursuant to Article 8.

1.7  Compensation shall mean, for Plan Years beginning on or after January 1,
1994,  the  Employee's  earned  income and wages  within  the  meaning  of  Code
  3401(a) and all other payments of remuneration to the Employee by the Employer
(in  the  course of the Employer's trade or business) for which the Employer  is
required  to  furnish  the  Employee a written statement  under  Code   6041(d),
6051(a)(3) and 6052, determined without regard to any rules under Code   3401(a)
that limit the remuneration included in wages based on the nature or location of
the  employment  or the services performed. Compensation shall include  Employer
contributions which are not includable in the gross income of the Employee under
Code    125,  402(a)(8),  402(h),  or  403(b)  for  purposes  of  Code   401(m),
401(k),  401(a)(4),  and 401(1). For purposes of the Key Employee  determination
and  the Highly Compensated Employee determination, the Plan Administrator shall
apply the Compensation definition by including Employer contributions which  are
not  includable in the gross income of the Employee under Code  125,  402(a)(8),
402(h),  or  403(b)  and  by disregarding the Code  401(a)(17)  limitation.  For
purposes  of the Code  415 limitations, the Plan Administrator shall  apply  the
Compensation  definition  by  excluding Employer  contributions  which  are  not
includable  in  the  gross income of the Employee under  Code   125,  402(a)(8),
402(h), or 403(b).

     For  Plan  Years beginning before January 1, 1994, Compensation shall  mean
the total amount of remuneration paid by the Employer to a Participant during  a
Plan  Year  that would be subject to tax under Code  3101(a), without  reference
to  the  limitations  imposed  by Code  3121(a)(1).  However,  such  term  shall
exclude   director's   fees,  travel  allowances,  expense  allowances,   office
allowances,  relinquished  vacation pay, unused sick  pay,  insurance  premiums,
pension and retirement benefits, other allowances, and all contributions by  the
Employer  to  this  Plan,  to any other tax qualified plan  or  to  any  health,
accident,  or  welfare  fund or plan, or similar benefits.  For  purposes  of  a
contribution or an allocation under the Plan based on Compensation, Compensation
shall only include amounts actually paid to an Employee during the period he  or
she is a Participant in the Plan.

     Compensation  shall  not include amounts in excess  of  $200,000  (or  such
larger  amount  as  the  Commissioner of Internal  Revenue  may  prescribe)  and
effective  for Plan Years beginning after December 31, 1993, Compensation  shall
not  exceed  the  $150,000 limitation. The $150,000 limitation is  the  $150,000
limitation  under  Code   401  (a)(17), as  adjusted  by  the  Commissioner  for
increases  in  the  cost  of living in accordance with Code   401(a)(17).  If  a
determination  period consists of fewer than 12 months, the $150,000  limitation
will be multiplied by a fraction, the numerator of which is the number of months
in  the determination period, and the denominator of which is 12. In determining
the Compensation of a Participant for purposes of the $200,000 limitation or the
$150,000  limitation, the Committee shall increase a Participant's  Compensation
by  the  Compensation of the Participant's spouse and any lineal descendants  of
the  Participant who have not attained age 19 before the close of the Plan  Year
if  the  Participant  is  a  more than 5% owner of  the  Employer  or  a  Highly
Compensated  Employee  in  the  group  of  the  top  10  Employees   ranked   by
Compensation.  If the application of the immediately preceding  sentence  causes
the  $200,000  limitation or the $150,000 limitation to be  exceeded,  then  the
$200,000  limitation  or the $150,000 limitation shall  be  prorated  among  the
family  members in proportion to each family member's Compensation as determined
under  this Section prior to the application of the $200,000 limitation  or  the
$150,000 limitation.

1.8  Defined Benefit Plan shall have the meaning assigned to it by Section 4.5.

1.9  Defined Contribution Plan shall have the meaning assigned to it by Section
4.5.

1.10 Disability shall mean a disability which permanently renders a Participant
unable to perform satisfactorily the usual duties of his or her employment  with
the  Employer, as determined by a physician selected by the Committee, and which
results in his or her termination of employment with the Employer.

1.11 Effective Date of the Plan shall mean January 1, 1989. The Employer is
adopting this Plan in substitution for and as an amendment of an existing  plan,
the original plan being adopted on October 3, 1978.

1.12  Employee shall mean any individual employed by the Employer; however,
Employee  shall  not  include  leased  employees  within  the  meaning  of  Code
  414(n)(2),  individuals classified by the Employer as independent contractors,
and self-employed persons.

1.13 Employer shall mean Scott's Liquid Gold-Inc. and any member of the Related
Group  which  adopts  the  Plan and Trust with the  consent  of  Scott's  Liquid
Gold-Inc.

1.14 Employment Commencement Date shall mean the date on which an employee first
performs an Hour of Service for the Employer.

1.15 ERISA shall mean the Employee Retirement Income Security Act of 1974, as
amended.

1.16 Highly Compensated Employee shall mean any Employee who performs service
for the Employer during the Plan Year who:

(1)  owned more than 5% of the Employer;

(2)  received Compensation from the Employer in excess of $75,000 (as adjusted
pursuant to Code  414(q)(1)) and is one of the 100 Employees who received the
most Compensation from the Employer during the Plan Year;

(3)  received Compensation from the Employer in excess of $50,000 (as adjusted
pursuant to Code  414(q)(1)), was a member of the top-paid group for the Plan
Year, and is one of the 100 Employees who received the most Compensation from
the Employer during the Plan Year; or

(4)  was an officer of the Employer, received Compensation from the Employer
that was greater than 50% of the dollar limitation in effect under Code
415(b)(1)(A), and is one of the 100 Employees who received the most
Compensation from the Employer during the Plan Year.

Highly  Compensated  Employee also shall mean  any  Employee  who  performs
Service  for  the  Employer during the preceding Plan Year (or  12-month  period
preceding the Plan Year) who:

(1)  owned more than 5% of the Employer;

(2)  received Compensation from the Employer in excess of $75,000 (as adjusted
     pursuant to Code  414(q)(1));

(3)  received Compensation from the Employer in excess of $50,000 (as adjusted
 pursuant to Code  414(q)(1)) and was a member of the top-paid group for such
 Plan Year; or

(4)  was an officer of the Employer and received Compensation from the Employer
     that was greater than 50% of the dollar limitation in effect under Code
      415(b)(1)(A).

     An  Employee  is a member of the top-paid group for any Plan  Year  if  the
Employee is in the group consisting of the top 20% of the Employees when  ranked
on the basis of Compensation paid during the Plan Year.

     If no officer received Compensation from the Employer that was greater than
50%  of  the dollar limitation in effect under Code  415(b)(1)(A) for  the  Plan
Year  or  the  preceding 12-month period, the Committee shall treat the  highest
paid officer as a Highly Compensated Employee. The number of officers taken into
account  shall  not exceed the greater of three or 10% of the  total  number  of
Employees  (after application of the Code  414(q) exclusions), but no more  than
50 officers.

     Highly  Compensated  Employee shall also mean a highly  compensated  former
Employee.  A  highly  compensated  former Employee  includes  any  Employee  who
separated  or was deemed to have separated from Service prior to the Plan  Year,
performs  no  Service for the Employer during the Plan Year, and  was  a  Highly
Compensated Employee for either the Plan Year in which he or she separated  from
Service or any Plan Year ending on or after the Employee's 55th birthday.

     If  the  spouse, lineal ascendant, lineal descendant, or the  spouse  of  a
lineal  ascendant  or  descendent of a more than 5%  owner  (who  is  either  an
Employee  or  a  former  Employee)  or one of the  10  most  Highly  Compensated
Employees  (ranked on the basis of Compensation paid during a Plan Year)  is  an
Employee, the Committee shall aggregate the Highly Compensated Employee and  the
Highly  Compensated Employee's family members treating them as a single Employee
receiving  Compensation  and  Plan  contributions  equal  to  the  sum  of   the
Compensation and Plan contributions for all such family members.

     The  Committee  shall  administer  the  requirements  of  this  Section  in
accordance with Code  414(q) and the Treasury regulations thereunder.

1.17 Hours of Service shall mean:

(a)  Each hour for which the Employer, either directly or indirectly, pays an
Employee, or for which the Employee is entitled to payment, for the performance
of duties during the Plan Year. The Committee shall credit Hours of Service
under this paragraph (a) to the Employee for the Plan Year in which the Employee
performs the duties, irrespective of when paid.

(b)  Each hour for which the Employer, either directly or indirectly, pays an
Employee, or for which the Employee is entitled to payment (irrespective of
whether the employment relationship is terminated), for reasons other than for
the performance of duties during a Plan Year, such as leave of absence,
vacation, holiday, sick leave, illness, incapacity (including Disability),
layoff, jury duty, or military duty. The Committee shall not credit more than
501 Hours of Service under this paragraph (b) to an Employee on account of any
single continuous period during which the Employee does not perform any duties
(whether or not such period occurs during a single Plan Year). The Committee
shall credit Hours of Service under this paragraph (b) in accordance with the
rules of paragraphs (b) and (c) of Labor Reg.  2530.200b-2, which is
incorporated herein by this reference.

(c)  Each hour for back pay, irrespective of mitigation of damages, to which the
Employer has agreed or for which the Employee has received an award. The
Committee shall credit Hours of Service under this paragraph (c) to the Employee
for the Plan Years to which the award or the agreement pertains rather than for
the Plan Year in which the award, agreement, or payment is made.

     The  Committee shall not credit an Hour of Service under more than  one  of
the  above paragraphs. The Committee shall credit Hours of Service the  Employee
completes for members of any Related Group and shall credit Hours of Service the
Employee  completes as a leased employee within the meaning of Code   414(n)(2).
If  the Committee is to credit Hours of Service to an Employee for the 12  month
period  beginning with the Employee's Employment Commencement Date  or  with  an
anniversary of such date, then that 12 month period shall be substituted for the
term "Plan Year" wherever the term "Plan Year" appears in this Section.

     Solely  for purposes of determining whether the Employee incurs a Break  in
Service  under any provision of this Plan, the Committee shall credit  Hours  of
Service during an Employee's unpaid absence due to maternity or paternity  leave
on the basis of the number of Hours of Service the Employee would receive if the
Employee were paid during the absence or, if the Committee cannot determine  the
number  of  Hours of Service the Employee would receive, on the basis  of  eight
hours  per  day during the absence. The Committee shall consider an Employee  on
maternity  or paternity leave if the Employee's absence is due to the Employee's
pregnancy, the birth of the Employee's child, the placement with the Employee of
an  adopted child, or the care of the Employee's child immediately following the
child's birth or placement. The Committee shall credit only the number of  Hours
of  Service  (up  to 501 Hours of Service) necessary to prevent  the  Employee's
Break  in Service. The Committee shall credit all Hours of Service described  in
this  paragraph to the Plan Year in which the absence begins or, if the Employee
does  not need these Hours of Service to prevent a Break in Service in the  Plan
Year  in  which  the absence begins, the Committee shall credit these  Hours  of
Service to the immediately following Plan Year.

1.18 Key Employee shall mean any Employee, former Employee, or the Beneficiary
of  an  Employee or former Employee, if the Employee or former Employee  at  any
time during the Plan Year which includes the Anniversary Date or any of the four
preceding Plan Years:

(a)  is an officer of the Employer earning Compensation greater than 50% of the
limitation under Code  415(b)(1)(A) in effect for such Plan Years. No more than
50 Employees, or if lesser, the greater of three Employees or 10% of the
Employees shall be treated as officers;

(b)  is one of the Employees earning Compensation of more than the dollar
limitation under Code  415(c)(1)(A) and owns one of the 10 largest interests in
the Employer;

(c)  owns more than 5% of the Employer; or

(d)  owns more than 1% of the Employer and earns Compensation in excess of
     $150,000.

The  constructive  ownership  rules of Code  318  (or  the  principles  of  that
section,  in  the case of an unincorporated Employer) shall apply  to  determine
ownership  in the Employer. The Committee shall determine who is a Key  Employee
in accordance with Code  416(i)(1) and the Treasury regulations thereunder.

1.19 Limitation Year shall mean the Plan Year.

1.20 Non-Key Employee shall mean a Participant who is not a Key Employee and who
is employed by the Employer on the Anniversary Date of the Plan Year, regardless
of  whether the Participant satisfies the requirements of Section 4.2 during the
Plan Year.

1.21 Normal Retirement Date shall mean the later of (i) the date on which a
Participant attains age 65, or (ii) the 5th anniversary of the first  Plan  Year
in which the Participant entered the Plan.

1.22 Participant shall mean any Employee who has entered the Plan on a Plan
Entry Date.

1.23 Participating Employer shall mean any member of the Related Group which has
adopted this Plan.

1.24 Plan shall mean the Scott's Liquid Gold-Inc. Employee Stock Ownership Plan.

1.25 Plan Entry Date shall mean January 1 and July 1 of each Plan Year.

1.26 Plan Sponsor shall mean Scott's Liquid Gold-Inc.

1.27 Plan Year shall mean the 12 month period ending each December 31.

1.28 Reemployment Commencement Date shall mean the first day after a Break in
Service on which an Employee performs an Hour of Service for the Employer.

1.29 Related Group shall mean a controlled group of corporations (as defined in
Code   414(b)),  trades  or businesses (whether or not incorporated)  which  are
under  common control (as defined in Code  414(c)), an affiliated service  group
(as  defined  in Code  414(m)), and any other entity required to  be  aggregated
with  the  Employer  pursuant  to  Code  414(o)  and  the  Treasury  regulations
thereunder. If the Employer is a member of a Related Group, the Plan shall treat
all  Employees of the members of such Related Group as if employed by  a  single
employer.  Solely for purposes of applying the Code  415 limitations of  Article
4,  the  Committee shall determine any Related Group by modifying  Code   414(b)
and (c) in accordance with Code  415(h).

1.30  Required Aggregation Group shall mean (a) each qualified plan of  the
Employer in which at least one Key Employee participates at any time during  the
five Plan Year period ending on the Anniversary Date (regardless of whether  the
Plan  has  terminated); and (b) any other qualified plan of the  Employer  which
enables  a plan described in (a) to meet the requirements of Code  401(a)(4)  or
Code  410.

1.31 Service shall mean any period of time the Employee is in the employ of the
Employer, including any period the Employee is on leave of absence authorized by
the  Employer  under  a  uniform, nondiscriminatory  policy  applicable  to  all
Employees.

1.32 Stock shall mean the common stock of Scott's Liquid Gold-Inc.

1.33 Top Heavy Plan shall mean that the top heavy ratio for the Plan as of the
Anniversary Date exceeds 60% for a Plan Year if this Plan is the only  qualified
plan  maintained  by  the  Employer. The top heavy  ratio  is  a  fraction.  The
numerator of the fraction is the sum of the present value of Accounts of all Key
Employees as of the Anniversary Date (including any contribution not made as  of
the   Anniversary  Date  but  which  Code   416  and  the  Treasury  regulations
thereunder  require the Committee to take into account), and distributions  made
within the five Plan Year period immediately preceding the Anniversary Date. The
denominator  of the fraction is a similar sum determined for all Employees.  The
Committee  shall  calculate  the top heavy ratio by  disregarding  the  Accounts
attributable  to voluntary deductible Employee contributions,  if  any,  and  by
disregarding  the  Accounts  of any Non-Key Employee  who  was  formerly  a  Key
Employee. The Committee shall calculate the top heavy ratio by disregarding  the
Accounts (including distributions, if any, of the Accounts) of an individual who
has  not  received  credit for at least one Hour of Service  with  the  Employer
during  the five Plan Year period ending on the Anniversary Date. The  Committee
shall calculate the top heavy ratio, including the extent to which it shall take
into  account distributions, rollovers, and transfers, in accordance  with  Code
 416 and the Treasury regulations thereunder.

     If  the Employer maintains other qualified plans, this Plan is a Top  Heavy
Plan only if it is part of a Required Aggregation Group, and the top heavy ratio
for  both  the  Required Aggregation Group and the Permissive Aggregation  Group
exceeds  60%.  The  Committee shall calculate the top heavy ratio  in  the  same
manner  as required by the first paragraph of this Section, taking into  account
all  plans  within the Required Aggregation Group and the Permissive Aggregation
Group.  To the extent the Committee must take into account distributions  to  an
Employee, the Committee shall include distributions from a terminated plan which
would  have been part of the Required Aggregation Group if it were in  existence
on  the  Anniversary Date. The Committee shell calculate the  present  value  of
accrued  benefits  and  any other amounts necessary for this  calculation  under
Defined Benefit Plans included within the group in accordance with the terms  of
those  plans,  Code  416, and the Treasury regulations thereunder.  The  accrued
benefit  under a Defined Benefit Plan of a Participant other than a Key Employee
shall be determined under the method, if any, that uniformly applies for accrual
purposes  under  all Defined Benefit Plans maintained by the  Employer,  or,  if
there  is  no  uniform  method, as if the Employee's benefit  accrued  not  more
rapidly  than  the slowest accrual rate permitted under the fractional  rule  of
accrual  of Code  411(b)(1)(C). If an aggregated plan does not have a  valuation
date  coinciding  with  the  Anniversary Date, the  Committee  shall  value  the
Accounts  in  the aggregated plan as of the most recent valuation  date  falling
within  the 12 month period ending on the Anniversary Date, except as Code   416
and  the  Treasury regulations thereunder require for the first and second  plan
year  of  a  Defined Benefit Plan. The Committee shall calculate the  top  heavy
ratio with reference to the Anniversary Dates that fall within the same calendar
year.

1.34 Trust shall mean the separate trust created by the Employer under the Plan
in Article 9.

1.35 Trustee shall mean the person or persons appointed by the Plan Sponsor as
Trustee  of  the  Trust Fund established by this Plan and  Trust  and  any  duly
appointed or qualified successor trustee.

1.36 Trust Fund shall mean all property of every kind held or acquired by the
Trustee under the Plan.

1.37 Valuation Date shall mean each date on which the Trustee values the Trust
Fund.

1.38 Year of Service - Participation shall have the meaning described in Section
2.2.

1.39 Year of Service - Vesting shall mean each Plan Year in which an Employee
completes not less than 1,000 Hours of Service.

                             ***End of Article 1***

2
                                    ARTICLE 2
                          ELIGIBILITY AND PARTICIPATION

2.1  Eligibility. Each Employee who was a Participant in the Plan on the day
before  the  Effective Date shall continue as a Participant  in  the  Plan.  For
purposes  of  eligibility  to  participate, the  Plan  shall  count  all  of  an
Employee's Years of Service with the Employer and the Related Group. Unless  the
Employee elects otherwise, each Employee shall become a Participant in the  Plan
on the Plan Entry Date (if employed on that date) coincident with or immediately
following  the  later of the date on which the Employee completes  one  Year  of
Service  or attains age 21. An Employee shall be permitted to irrevocably  elect
not  to  participate  prior to or at the time the Employee  has  first  met  the
requirements  of this Section or of any other plan of the Employer  meeting  the
requirements of Code  401. A Participant shall not be permitted to elect not  to
participate. The Employee shall file the election in writing with the  Committee
not  later  than 60 days prior to completion of the eligibility requirements  of
any  plan  of  the Employer meeting the requirements of Code  401. The  Employer
shall  not  make a contribution under the Plan for the Employee making  such  an
election for any Plan Year.

2.2   Years  of  Service - Participation. For purposes  of  eligibility  to
participate,  Year  of Service shall mean a 12 consecutive month  period  during
which the Employee completes not less than 1,000 Hours of Service, measuring the
beginning  of  the first 12 month period from the Employment Commencement  Date,
and measuring succeeding 12 month periods from each anniversary of the first day
of  the  Plan  Year  which  includes the first  anniversary  of  the  Employee's
Employment Commencement Date, regardless of whether the Employee is entitled  to
be  credited with 1,000 Hours of Service during the 12 consecutive month  period
which  commenced with the Employee's Employment Commencement Date.  An  Employee
who  receiver credit for 1,000 Hours of Service during the 12 consecutive  month
period  which  commenced with the Employee's Employment  Commencement  Date  and
during  the  Plan  Year which includes the first anniversary of  the  Employee's
Employment  Commencement Date shall receive credit for two Years of Service  for
purposes of eligibility to participate in the Plan.

2.3  Participation Upon Reemployment. A Participant whose employment terminates
shall  reenter  the  Plan  as  a Participant on the  Participant's  Reemployment
Commencement  Date. An Employee who satisfies the Plan's eligibility  conditions
but  who  terminates employment prior to becoming a Participant shall  become  a
Participant on the later of the Plan Entry Date on which the Employee would have
entered  the  Plan had he or she not terminated employment or the  Participant's
Reemployment Commencement Date. An Employee who terminates employment  prior  to
satisfying  the  Plan's  eligibility conditions shall become  a  Participant  in
accordance with the Plan's eligibility conditions of Section 2.1.

2.4  Change in Employee Status. If a Participant does not terminate employment,
but  is  not  an  Employee or ceases to be an Employee by reason  of  employment
within an employment classification, then during the period such Participant  is
not an Employee, the Committee shall not allocate any Employer contributions  or
forfeitures  to the Participant's Accounts except to the extent the  Participant
rendered services for the Employer as an Employee. However, during such  period,
the Participant, without regard to employment classification, shall continue  to
receive credit for vesting under Article 5 for each included Year of Service and
the  Participant's  Accounts  shall  continue  to  share  fully  in  Trust  Fund
allocations  under Section 4.6. A Participant who is no longer an Employee  will
participate  immediately upon becoming an Employee. An Employee who  is  not  an
Employee shall participate immediately upon becoming an Employee if the Employee
has satisfied the requirements of Section 2.1 other than being an Employee.

                             ***End of Article 2***

3
                                    ARTICLE 3
                                  CONTRIBUTIONS

3.1  Amount of Contribution. Within the time permitted for the filing of the
Employer's  federal  income  tax return for a Plan  Year,  including  extensions
thereof, the Plan Sponsor shall contribute to the Trust an annual sum in cash or
in  Stock  as determined by the Employer. The Employer shall contribute  to  the
Trust  for  each  Plan  Year the amount required to  enable  the  Trust  to  pay
principal and interest due during the Plan Year of the Trust's outstanding  debt
obligations. In no event shall the amount of the Employer's contribution  exceed
the  maximum deductible contribution pursuant to Code  404 for the Plan Year  in
which the contribution is being determined.

3.2  Carry Over Contributions. In any year ending before January 1, 1987, if the
Employer's  contribution is less than 15% of all Participants' Compensation  for
that  year, then in the next succeeding year or years, the Employer may make  an
additional  contribution  in  an  amount equal to  the  difference  between  the
contribution previously made in the year ending before January 1, 1987  and  15%
of  all  Participants' Compensation in such preceding year. In  such  succeeding
year,  if  the  Employer  does not make up such difference  between  the  amount
contributed  in  the  year  ending  before  January  1,  1987  and  15%  of  all
Participants'  Compensation in that year, then the Employer may  do  so  in  the
second  succeeding  year in the same manner, and in the  next  succeeding  years
follow  the  second succeeding year until such contribution for the year  ending
before January 1, 1987 has been made in full. The total amount of contributions,
including carryovers from pre-1987 years, that is deductible in any one  taxable
year is limited to 25% of all Participants' Compensation during such year.

3.3  Minimum Employer Contribution. If this Plan is a Top Heavy Plan in any Plan
Year,  the contribution for each Non-Key Employee shall be at least equal  to  a
minimum   contribution.  The  Employer  shall  provide  the  top  heavy  minimum
contribution under this Plan.

     If the contribution rate for the Key Employee with the highest contribution
rate  is  greater than or equal to 3%, the minimum contribution shall be  3%  of
Compensation  for each Non-Key Employee. If the contribution rate  for  the  Key
Employee  with  the  highest  contribution rate is less  than  3%,  the  minimum
contribution for each Non-Key Employee shall equal the highest contribution rate
for a Key Employee.

     The  contribution rate is the sum of Employer contributions (not  including
Employer contributions to Social Security) and forfeitures allocated to the  Key
Employee's  Account for the Plan Year divided by the Key Employee's Compensation
for the Plan Year. To determine the contribution rate, the Committee shall treat
all qualified top heavy defined contribution plans maintained by the Employer as
a  single  plan. For Plan Years beginning after December 31, 1988, the Committee
shall  not  treat  Elective Deferrals made to any plan pursuant  to  a  Cash  or
Deferred  Arrangement  as  Employer  contributions  for  any  Non-Key  Employee;
however,  the Committee shall treat Elective Deferrals made to any plan pursuant
to  a  Cash  or  Deferred  Arrangement as Employer  contributions  for  all  Key
Employees.

     Notwithstanding  the  preceding provisions of this Section,  if  a  Defined
Benefit Plan maintained by the Employer which benefits a Key Employee depends on
this  Plan  to  satisfy the nondiscrimination rules of Code   401(a)(4)  or  the
coverage  rules  of Code  410 (or another plan benefiting the  Key  Employee  so
depends  on such Defined Benefit Plan), the minimum contribution for  a  Non-Key
Employee  shall be 3% of the Non-Key Employee's Compensation regardless  of  the
highest contribution rate for any Key Employee.

     If  the  contribution  rate for the Plan Year with  respect  to  a  Non-Key
Employee is less than the minimum contribution, the Employer shall increase  its
contribution  for  such  Non-Key Employee to the extent necessary  so  that  the
contribution  rate  for the Plan Year shall equal the minimum  contribution.  If
more  than one entity maintains this Plan, each entity shall make the additional
contribution  attributable  to the Compensation it pays  the  Non-Key  Employee,
unless  the  members  enter  into a separate written  agreement  allocating  the
responsibility for the additional contribution in another manner.

3.4  Return of Employer Contributions. Except as provided in this Section, any
Employer  contributions  to  the Trust shall be  irrevocable  and  neither  such
contributions  nor  any  income therefrom shall be used for,  nor  diverted  to,
purposes  other  than  for  the  exclusive  benefit  of  Participants  or  their
Beneficiaries  under the Plan; however, upon written request from the  Employer,
the  Trustee  shall  return  to  the  Employer  the  amount  of  the  Employer's
contribution  made  by mistake of fact. Any contribution made  by  the  Employer
because  of a mistake of fact must be returned to the Employer within  one  year
after  the  date when the contribution was made. The Trustee shall not  increase
the  amount  of  the  Employer  contribution to be  returned  for  any  earnings
attributable  to the contribution, but the Trustee shall decrease  the  Employer
contribution to be returned for any losses attributable to the contribution.

3.5  Participant Contributions. Participants shall not be required nor shall
they  be  permitted to make any contributions to the Trust nor shall  the  Trust
accept any rollover contributions from any Participant.

                             ***End of Article 3***
4
                                    ARTICLE 4
                             ALLOCATIONS TO ACCOUNTS

4.1   Participant's Account. The Committee shall establish and maintain  an
Account  in  the  name of each Participant to reflect the Participant's  benefit
derived from amounts contributed by the Employer and net earnings (or losses) of
the  Trust  Fund.  The  Committee shall subtract all  distributions  made  to  a
Participant's or a Participant's Beneficiary from the Participant's Account when
the distribution is made. The Committee shall subtract all forfeitures when they
occur from the Participants' Accounts which incurred the forfeitures.

4.2   Allocation of Contributions and Forfeitures. The Committee, as of the
Anniversary  Date  of each Plan Year, shall allocate each Employer  contribution
and forfeitures if any to the Account of each Participant of the Employer in the
same  proportion  that each such Participant's Compensation for  the  Plan  Year
bears to the Compensation of all Participants of the Employer for the Plan Year.
A  Participant  who  remains in the employ of the Employer after  attaining  the
Normal  Retirement Date shall continue to participate in Employer contributions.
Forfeitures shall be allocated in the Plan Year in which the forfeiture  occurs.
If  more  than  one entity maintains the Plan, the Committee shall allocate  all
Employer  contributions  and  forfeitures to each Participant  in  the  Plan  in
accordance  with  this  Article, without regard to which  contributing  Employer
employs the Participant. A Participant's Compensation includes Compensation from
all participating Employers, irrespective of which Employers are contributing to
the Plan.

     A  Participant  shall share in the allocation of any Employer  contribution
and  forfeitures only if he or she has completed 1,000 Hours of  Service  during
such  Plan Year. In addition, a Participant must be an Employee of the  Employer
on  the last day of the Plan Year in order to share in the contribution for such
Plan  Year.  However,  a Participant shall share in Employer  contributions  and
forfeitures for the Plan Year in which the Participant retires, dies, or becomes
Disabled,  regardless of the Hours of Service the Participant  completes  during
the Plan Year and regardless of whether he or she is an Employee of the Employer
on the last day of the Plan Year.

4.3   Allocation of Minimum Contribution. The Committee shall allocate  any
additional  contribution to the Account of the Non-Key  Employee  for  whom  the
Employer makes the contribution in accordance with Section 3.3.

4.4  Limitations on Allocations to Participants' Accounts. The amount of Annual
Additions  which  the Committee may allocate under this Plan on a  Participant's
behalf  for a Limitation Year may not exceed the Maximum Permissible Amount.  If
the amount the Employer otherwise would contribute to the Participant's Accounts
would  cause the Annual Additions for the Limitation Year to exceed the  Maximum
Permissible Amount, the Employer shall reduce the amount of its contribution  so
that  the  Annual  Additions for the Limitation Year  shall  equal  the  Maximum
Permissible  Amount. The Excess Amount will be deemed to consist of  the  Annual
Additions  last  allocated. The Committee shall determine the Excess  Amount  by
treating  the  Annual Additions attributable to a welfare  benefit  fund  or  an
individual  medical  account, if any, as allocated first,  irrespective  of  the
actual allocation date.

     Prior  to  determining  the  Participant's  actual  Compensation  for   the
Limitation Year, the Employer may determine the Maximum Permissible Amount for a
Participant  on  the  basis  of  a reasonable estimation  of  the  Participant's
Compensation  for the Limitation Year, uniformly determined for all Participants
similarly situated. As soon as is administratively feasible after the end of the
Limitation  Year,  the Committee shall determine the Maximum Permissible  Amount
for  the Limitation Year based on the Participant's actual Compensation for  the
Limitation Year.

     Disposition of Excess Amount. If there is an Excess Amount with respect  to
a  Participant for a Limitation Year because of contributions based on estimated
Compensation  or  because of the allocation of forfeitures, the Committee  shall
dispose of such Excess Amount as follows:

(a)  If the Plan covers the Participant at the end of the Limitation Year, then
the  Committee  shall use the Excess Amount to reduce future  Employer
contributions (including any allocation of forfeitures) under the Plan for the
next Limitation Year and for each succeeding Limitation Year, as is necessary,
for the Participant.

(b)  If,  after the application of paragraph (a) of this Section, as Excess
Amount still exists, and the Plan does not cover the Participant at the end of a
Limitation Year, then the Committee shall hold the Excess Amount unallocated in
a suspense account. The Committee shall apply the suspense account to reduce
Employer contributions for all remaining Participants in the next Limitation
Year, and in each succeeding Limitation Year if necessary. If a suspense account
is in existence at any time during a Limitation Year, all amounts in the
suspense account must be allocated to Participant's Accounts before any Employer
or Employee contributions may be made to the Plan for the Limitation Year.

(c)  The Committee shall not distribute any Excess Amounts to Participants,
former Participants, or Beneficiaries.

     If there is an Excess Amount with respect to a Participant for a Limitation
Year  for  any  reason other than forfeitures or the estimation of Compensation,
the  Committee  shall dispose of such Excess Amount by reallocating  the  Excess
Amount  to  the  remaining Participants who are eligible for  an  allocation  of
Employer contributions for the Plan Year in which the Limitation Year ends.  The
Committee  shall  make this reallocation on the basis of the  allocation  method
under the Plan as if the Participant whose Accounts otherwise would receive  the
Excess Amount is not eligible for an allocation of Employer contributions.

     More  than One Plan. The Committee shall attribute the total Excess  Amount
allocated  as  of  the Anniversary Date to the Scott's Liquid  Gold-Inc.  401(k)
Plan.

4.5  Code  415 Definitions. For purposes of this Article, the following terms
shall have the meaning described in the paragraphs below:

(a)  Annual Additions shall mean the sum of the following amounts allocated on
behalf  of  a  Participant for a Limitation Year, of (1) all  Employer
contributions; (2) all forfeitures; and (3) all Employee contributions effective
for Plan Years beginning after December 31, 1986. Annual Additions shall also
include Excess Amounts reapplied to reduce Employer contributions under Section
4.4. Amounts allocated after March 31, 1984 to an individual medical account (as
defined in Code  415(l)(2)) and included as part of a pension and annuity plan
maintained by the Employer shall be Annual Additions. Furthermore, Annual
Additions shall include contributions paid or accrued after December 31, 1985
for taxable years ending after December 31, 1985 attributable to post-retirement
medical benefits allocated to the separate account of a key employee (as defined
in Code  419A(d)(3)) under a welfare benefit fund (as defined in Code  419(e))
maintained by the Employer, but only for purposes of the dollar limitation
applicable to the Maximum Permissible Amount.

Pursuant  to Code  415(c)(6), if no more than one-third of  the  total
Employer  contributions for the Plan Year which are  deductible  under
Code  404(a)(9) are allocated to the Accounts of Participants who  are
Highly  Compensated Employees during the Plan Year, then any  Employer
contributions which are used by the Trust to pay interest on an exempt
loan,  and any Stock purchased with an exempt loan which are allocated
as  forfeitures,  are not included as annual additions.  The  Employer
contributions must be used to pay such interest not later am  the  due
date  including  extensions, for filing the Employer's federal  income
tax return for the Plan Year.

(b)  Defined Benefit Plan shall mean a retirement plan which does not provide
for individual accounts for Employer contributions. The Committee shall treat
all Defined Benefit Plans (whether or not terminated) maintained by the Employer
as a single plan.

(c)  Defined Benefit Plan Fraction shall mean the fraction described below:

  Projected annual benefit of the Participant
  under all Defined Benefit Plans of the Employer
  The lesser of (1) 125% (subject to the 100%
  Limitation described in paragraph (h)
  of this Section) of the dollar
  limitation in effect under Code  415(b)(1)(A)
  for the Limitation Year, or (2) 140% of the
  Participant's average Compensation for the
  Participant's highest three consecutive Years of Service

To  determine  the denominator of this fraction, the  Committee  shall
make any adjustment required under Code  415(b) and shall determine  a
Year of Service in accordance with Section 1.39. The "projected annual
benefit"  is the annual retirement benefit (adjusted to an actuarially
equivalent straight life annuity if the plan expresses such benefit in
a  form  other  than  a straight life annuity or qualified  joint  and
survivor  annuity) of the Participant under the terms of  the  Defined
Benefit  Plan  with  the  assumptions that the  Participant  continues
employment  until the normal retirement age as stated in  the  Defined
Benefit  Plan  (or  current  age, if later),  that  the  Participant's
Compensation continues at the same rate as in effect in the Limitation
Year under consideration, and that all other relevant factors used  to
determine  benefits under the Defined Benefit Plan remain constant  as
of the current Limitation Year for all future Limitation Years.

Current Accrued Benefit. If the Participant accrued benefits in one or
more  Defined Benefit Plans maintained by the Employer which  were  in
existence  on  May  5,  1986,  the  dollar  limitation  used  in   the
denominator  of this fraction shall not be less than the Participant's
current  accrued benefit. A Participant's current accrued  benefit  is
the  sum of the annual benefits under such defined benefit plans which
the  Participant had accrued as of the end of the 1986 Limitation Year
(the   last  Limitation  Year  beginning  before  January  1,   1987),
determined without regard to any change in the terms or conditions  of
the  Plan  made after May 5, 1986 and without regard to  any  cost  of
living  adjustment occurring after May 5, 1986. This  current  accrued
benefit  rule  applies only if the Defined Benefit Plans  individually
and  in  the aggregate satisfied the requirements of Code  415  as  in
effect at the end of the 1986 Limitation Year.

(d)  Defined Contribution Plan shall mean a retirement plan which provides for
an individual account for each Participant and for benefits based solely on the
amount contributed to the Participant's Account, and any income, expenses,
gains, losses, and forfeitures of Accounts of other Participants which the plan
may allocate to such Participant's Account. The Committee shall treat all
Defined Contribution Plans (whether or not terminated) maintained by the
Employer as a single plan. For purposes of the limitations of this Article, the
Committee shall treat employee contributions made to a Defined Benefit Plan
maintained by the Employer as a separate Defined Contribution Plan. The
Committee shall also treat as a Defined Contribution Plan an individual medical
account (as defined in Code  415(l)(2)) included as part of a Defined Benefit
Plan maintained by the Employer and, for taxable years ending after December 31,
1985, a welfare benefit fund under Code  419(e) maintained by the Employer to
the extent there are post-retirement medical benefits allocated to the separate
account of a key employee (as defined in Code  419A(d)(3)).

(e)  Defined Contribution Plan Fraction shall mean the fraction described below:
 The sum as of the close of the Limitation Year of the
 Annual Additions to the Participant's Accounts under all
 Defined Contribution Plans of the Employer
 The sum of the lesser of the following amounts determined
 for the Limitation Year and for each prior Year of Service
 with the Employer:  (1) 125% (subject to the 100%
 Limitation in paragraph (h) of this
 Section) of the dollar limitation in
 effect under Code  415(c)(1)(A) for the Limitation Year
 (determined without regard to the special dollar
 limitations for employee stock ownership plans), or
 (2) 35% of the Participant's Compensation
 for the Limitation Year

 For  purposes  of determining the Defined Contribution Plan  fraction,
 the Committee shall not recompute Annual Additions in Limitation Years
 beginning prior to January 1, 1987 to treat all Employee contributions
 as  Annual  Additions. If the Plan satisfied Code  415 for  Limitation
 Years  beginning  prior  to  January  1,  1987,  the  Committee  shall
 redetermine  the  Defined Contribution Plan Fraction and  the  Defined
 Benefit  Plan  Fraction as of the end of the 1986 Limitation  Year  in
 accordance  with  this  paragraph. If  the  sum  of  the  redetermined
 fractions  exceeds 1.0, the Committee shall subtract permanently  from
 the  numerator  of  the Defined Contribution Plan Fraction  an  amount
 equal  to  the  product of (1) the excess of the sum of the  fractions
 over  1.0, times (2) the denominator of the Defined Contribution  Plan
 Fraction. In making the adjustment, the Committee shall disregard  any
 accrued  benefit under the Defined Benefit Plan which is in excess  of
 the  current  accrued benefit (as determined in Section 4.5(c)).  This
 Plan  continues any transitional rules applicable to the determination
 of the Defined Contribution Plan Fraction under the Employer's Plan as
 of the end of the 1986 Limitation Year.

(f)  Excess Amount shall mean the excess of the Participant's Annual Additions
for the Limitation Year over the Maximum Permissible Amount.

(g)  Maximum Permissible Amount shall mean the lesser of (1) $30,000 (or, if
greater,  25%  of  the  defined benefit dollar limitation  under  Code
415(b)(1)(A)), or (2) 25% of the Participant's Compensation for the Limitation
Year. If there is a short Limitation Year because of a change in Limitation
Year, the Committee shall multiply the $30,000 (or adjusted) limitation by the
following fraction:

 Number of months in the short Limitation Year
                                  12

(h)  100%  Limitation  shall mean, if it applies, that the Committee  shall
determine the denominator of the Defined Benefit Plan Fraction and the
denominator of the Defined Contribution Plan Fraction by substituting 100% for
125% each place 125% appears in the definition of Defined Benefit Plan Fraction
and Defined Contribution Plan Fraction under this Section. The 100% Limitation
applies during any Limitation Year this Plan is a Top Heavy Plan only if (1) the
Plan's top heavy ratio exceeds 90%, or (2) the Plan's top heavy ratio is greater
than 60%, and the Employer does not provide extra minimum benefits which satisfy
Code  416(h)(2).

 4.6  Allocation of Earnings, Losses and Changes in Fair Market Value of the Net
Assets  of the Trust Fund. Earnings and losses of the Trust Fund and changes  in
the  fair  market value of the net assets of the Trust Fund (including dividends
other than dividends on Stock, interest and other income, expenses, losses,  and
changes in the fair market value of Stock) shall be computed by the Trustee  and
allocated to the Participants in the ratio which the total dollar value  of  the
Account  (whether or not vested) of each Participant in the Trust Fund bears  to
the  aggregate dollar value of the Accounts of all Participants as of  the  last
Valuation  Date. An Excess Amount or suspense account (as described  in  Section
4.4) shall not share in the allocation of net income, gain or loss described  in
this Section.

     When  the  Employer  declares a cash dividend with respect  to  Stock,  the
provisions  of  this  paragraph  shall apply. The  Employer  may,  in  its  sole
discretion, pay the cash dividend with respect to Stock held by the Trust either
directly to Participants or to the Trustee. If paid to the Trustee, the  Trustee
shall allocate the dividend to the Participant's Account. The dividend shall  be
allocated  among Participants in the ratio that the total dollar  value  of  the
Participant's  Account (whether or not vested) in the Trust Fund  bears  to  the
aggregate  dollar  value  of the Accounts of all Participants  as  of  the  last
Valuation Date.

4.7  Accounting. The Account for each Participant maintained by the Committee
shall indicate the dollar value of his or her current Account in the Trust  Fund
as  of  the  last previous Valuation Date. The Committee shall provide  to  each
Participant  at  least annually, a written statement setting forth  the  current
value of the Participant's Account.

4.8  Methods of Valuation. All assets of the Trust Fund shall be valued at fair
market  value,  which in no event shall be less than the market price  for  such
Stock  as established by the average current bid and asked closing prices quoted
over the NASDAQ system or, absent a quotation on such system or any national  or
regional  stock  exchange, then as determined by an independent appraisal  by  a
person who customarily makes such appraisals.

4.9    Stock  Dividends,  Splits,  Rights,  Warrants,  Options  and   Other
Reorganizations.  Any securities received by the Trustee as  a  stock  split  or
dividend  or  as  a  result of a reorganization or the recapitalization  of  the
Employer  shall be allocated as of each Anniversary Date in the same  manner  as
the  Stock  to  which  it  is attributable has been allocated.  If  any  rights,
warrants, or options are issued on Stock held in the Trust, the Trustee  may  in
its sole discretion exercise them for the acquisition of additional Stock to the
extent  that  cash is then available. Any rights, warrants or options  on  Stock
that  cannot  be exercised for lack of cash may be sold by the Trustee  and  the
proceeds allocated as current income received on Stock.

                             ***End of Article 4***

5
                                    ARTICLE 5
                        VESTING OF PARTICIPANT'S ACCOUNT

5.1  Vesting. If any Participant reaches his or her Normal Retirement Date,
dies,  or suffers Disability while an Employee, his or her entire Account  shall
be  100%  vested.  Vested  shall  mean  a  Participant  or  Beneficiary  has  an
unconditional  claim, legally enforceable against the Plan to the  Participant's
Account.

5.2   Vesting Schedule. Upon separation from service for reasons other than
Retirement  of  the  Normal Retirement Date, Disability, or  death,  the  vested
percentage  of  a  Participant's Account shall equal the  Participant's  Account
multiplied by the percentage corresponding to the Participant's Years of Service
with the Employer under the following vesting schedule, such vesting schedule to
be  effective with respect to a Participant who earns one Hour of Service  in  a
Plan Year beginning after December 31, 1988.

                                    Percentage of
             Years of Service          Account
                                        Which is
                                        Vested

                    Less than 5             0%
                    5 or more             100%

     When  the Committee determines this Plan is a Top Heavy Plan, the Committee
shall  calculate  a  Participant's vesting percentage  in  accordance  with  the
following top heavy vesting schedule:

                                    Percentage of
             Years of Service          Account
                                        Which is
                                        Vested

                    Less than 2             0%
                    2 but less than 3      20%
                    3 but less than 4      40%
                    4 but less than 5      60%
                    5 or more             100%

     If in any subsequent Plan Year, the Plan ceases to be a Top Heavy Plan, the
Committee shall revert to the vesting schedule in effect before this Plan became
a  Top  Heavy  Plan.  Any such reversion shall be treated as  a  Plan  amendment
pursuant to the terms of this Article.

5.3   Full Vesting Upon Termination or Partial Termination of Plan or  Upon
Complete  Discontinuance  of  Contributions. Upon  the  termination  or  partial
termination  of this Plan or upon complete discontinuance of contributions,  the
Accounts  of  all  Participants  as of the date  of  such  termination,  partial
termination,  or  complete discontinuance of contributions  occurred,  shall  be
fully  vested.  The  temporary suspension of Employer  contributions  shall  not
constitute  a  termination or partial termination of this  Plan  and  shall  not
require full vesting.

5.4  Service Included in Determination of Vested Accounts. All Years of Service
with  the  Employer  shall  be  included  for  the  purpose  of  determining   a
Participant's vested percentage, except the following service shall be excluded:

(a)  Years of Service excluded by reason of a Break in Service under Section
     5.5; and

(b)  Years of Service with any of the subsidiaries of the Plan Sponsor prior to
     the date the subsidiary became a member of the Related Group.

5.5  Break in Service - Vesting. For purposes of determining Years of Service
under  this Article, a Participant incurs a Break in Service if during any  Plan
Year  the Participant does not complete more than 500 Hours of Service with  the
Employer.  Forfeiture  Break in Service shall mean five  consecutive  Breaks  in
Service.

     For   the  sole  purpose  of  determining  the  vested  percentage   of   a
Participant's  Account which accrued for the Participant's benefit  prior  to  a
Forfeiture  Break in Service, the Committee shall disregard any Year of  Service
after  the Participant first incurs a Forfeiture Break in Service. The Committee
shall  exclude  Plan  Years  prior  to a Break  in  Service  if  the  number  of
consecutive  Breaks  in Service equals or exceeds the greater  of  five  or  the
aggregate  number  of  the  Years of Service prior to  the  Break  provided  the
Participant  is  0%  vested  in  his  or  her  Accounts  derived  from  Employer
contributions at the time the Participant has a Break in Service. The  aggregate
number of Years of Service before a Break in Service does not include any  Years
of  Service not required to be taken into account under this exception by reason
of any prior Break in Service.

5.6  Forfeiture Occurs. The nonvested portion of a Participant's Account shall
be  forfeited on the last day of the Plan Year when the Participant incurs  five
consecutive one-year Breaks in Service.

5.7  Amendment to Vesting Schedule. Though the Employer reserves the right to
amend  the  vesting  schedule at any time, the Committee  shall  not  apply  the
amended  vesting  schedule to reduce the vested percentage of any  Participant's
Account  (determined  as  of  the later of the  date  the  Employer  adopts  the
amendment,  or  the date the amendment becomes effective) to a  percentage  less
than  the  vested  percentage  computed under the Plan  without  regard  to  the
amendment.

     If the Employer makes a permissible amendment to the vesting schedule, each
Participant  who  has performed at least one Hour of Service in  any  Plan  Year
beginning  after December 31, 1988 and who has at least three Years  of  Service
with  the Employer may elect to have the vested percentage of his or her Account
computed  under  the Plan without regard to the vesting schedule amendment.  For
Participants  who  do not have at least one Hour of Service  in  any  Plan  Year
beginning  after  December  31, 1988, the election described  in  the  preceding
sentence applies only to Participants having at least five Years of Service with
the  Employer. The Participant shall file the election with the Committee within
60  days  after  the  latest of the following three dates:   (a)  the  date  the
Employer  adopts  the  amendment; (b) the date the amendment  is  effective;  or
(c)  the  date  the  Participant receives written notice of the  amendment.  The
Committee,  as soon as administratively feasible, shall forward a  copy  of  any
amendment to the vesting schedule to each affected Participant, together with an
explanation of the effect of the amendment, the appropriate form upon which  the
Participant  may make an election to remain under the vesting schedule  provided
under  the  Plan prior to the amendment and notice of the time within which  the
Participant  shall make an election to remain under the prior vesting  schedule.
For purposes of this Section, an -amendment to the vesting schedule includes any
Plan  amendment  which  directly or indirectly affects the  computation  of  the
vested percentage of a Participant's Account.

5.8  Special Accounting After Distribution to Reemployed Participants. When any
Participant  (whose Account was not 100% vested upon termination  of  employment
and  who  received  a  distribution) becomes reemployed  prior  to  incurring  a
Forfeiture  Break in Service, the Account shall continue to be  maintained  with
respect  to  that  portion  of  his  or her  interest,  if  any,  which  is  not
distributed. The interest of such Participant in such Account shall continue  to
vest pursuant to Section 5.2.

                             ***End of Article 5***

6
                                    ARTICLE 6
                                  DISTRIBUTIONS

6.1  Distributions Not Exceeding $3,500. The Committee shall direct the Trustee
to  distribute  the Participant's Account in the form of a lump sum,  not  later
than  60  days  after  the  close of the Plan Year in  which  the  Participant's
employment terminates for any reason, including death, disability, or attainment
of  the Normal Retirement Date, if the Participant's vested Account (at the time
of  the  distribution)  does  not exceed $3,500.  If  the  Participant's  vested
Account,  at  the time of any distribution, exceeds $3,500, the Committee  shall
treat  a  distribution as exceeding $3,500 for purposes of all  subsequent  Plan
distributions to the Participant.

6.2   Distributions  Exceeding  $3,500. The Trustee  shall  distribute  the
Participant's  Account in the form and at the time elected by  the  Participant,
pursuant to Section 6.6. If the Participant or the Beneficiary does not elect in
writing  to  a  time or method of payment in accordance with  Section  6.6,  the
Committee  shall direct the Trustee to commence distribution of a  Participant's
vested Account in accordance with this Section, not later than 60 days after the
close of the Plan Year in which the Participant's employment terminates for  any
reason,  including  death, disability, or attainment of  the  Normal  Retirement
Date. Notwithstanding the immediately preceding sentence, a Participant (or  the
Participant's  Beneficiary, if the Participant is deceased)  shall  consent,  in
writing,  within  the  90 day period ending on the annuity  starting  date  (see
Section  6.6), to any distribution if the Participant's vested Account,  at  the
time  of  the distribution exceeds $3,500, and the Participant has not  attained
the  later of Normal Retirement Date or age 62. The failure of a Participant  to
consent  to a distribution of any part of his or her vested Account which  could
be  distributed  under the Plan before attaining the later of Normal  Retirement
Date  or age 62 shall be deemed to be an election to defer distribution  of  the
Participant's  vested Account until the time for distribution specified  in  the
immediately following paragraph.

     Unless  the  participant elects otherwise, the Committee shall  direct  the
Trustee  to distribute the Participant's vested Account in a lump sum not  later
than the 60th day after the close of the Plan Year in which occurs the latest of
the following events:

(a)  the Participant attains age 65 (or Normal Retirement Date, if earlier);

(b)  the  10th  anniversary of the first day of the Plan Year in which  the
     Participant commenced participation in the Plan; or,

(c)  the Participant terminates service with the Employer.

Notwithstanding  the preceding provisions of this Section, the  Committee  shall
direct  the  Trustee to distribute any amount required to be  distributed  under
Section 6.3 (or under Code  415) prior to the time described in this Section.

     Distributions  Upon  Death  Which Exceed $3,500.  Upon  the  death  of  the
Participant,   the  Committee  shall  direct  the  Trustee  to  distribute   the
Participant's  vested  Account  remaining in  the  Trust  at  the  time  of  the
Participant's death to the Participant's Beneficiary in the form and at the time
elected  by  the  Beneficiary in accordance with Section 6.6. The  Beneficiary's
election is subject to any restrictions designated in writing by the Participant
and not revoked as of the date of the Participant's death. In the absence of  an
election  by  the  Beneficiary,  the  Committee  shall  direct  the  Trustee  to
distribute  the Participant's Account in a lump sum, as soon as administratively
practicable  following  the  Participant's death  (or  the  date  on  which  the
Committee  receives  notification of, or otherwise  confirms  the  Participant's
death), but not later than 60 days after the close of the Plan Year in which the
Participant's death or notification occurred.

6.3   Distributions on Account of Attaining Age 70 and one half. The provisions
in this Section take precedence over all other provisions in this Article. The
Committee shall  direct  the Trustee to distribute under this Section not later
than the Participant's Required Beginning Date. Notwithstanding the immediately
preceding sentence,  the  Committee shall direct the Trustee to distribute a
Participant's vested Account in accordance with a properly executed transitional
election  (as provided in the last paragraph of this Section).

     Required  Beginning Date. Required Beginning Date shall mean  the  April  1
following  the close of the calendar year in which the Participant  attains  age
70 and one half. However, if the Participant, prior to separating from Service,
attained age 70 and one half  before  January 1, 1988, and, for the five Plan
Year period ending  in  the calendar  year in which the Participant attained
age 70 and one half and for all  subsequent years,  the  Participant did not own
more than 5% of the Employer, the  Required Beginning Date shall be the April 1
following the close of the calendar year  in which  the  Participant  separates
from Service or,  if  earlier,  the  April  1 following the close of the
calendar year in which the Participant owns more than 5%  of the Employer.
Furthermore, if a Participant who did not own more than  5% of the Employer
attained age 70 and one half during 1988 and did not separate from Service
prior  to  January 1, 1989, the Participant's Required Beginning Date  shall  be
April  1, 1990. A mandatory distribution at the Participant's Required Beginning
Date  shall  be  in  lump sum unless the Participant makes a valid  election  to
receive an alternative form of distribution.

     Minimum  Distribution Requirements for Participants. The Trustee shall  not
distribute  the  Participant's vested Account under  a  method  of  distribution
which,  as  of  the  Required  Beginning Date,  does  not  satisfy  the  minimum
distribution  requirements  under Code  401(a)(9) and  the  applicable  Treasury
regulations.

     Minimum   Distribution  Requirements  for  Beneficiaries.  The  method   of
distribution to the Participant's Beneficiary shall satisfy Code  401(a)(9)  and
the applicable Treasury regulations. If the Participant's death occurs after his
or  her  Required Beginning Date (or if earlier, the date an irrevocable annuity
commences to the Participant), the distribution period to the Beneficiary  shall
not  exceed the distribution period which had commenced for the Participant.  If
the  Participant's death occurs prior to his or her Required Beginning Date, the
method of distribution to the Beneficiary shall provide for distribution to  the
Beneficiary  over  a  period  not  exceeding 5  years  after  the  date  of  the
Participant's death.

     If  the  designated Beneficiary is the Participant's surviving spouse,  the
Trustee  may delay distribution until December 31 of the calendar year in  which
the  Participant would have attained age 70 and one half, if later. If the
surviving  spouse dies  after  the Participant but before distributions commence
to the  surviving spouse,  the  provisions of this Section (other than the
immediately  preceding sentence) shall be applied as if the surviving spouse
were the Participant.

     Transitional  Elections.  If  the Participant  (or  Beneficiary)  signed  a
written  distribution designation prior to January 1, 1984, the Committee  shall
distribute the Participant's vested Account in accordance with that designation.
The  Committee shall not comply with a pre-1984 distribution designation if  any
of the following applies: (a) the method of distribution would have disqualified
the  Plan  under  Code  401(a)(9) as in effect on December  31,  1983;  (b)  the
Participant  did  not  have  an  Account  as  of  December  31,  1983;  (c)  the
distribution  designation  does  not  specify  the  timing  and  form   of   the
distribution  and  the  death  Beneficiaries (in order  of  priority);  (d)  the
substitution  of  a  Beneficiary modifies the distribution period;  or  (e)  the
Participant  (or Beneficiary) modifies or revokes the distribution  designation.
In the event of a revocation, the Plan shall distribute, not later than December
31  of the calendar year following the year of revocation, the amount which  the
Participant would have received under this Section if the election had not  been
in  effect  or,  if the Beneficiary revokes the election, the amount  which  the
Beneficiary would have received under this Section if the election had not  been
in  effect. The Committee shall apply this Section to rollovers and transfers in
accordance with the Code  401(a)(9) regulations.

6.4  Distributions Under Domestic Relations Order. Nothing contained in this
Plan  shall  prevent  the  Trustee, in accordance  with  the  direction  of  the
Committee, from complying with the provisions of a qualified domestic  relations
order  (as  defined  in Code  414(p)). Prior to January 1,  1994,  an  alternate
payee  under  a  qualified  domestic relations  order  was  not  entitled  to  a
distribution prior to the time the Participant attained the earliest  retirement
age  (as defined under Code  414(p)) under the Plan. Effective January 1,  1994,
the  Plan  permits distribution to an alternate payee under a qualified domestic
relations  order  at  any  time, irrespective of  whether  the  Participant  has
attained  the  earliest  retirement age under the Plan.  A  distribution  to  an
alternate payee prior to the Participant's attainment of the earliest retirement
age  is  available only if (a) the order specifies distribution at that time  or
permits  an  agreement between the Plan and the alternate payee to authorize  an
earlier  distribution;  and (b) if the present value of  the  alternate  payee's
benefits  under  the Plan exceeds $3,500 and the order requires,  the  alternate
payee  consents  to  any  distribution  occurring  prior  to  the  Participant's
attainment  of  the earliest retirement age. Nothing in this  Section  shall  be
construed  to permit a Participant to receive a distribution at a time otherwise
not  permitted under the Plan, nor does it permit the alternate payee to receive
a form of distribution not permitted under the Plan.

     The  Committee  shall  establish reasonable  procedures  to  determine  the
qualified  status  of  a  domestic relations order. Upon  receiving  a  domestic
relations  order,  the Committee promptly shall notify the Participant  and  any
alternate payee named in the order, in writing, of the receipt of the order  and
the  Plan's procedures for determining the qualified status of the order. Within
a  reasonable period of time after receiving the domestic relations  order,  the
Committee shall determine the qualified status of the order and shall notify the
Participant  and  each  alternate payee, in writing, of its  determination.  The
Committee  shall  provide  notice  under  this  paragraph  by  mailing  to   the
individual's address specified in the domestic relations order, or in  a  manner
consistent with Department of Labor regulations.

     If  any portion of the Participant's vested Account is distributable during
the period the Committee is making its determination of the qualified status  of
the domestic relations order, the Committee shall make a separate accounting  of
the  amounts distributable. If the Committee determines the order is a qualified
domestic  relations order within 18 months following receipt of the  order,  the
Committee  shall direct the Trustee to distribute the distributable  amounts  in
accordance  with the order. If the Committee does not make its determination  of
the  qualified status of the order within the 18 months following receipt of the
order,  the  Committee shall direct the Trustee to distribute the  distributable
amounts  in the manner the Plan would distribute if the order did not exist  and
shall  apply the order prospectively if the Committee later determines the order
is a qualified domestic relations order.

     If  not  prohibited  by the provisions of the qualified domestic  relations
order, the Committee may direct the Trustee to invest any partitioned amount  in
a  segregated Account and to invest the account in federally insured,  interest-
bearing  savings  accounts or time deposits (or a combination of  both),  or  in
other  fixed  income  investments.  The Trustee  shall  make  any  distributions
required  under  this  Section  by separate benefit  checks  or  other  separate
distribution to the alternate payees.

6.5  Diversification Distributions. A Participant shall make an election under
this  Section on a form prescribed by the Committee at any time during the  Plan
Year  for  which the election is to be effective. In the written  election,  the
Participant  shall  specify the dollar amount desired  to  be  distributed.  The
Trustee  shall distribute to a Participant in accordance with such  an  election
under  this  Section  within the 90 day period (or as soon  as  administratively
practicable) after the Participant files the written election with the Trustee.

     Notwithstanding any other provision of this Plan, any Participant  who  has
attained age 55 and who has completed at least 10 years of participation in  the
Plan (hereinafter referred to as a "Qualified Participant") shall be entitled to
elect,  within  90  days  after the end of any Plan Year  in  the  Participant's
Qualified  Election Period, to receive a distribution of up to 25% of the  total
number of shares of Stock that were allocated to the Participant's Account after
December 31, 1986 and prior to July 1, 1994, less any shares of such Stock  that
have  previously been distributed to the Participant. With respect to  the  last
Plan  Year in a Participant's Qualified Election Period, the preceding  sentence
shall  be  applied  by substituting "50%" for "25%." An election  to  receive  a
distribution  of  Stock under this Subsection may not be  made  by  a  Qualified
Participant  unless the fair market value (as of any valuation date  during  the
Participant's Qualified Election Period) of the Stock that has been allocated to
the  Participant's Account and that was acquired by or contributed to  the  Plan
after December 31, 1986 and prior to July 1, 1994, exceeds $500.

(a)  The "Qualified Election Period" for a Qualified Participant is the period
consisting of the six-consecutive Plan Years beginning with the Plan Year in
which the Participant first becomes a Qualified Participant. However, if a
Participant became a Qualified Participant prior to January 1, 1987, such
Participant's Qualified Election Period is the period consisting of the five-
consecutive Plan Years beginning with the Plan Year that ended on December 31,
1987, and such Participant shall be entitled to make his or her first election
under this Section (relating to the Plan Year that ended on December 31, 1987)
by September 6, 1988.

(b)  Any distribution of Stock pursuant to a Qualified Participant's election
 under this Section shall be made within 90 days after the end of the period
 during which the Qualified Participant was entitled to make the election under
 this Section. Any Stock so distributed shall be subject to the put option.

6.6  Distribution Methods, Consents and Election. Subject to any restrictions
prescribed  by Section 6.3, a Participant or Beneficiary may elect  a  lump  sum
distribution in Stock commencing within a reasonable period of time on or  after
60  days  following the end of the Plan Year in which the Participant terminated
employment  with  the Employer. Fractional shares shall be  paid  in  cash.  For
purposes of a distribution under the Plan, the value of a Participant's  Account
shall  be its value as of the Valuation Date immediately preceding the  date  of
the distribution.

     Not  earlier  than  90 and not later than 30 days before the  Participant's
annuity  starting  date,  the Committee shall provide  a  benefit  notice  to  a
Participant  who  is eligible to make an election or required to  consent  under
this  Article.  For purposes of this Article, the term "annuity  starting  date"
means the first day of the first period for which the Plan pays an amount as  an
annuity  or  in  any other form. The benefit notice shall explain  the  optional
methods  of  distribution  from the Plan, including the  material  features  and
relative  values  of  those  methods,  and  the  Participant's  right  to  defer
distribution until he or she attains age 70 and one half.  If a distribution is
one to which Code   401(a)(11)  and  417 do not apply, such distribution  may
commence  less than  30  days after the notice required under Treas. Reg.  \
1.411(a)-  11(c)  is given, provided that:

(a)  the Committee clearly informs the Participant that the Participant has a
right to a period of at least 30 days after receiving the notice to consider the
decision of whether or not to elect a distribution (and, if applicable, a
particular distribution option), and

(b)  the  Participant, after receiving the notice, affirmatively  elects  a
distribution.

     If  a Participant or Beneficiary makes an election under this Section,  the
Committee  shall  direct  the  Trustee to distribute  the  Participant's  vested
Account  in accordance with that election. The Participant or Beneficiary  shall
make an election under this Section by filing his or her election form with  the
Committee  at  any  time  before  the  Trustee  otherwise  would  distribute   a
Participant's Account in accordance with the requirements of this Article.

6.7  Annuity Distributions to Participants and Surviving Spouses. The annuity
distribution provisions of Code  417 shall not apply to any Participant  in  the
Plan except to:

(a)  a  Participant with respect to whom the Plan is a direct  or  indirect
     transferee from a plan subject to the Code  417 requirements, and the Plan
     received the transfer after December 31, 1984, unless the transfer is an
     elective transfer;

(b)  a Participant who elects a life annuity distribution; and

(c)  a Participant whose benefits under a defined benefit plan maintained by the
     Employer are offset by benefits provided under this Plan.

6.8   Destination  of  Beneficiary. For all  purposes  of  this  Plan,  the
Participant's Beneficiary shall be the Participant's surviving spouse,  if  any,
and  the surviving spouse shall receive the Participant's Accounts in the  Trust
Fund  upon  the  death  of the Participant. However, if there  is  no  surviving
spouse,  or if the spouse has previously consented to the designation of another
Beneficiary, a Participant's Beneficiary shall be the person designated  by  the
Participant on a written form prescribed by and delivered to the Committee.  Any
consent  by  a spouse to the designation of a Beneficiary other than the  spouse
must  be  in  writing,  must acknowledge the effect of  such  consent,  must  be
witnessed  by  a Plan Representative or notarized by a notary public,  and  must
meet one of the following three requirements:

(a)  The consent must designate a specific Beneficiary that cannot be changed
without the additional consent of the spouse in a form meeting the requirements
of this Section;

(b)  The consent must specifically provide that the Participant may change the
 designation of a Beneficiary without any further consent by the spouse, and the
 spouse must acknowledge in the consent that he or she is giving up the right to
 limit his or her consent to a specific Beneficiary; or

(c)  The  consent must meet the requirement of clause (b) of this sentence,
except that the Participant's right to change a Beneficiary without any further
consent by the spouse may be limited to a change among certain Beneficiaries.

If  a  Participant  dies  without  leaving  a  surviving  spouse,  the
Participant's  Accounts  shall  be  distributed  to  the   Beneficiary
designated by the Participant.

     If  a  Participant,  who  does  not have a spouse,  fails  to  designate  a
Beneficiary  before  his or her death, or if no designated Beneficiary  survives
the  Participant,  the Committee shall direct the Trustee  to  pay  his  or  her
account in the Trust Fund first to his or her surviving spouse, if any, next  to
his  or her descendents by right of representation, if any, or if none, then  to
his  or  her  personal  representative. If no personal representative  has  been
appointed,  if  actual notice of such is given to the Committee within  60  days
after the Participant's death, and if his or her Account does not exceed $3,500,
the Committee may direct the Trustee to pay his or her Account to such person as
may  be  entitled  to  it  under the laws of descent of  the  state  where  such
Participant resided at the date of his or her death. In such case, the Committee
may  require such proof in writing or identity from such person as the Committee
may deem necessary.

6.9  Direct Rollover/Transfer Provisions. This Section applies to distributions
made  on or after January 1, 1993. Notwithstanding any provision of the Plan  to
the  contrary  that  would otherwise limit a Distributee's election  under  this
Section,  a  Distributee may elect, at the time and in the manner prescribed  by
the  Committee,  to  have any portion of an Eligible Rollover Distribution  paid
directly to an Eligible Retirement Plan specified by the Distributee in a Direct
Rollover. The following definitions shall apply for purposes of this Section:

(a)  Eligible Rollover Distribution: An Eligible Rollover Distribution is any
 distribution of all or any portion of the balance to the credit of the
 Distributee, except that an Eligible Rollover Distribution does not include:

(1)  any distribution that is one of a series of substantially equal periodic
payments (not less frequently than annually) made for the life (or life
expectancy) of the Distributee or the joint lives (or joint life expectancies)
of the Distributee and the Distributee's designated Beneficiary, for a specified
period of ten years or more;

(2)  any distribution to the extent the distribution is required under Code
401 (a)(9); and

(3)  the portion of any distribution that is not includable in gross income
(determined without regard to the exclusion for net unrealized appreciation with
respect to employer securities).

(b)  Eligible Retirement Plan: An Eligible Retirement Plan is an individual
retirement account described in Code  408(a); an individual retirement annuity
described in Code  408(b); an annuity plan described in Code  403(a); or a
qualified trust described in Code  401(a), that accepts the Distributee's
Eligible Rollover Distribution. However, in the case of an Eligible Rollover
Distribution to the surviving spouse, an Eligible Retirement Plan is an
individual retirement account or individual retirement annuity.

(c)  Distributee:  A Distributee includes an Employee or former Employee. In
addition, the Employee's or former Employee's surviving spouse and the
Employee's or former Employee's spouse or former spouse who is the alternate
payee under a qualified domestic relations order, as defined in Code  414(p),
are Distributees with regard to the interest of the spouse or former spouse.

(d)  Direct  Rollover:  A Direct Rollover is a payment by the Plan  to  the
Eligible Retirement Plan specified by the Distributee.

                        ***End of Article 6***

7
                                    ARTICLE 7
                                 EMPLOYER STOCK

7.1  Registration of Distributed Shares of Employer Stock. Although the Employer
expects  to  register  the  Stock,  Stock distributed  by  the  Trustee  may  be
restricted  as  to  sale  or transfer of such shares or other  securities  under
federal  and  state  securities  laws, which  restrictions  would  be  similarly
applicable  to all Stock of the same class. This Section shall not  require  the
Participant  to  sell the Stock to the Employer or Trustee, but  is  imposed  to
comply  with  the  rules  and regulations of the United  States  Securities  and
Exchange Commission.

7.2   Put  Option. If all or a portion of the Stock held in a Participant's
Account  is  subject at the time of distribution by the Trustee to  restrictions
under  any federal or state securities laws, any regulations thereunder, or  any
agreement, such that the Stock distributed to the Participant cannot  be  freely
traded  or  is  not readily tradeable within the meaning of  409(l)(1)  and  any
Treasury  Regulations promulgated thereunder, the Employer shall  issue  a  "put
option" to any Participant who receives a distribution of Stock. The put  option
must permit the Participant to sell the distributed Stock to the Employer at any
time  during  two  option periods, at the fair market value of the  shares.  The
first  put  option period is for at least sixty days beginning on  the  date  of
distribution. The second put option period is for at least sixty days  beginning
after  the  new determination of the fair market value of Stock by the Committee
(and  notice to the Participant) in the following Plan Year. The put option must
provide that if the Participant exercises the put option, the Employer,  or  the
Plan if the Plan so elects, shall repurchase the Stock as follows:

(a)  If the distribution is a total distribution, payment of the fair market
value of a Participant's distributed Stock shall be made either in a single sum
or substantially equal annual installments over a period of time not longer than
five years at the discretion of the Committee. The first installment shall be
paid not later than 30 days after the Participant exercises the put option. The
Plan shall pay a reasonable rate of interest and provide adequate security on
amounts not paid after 30 days.

(b)  If the distribution is not a total distribution, the Plan shall pay the
Participant an amount equal to the fair market value of the Stock repurchased no
later than 30 days after the Participant exercises the put option.

(c)  The Employer shall be required to purchase the Stock at the fair market
price established by the current bid and asked closing prices quoted by persons
independent of the Employer, (i) determined on the date the put option is
exercised if the exercise is by a disqualified person, as defined in Code
 4975(e)(2), or (ii) in all other cases, determined as of the most recent
Valuation Date.

(d)  The closing for purposes of consummating the transaction under this Section
shall be held at the place, on the date and at the time to which the selling
Participant and the Employer may agree, provided that the closing shall be held
not later than 30 days after the exercise of the put option by the selling
Participant.

7.3  Right of First Refusal. If Stock is distributed to a Participant from his
or  her  Account  at  a time when it is not readily tradable on  an  established
public market, the Stock is subject to a "right of first refusal." The right  of
first refusal must provide that, before any subsequent transfer, the shares must
first be offered for purchase in writing to the Employer, and then to the Trust,
at  the  then  fair market value. A bona fide written offer from an  independent
prospective  buyer is deemed to be the fair market value of the Stock  for  this
purpose. The Employer and the Committee (on behalf of the Trust) have a total of
14  days to exercise the right of first refusal on the same terms offered  by  a
prospective  buyer. The Employer may require that a Participant  entitled  to  a
distribution  of  Stock  execute  an  appropriate  stock  restriction  agreement
(evidencing  the  right  of first refusal) before receiving  a  certificate  for
Stock.

7.4  Sale of Stock. The Participant may elect to sell, subject, however, to any
limitations  discussed  in  this Article, all or  any  part  of  any  securities
distributed.

7.5   Notice. Any offer, acceptance of an offer, or any other communication
required  or permitted to be given to any Participant or the Trustee under  this
Article  shall be deemed to have been given if and when such notice, payment  or
other communication is deposited in the United States Mail, first class, postage
prepaid,  addressed to such person as is addressed currently in the  records  of
the  Committee,  and  it shall be the obligation of each parson  to  notify  the
Committee of any change of address.

7.6  Legend. The Committee shall have the right to require an appropriate legend
referring  to  the  terms  and  conditions of this  Article  be  placed  on  the
certificate representing the outstanding Stock.

                             ***End of Article 7***

8
                                    ARTICLE 8
                                 ADMINISTRATION

8.1  Appointments of Committee. The Plan Sponsor shall appoint the Committee.
The  Committee  shall  be the plan administrator. At least  one  member  of  the
Committee  shall be a Director of the Plan Sponsor. The members of the Committee
shall  be  the  named fiduciary of the Plan. Each such member of  the  Committee
shall serve at the pleasure of the Plan Sponsor and may resign at any time  upon
written  notice  to the Plan Sponsor. The Committee may appoint  any  person  or
entity  to  serve  in  more than one fiduciary capacity. The  Plan  Sponsor  may
specify a period of time before such resignation can become effective. The  Plan
Sponsor shall have the power to fill vacancies among the foregoing fiduciaries.

8.2  Organization and Operation of Committee. The Committee shall have at least
two members. The Committee may adopt such procedures as each deems desirable for
the  conduct of its respective affairs and may appoint or employ a secretary  or
other agents, any of whom may be, but need not be, an officer or employee of the
Employer.  Any  agent  may be removed at any time by the  person  appointing  or
employing him.

8.3  Information to be Made Available to Committee. To enable the Committee to
perform  all of its respective duties under the Plan, the Employer shall provide
the Committee with access to the following information for each Employee:

     (a)  Name and Address,

     (b)  Social Security Number,

     (c)  Birth Date,

     (d)  Dates of commencement and termination of employment,

     (e)  Reason for termination of employment,

     (f)  Hours worked during each year,

     (g)  Annual Compensation, and

     (h)  Employer contributions and such other information as the Committee may
          require.

     To  the  extent  the  information is available  in  Employer  records,  the
Employer shall provide the Committee with access to information relating to  any
contributions made to each Participant and any benefits received  on  behalf  of
each  Participant under the Plan. If such information is not available from  the
Employer's  records,  the  Committee shall  obtain  such  information  from  the
Participants. The Committee and the Employer may rely on and shall not be liable
because  of  any  information  which an Employee provides,  either  directly  or
indirectly.  As soon as possible following any Participant's death,  Disability,
retirement  or  other termination of employment, the Employer shall  certify  in
writing  to  the Committee such Participant's name and the date and  reason  for
such Participant's termination of employment.

8.4  Resignation and Removal of Committee Member; Appointment of Successors. Any
Committee  member may resign at any time by giving written notice  to  the  Plan
Sponsor, effective upon receipt of such notice. At any time any Committee member
may  be  removed  from the Plan Sponsor without cause. As soon  as  practicable,
following  the death, resignation or removal of any Committee member,  the  Plan
Sponsor  shall  appoint  a  successor  by  resolution.  Written  notice  of  the
appointment  of a successor Committee member shall be given by the  Employer  to
the  Trustee. Until receipt by the Trustee of such written notice,  the  Trustee
shall not be charged with knowledge or notice of such change.

8.5  Duties and Powers of Committee.

(a)  In  General. The Committee shall decide all questions arising  in  the
administration, interpretation and application of the Plan and Trust, including
all questions relating to eligibility, vesting, and distribution, except as may
be reserved under this Plan to the Employer or its Plan Sponsor. The Committee
may  designate any person (other than Trustee) to discharge any of the
Committee's fiduciary responsibilities under the Plan (other than a Trustee
responsibility) and may employ one or more persons to render advice with regard
to any responsibility the Committee has under the Plan. The Committee from time
to time shall direct the Trustee concerning the payments to be made out of the
Trust Fund pursuant to this Plan. All notices, directions, information and other
communications to and from the Committee shall be in writing.

(b)  Record Keeping. The Committee shall keep a record of all of the Committee's
proceedings and shall keep all such books of account, records, and other data as
may be necessary or advisable in its judgment for the administration of this
Plan and Trust, including records to reflect the affairs of this Plan, to
determine the amount of vested and/or forfeitable interest of the respective
Participants in the Trust Fund, and to determine the amount of all benefits
payable under this Plan. The Committee shall maintain separate Accounts for each
Participant. Subject to the requirements of law, any person dealing with the
Committee may rely on, and shall incur no liability in relying on, a certificate
or memorandum in writing signed by the Committee as evidence of any action taken
or resolution adopted by the Committee.

(c)  Reporting and Disclosure. The Committee shall be responsible  for  all
applicable reporting and disclosure requirements. The Committee shall prepare,
file with the United States Secretary of Labor, the United States Secretary of
the Treasury, or the Pension Benefit Guaranty Corporation, when applicable, and
furnish to Participants and Beneficiaries, when applicable, the following:

(i)  Summary plan description;
(ii) Plan description;
(iii)     Description of modifications and changes;
(iv) Annual Report:
(v)  Terminal and supplementary reports;
(vi) Registration Statement; and
(vii)     Any other return, report or document required by law.

(d)  Statement of Benefits Accrued and Vested. The Committee shall furnish any
Participant or Beneficiary who so requests in writing a statement indicating, on
the basis of the latest available information, such Participant's total Account
and the vested portion thereof, if any, and shall furnish such a written
statement to any Participant who terminates employment with the Employer during
the Plan Year and who is entitled to the vested portion of his or her Accounts
under the Plan as of the end of the Plan Year, taking into consideration any
benefits which have been paid with respect to such Participant during the Plan
Year. The statement shall be an individual statement and shall contain the
information required in the Annual Registration Statement which the Committee is
required to file with the Secretary of the Treasury.

(e)  Inspection of Documents. The Committee is to make available for inspection
copies of the Plan description in the latest Annual Report and the agreements
under which the Plan was established or operated. In addition, the Committee is
to comply with every other requirement imposed on him or her by law.

 (f)  Claims Procedure.

 (i)  Filing and Initial Determination of Claim. Any Participant or Beneficiary
may file a claim for a plan benefit to which such Participant believes such
Participant is entitled. Such a claim must be in writing and delivered to the
Committee in person or by certified mail, postage prepaid. Within 60 days after
receipt of such claim, the Committee shall deliver personally or send to the
claimant by certified mail, postage prepaid, notice of the granting or denying,
in whole or in part, of such claim. The Committee shall have full discretion to
deny or grant a claim in whole or in part.

(ii) Duty of Committee Upon Denial of Claim. The Committee shall provide to
every claimant who is denied a claim for benefits written notice setting forth
in a manner calculated to be understood by the claimant:

(1)  The specific reason or reasons for the denial;

(2)  Specific reference to pertinent plan provisions on which the denial is
     based;

(3)  A description of any additional material or information necessary for the
     claimant to perfect the claim and an explanation of why such material is
     necessary; and

(4)  An explanation of the Plan's claim review procedure.

(iii)     Request for Review of Claim Denial. Within 60 days after receipt by
the claimant of written notification of the denial in whole or in part of his or
her claim, the claimant, upon written application to the Committee in person or
by certified mail, postage prepaid, may request a review of such denial, may
review pertinent documents, and may submit issues and comments in writing. Upon
its receipt of the request for review, the Committee shall notify the Plan
Sponsor of the request.

(iv) Claims Reviewer. Upon its receipt of notice of a request for review, the
Plan Sponsor shall appoint a person other than a Committee member to be the
claims reviewer. The Committee shall deliver to the claims reviewer all
documents submitted by the claimant and all other documents pertinent to the
review. The claims reviewer shall make a prompt decision on the review. The
decision on review shall be written in a manner calculated to be understood by
the claimant, and shall include specific reasons for the decision and specific
references to the pertinent Plan provisions on which the decision is based. The
decision on review shall be made no later than 60 days after the Committee's
receipt of a request for review, unless special circumstances require an
extension of time for processing, in which case a decision shall be rendered not
later than 120 days after receipt of the request for review.

(v)  Legal Remedy. After exhaustion of the claims procedures provided under this
Plan, nothing shall prevent any person from pursuing any other legal remedy.

(g)  Funding Policy. The policy of the Employer is that this Plan shall  be
funded with Employer contributions. The Committee shall determine the Plan's
short-term and long-term financial needs and regularly communicate these
requirements to the appropriate persons. To the extent that Stock are purchased
with proceeds of an exempt loan as provided under Section 9.3(g), the policy of
the Committee shall require that the Employer contribute sufficient funds to
enable the Trustee to pay the principal and interest then due on such loan. The
Committee will determine whether the Plan has a short-term need for liquidity,
(for example, to purchase Stock or repay the amount due and owing on an exempt
loan) or whether liquidity is a long-term goal and investment goal is a more
current need. The Committee shall communicate such information to the Trustee so
that investment policy can be coordinated with the Plan's needs.

(h)  Bonding of Fiduciaries and Plan Officials. The Committee shall procure
bonds for every fiduciary of the Plan and every plan official who handles funds
of the Plan, in an amount not less than 10% of the amount of funds handled and
in no event less than $ 1,000, except the Committee shall not be required to
procure such bonds if:

  (1)  The person is excepted from the bonding requirement by law, or

  (2)  The Secretary of Labor exempts the Plan from the bonding requirements.

  The bonds shall conform to the requirements of law.

8.6  Advice to Designated Fiduciaries. Any fiduciary designated by the Committee
may  employ  with  the consent of the Committee one or more  persons  to  render
advice  as  regards  any responsibility of such designated fiduciary  under  the
Plan.

8.7  Majority Control. The Committee shall act by a majority of its members then
in office, either at a meeting or by written consent without a meeting.

                             ***End of Article 8***

9
                                    ARTICLE 9
                        POWERS AND DUTIES OF THE TRUSTEE

9.1   Establishment and Acceptance of Trust. The Trustee shall receive  any
contributions  paid  to  it in cash or in Stock. All contributions  so  received
together  with the income therefrom shall be held, managed, and administered  in
trust  pursuant to the terms of this Plan. The Trustee hereby accepts the  Trust
created  hereunder and agrees to perform the duties under this Plan on its  part
to be performed.

9.2   Investments of Trust Funds. Any cash received by the Trustee for  the
Account  of any Participant or credited to the Account of any Participant  shall
be  invested primarily in Stock. Subject to the direction of the Committee,  the
Trustee  is  authorized to invest and hold up to 100% of  the  Trust  assets  in
Stock.  The Trust may purchase Stock from the Employer or from any other source,
and such Stock may be outstanding, newly issued or treasury securities. All such
purchases  must be made at fair market value. The determination of  fair  market
value  shall  be in accordance with Section 4.9, unless regulations subsequently
promulgated  by  the  Secretary of Labor with respect to  ERISA   3(18)  provide
otherwise, in which case a determination of fair market value shall be  made  in
accordance with such regulations.

     Any cash received by the Trustee shall be applied first to meet any current
obligation  of  the Trust Fund incurred for purchase of Stock (i.e.,  an  exempt
loan  as  provided  in  Section  9.3(g)) and if the  Committee  so  directs  may
thereafter be applied to purchase Stock. If the Committee fails to instruct  the
Trustee  as  to the manner in which the funds held in the Trust Fund  should  be
invested,  then  the  Trustee may invest the entire  Trust  Fund  in  a  savings
account,  certificates  of  deposit, money market funds  or  any  other  similar
investment,  including  depositing such cash with the Trustee  bank  if  a  bank
serves  as  Trustee hereunder, or any other investment permitted  under  Section
9.3(a),  other  than Stock, provided such investment or the  retention  of  such
investment is prudent under all the facts and circumstances then prevailing.

9.3   Powers  of Trustee. The Trustee shall have the following  powers  and
authority in the administration of the Trust to be exercised in accordance  with
and subject to the provisions of Sections 9.2 and 9.4.

(a)  Purchase of Property. To invest as directed by the Committee all or any
portion of the Trust Fund in Stock and, unless otherwise directed by the
Committee to invest in Stock, to invest the balance, if any, of the Trust Fund
in  any common or preferred stock, including shares or certificates of
participation issued by regulated investment companies or trusts, shares or
units in qualified common trust funds, pooled funds, or pooled investment funds
of an insurance Employer qualified to do business in a state, bonds (including
United States Retirement Plan Bonds), insurance contracts, mortgages, notes or
other property of any kind, real or personal, or in the absence of any direction
from the Committee concerning the method of investing Trust Funds, to invest the
entire Trust Fund as a prudent man would do under like circumstances, taking
into account the special purposes of the Plan.

(b)  Retention and Deposit of Funds. To retain in cash so much of the Trust Fund
as the Committee directs to satisfy liquidity needs of the Plan; to deposit any
cash held in the Trust Fund in a bank account without liability for the highest
rate of interest available, including a bank acting as Trustee.
(c)  General Authority. To manage, sell, contract to sell, grant options to
purchase, convey, exchange, transfer, abandon, improve, repair, insure, lease
for any time even though commencing in the future, or extending beyond the term
of the Trust, and otherwise deal with all property, real or personal, in such
manner, for such consideration, and on such terms and conditions as the Trustee
shall decide.
(d)  Hold Title. To cause any securities or other property to be registered and
held in its name as Trustee, or in the name of one or more of its nominees,
without disclosing the fiduciary capacity, or to keep the same in unregistered
form payable to bearer.

(e)  Settle Disputes. To abandon, compromise, contest and arbitrate claims and
demands; to institute, compromise and defend actions at law (but without
obligation to do so); in connection with such powers, to employ counsel as the
Trustee shall deem advisable; and to exercise such powers all at the risk and
expense of the Trust Fund.

(f)  Distribute Trust Property. To credit and distribute the Trust as directed
by the Committee. The Trustee shall not be obliged to inquire as to whether any
payee or distributes is entitled to any payment or whether the distribution is
proper within the terms of the Plan, or as to the manner of making any payment
or distribution. The Trustee shall be accountable only to the Committee for any
distribution made by it in good faith on the order or direction of the
Committee.

(g)  Incur Indebtedness. To borrow money in such amounts as directed by the
Committee, to assume indebtedness, extend mortgages and encumber by mortgage or
pledge, all as directed by the Committee.

(h)  Vote Stock. To vote in the manner directed by the Committee in person or by
proxy any shares of stock or of rights held by the Trust Fund; to participate in
any voting trusts; to participate in and to exchange securities or other
property in reorganization, liquidation, or dissolution of any corporation, the
securities of which are held in the Trust Fund, and to exercise the sale of
stock subscriptions or conversions rights.

(i)  Withhold Distribution. To retain (except as provided in Section 9.3(i)) any
funds or properties subject to any dispute without liability for the payment of
interest, and to decline to make payment or delivery of the funds or property
until final adjudication is made by a court of competent jurisdiction.

(j)  Pay Obligations. To pay any amount due on any loan or advance made to the
Trust Fund, to charge against and pay from the Trust Fund all taxes of any
nature levied, assessed, or imposed upon the Trust Fund, and to pay all
reasonable expenses and attorney fees necessarily incurred by the Trustee with
respect to any of the foregoing matters.

(k)  File Tax Returns. To file any tax return required of the Trustee.

(l)  Prepare  Reports  and Statements. To furnish to the Employer  and  the
Committee an annual statement of account showing the conditions of the Trust
Fund and all investments, receipts, disbursements and other transactions
effected by the Trustee during the Plan Year covered by the statement and also
stating the asset, of the Trust Fund held at the end of the Plan Year, which
amount shall be conclusive on all persons, including the Employer and the
Committee, except as to any act or transactions which the Employer or Committee
takes exception or makes objections to in writing 90 days after the receipt of
the account, or for which ERISA authorizes a longer period of time within which
to object.

9.4  Diversification and Prudence Requirements. Except in making investments or
reinvestments  in  Stock  of  the  Employer, the  Trustee  shall  diversify  the
investments of the Plan to minimize the risk of large losses, unless  under  the
circumstances,  it is clearly prudent not to do so. The Trustee shall  act  with
the  care, skill, prudence and diligence under the circumstances then prevailing
that  a  prudent  man acting in a like capacity and familiar with  such  matters
would  use  in  the conduct of an enterprise of a like character and  with  like
aims.  The  prudence  requirement of the preceding sentence  to  the  extent  it
requires diversification shall not be violated by the acquisition or holding  of
Stock.

9.5  Payment of Compensation, Expenses and Taxes. A fiduciary shall be paid such
reasonable  compensation as shall from time to time be agreed upon  in  writing;
however, a fiduciary who already receives full-time pay from the Employer  shall
receive  no compensation from the Plan. A fiduciary shall be reimbursed for  any
reasonable expenses, including reasonable counsel fees, incurred by  it  in  the
administration  of the Trust. Such compensation and expenses  shall  be  charged
against and paid from the Trust Fund, if not paid by the Employer.

9.6  Appointment, Resignation, Removal and Substitution of Trustee. The Plan
Sponsor  by resolution shall appoint a Trustee or Trustees, each of which  shall
hold  office  until resignation or removal by the Plan Sponsor. The Trustee  may
resign at any time upon 30 days written notice to the Employer. The Trustee  may
be  removed  at  any  time by the Employer upon 60 days written  notice  to  the
Trustee  with or without cause. Upon resignation or removal of the Trustee,  the
Employer, by action of its Plan Sponsor, shall appoint a successor Trustee which
shall  have  the  same  powers  and duties as are  conferred  upon  the  Trustee
appointed  under this Plan. Upon acceptance of such appointment by the successor
Trustee,  the  Trustee shall assign, transfer. and pay over  to  such  successor
Trustee  the  funds  and properties then constituting the  Trust  Fund.  If  the
Trustee  is  an  individual, death shall be treated as a resignation,  effective
immediately.  If  any  corporate  Trustee  at  any  time  shall  be  merged,  or
consolidated with, or shall sell or transfer substantially all of its assets and
business to another corporation, whether organized under federal or state  laws,
or  shall be reorganized or reincorporated in any manner, then the resulting  or
acquiring  corporation shall be substituted for such corporate  Trustee  without
the  execution  of any instrument and without any action upon the  part  of  the
Employer, any Participant or Beneficiary, or any other person having or claiming
to have an interest in the Trust Fund or under the Plan.

9.7  Appointment of Trustee--Acceptance In Writing. The Trustee shall accept its
appointment  as  soon as practicable by executing this Plan or by  delivering  a
signed document to the Employer which shall incorporate by reference all of  the
terms  and  conditions  of  this Plan, a copy of which  shall  be  sent  to  the
Committee  by the Trustee. The Plan Sponsor shall appoint a new Trustee  if  the
Trustee fails to accept its appointment in writing.

9.8  Receipt of Contributions. The Trustee shall not be responsible in any way
for  the  collection of contributions provided for under the Trust. The  Trustee
shall  be  responsible only for such sums that it actually receives as  Trustee.
The Trustee shall accept and hold under the Trust such contributions of money on
behalf of the Employer and Participants as it may receive from time to time from
the   Employer.  All  such  contributions  shall  be  accompanied   by   written
instructions from the Employer accounting for the manner in which they are to be
credited.

9.9  Returns and Reports. The Employer shall furnish to the Trustee, and the
Trustee shall furnish to the Employer, such information relevant to the Trust as
may  be  required under the Code and ERISA. The Trustee shall keep such records,
make  such  identification, and file with the Internal Revenue Service  and  the
Secretary  of Labor such returns and other information concerning the  Trust  as
may be required of it under the Code and ERISA.

                             ***End of Article 9***

10
                                   ARTICLE 10
                          CONTINUANCE, TERMINATION AND
                           AMENDMENT OF PLAN AND TRUST

10.1 Termination of Plan. The expectation of the Employer is to continue this
Plan  indefinitely,  but  the  continuance of the  Plan  is  not  assumed  as  a
contractual  obligation  by  the Employer, and the  right  is  reserved  to  the
Employer, by proper action of its Plan Sponsor, to terminate this Plan in  whole
or  part  at any time. The termination of this Plan by the Employer in no  event
shall  have the effect of revesting any part of the Trust Fund in the  Employer,
except  within  the limitations of Section 3.4 and except as to the  unallocated
balance  held in the suspense account under Section 4.4 if permitted  under  the
Code  and ERISA. If the Plan is terminated, Stock acquired with the proceeds  of
an  exempt  loan, as provided in Section 9.3(g), shall after the Trustee  repays
the  loan  continue  to  be  subject to the provisions  of  Treasury  Regulation
  54.4975-7(b)(4),  (10),  (11) and (12) relating to  any  put,  call  or  other
options  and  to buy-sell or similar arrangements. The Plan shall be  terminated
automatically in the event of the dissolution, consolidation, or merger  of  the
Employer, or the sale by the Employer of substantially all of its assets, if the
resulting successor corporation or business entity shall fail to adopt the  Plan
and Trust under Section 10.3.

10.2 Termination of Trust. The Trust created by execution of this Agreement
shall  continue  in full force and effect for such time as may be  necessary  to
accomplish  the  purposes for which it is created, unless sooner terminated  and
discontinued by the Plan Sponsor. Notice of such termination shall be  given  to
the Trustee by the Committee in the form of an instrument in writing executed by
the  Employer  pursuant  to  the action of the Plan  Sponsor,  together  with  a
certified copy of the resolution of the Plan Sponsor to that effect.

10.3 Continuance of Plan and Trust by Successor Business. A successor business
may continue this Plan and Trust by proper action of the proprietor or partners,
if  not  a corporation, and, if a corporation, by resolution of its Plan Sponsor
and  by appointing a trustee (which may be the Trustee), plan administrator,  or
committee  as  though  the  former Trustee or Committee  had  resigned,  and  by
executing  a  proper  supplemental agreement to this Plan  and  Trust  with  the
Trustee.   Within  90  days  from  the  effective  date  of  such   dissolution,
consolidation,  merger,  or sale of assets of the Employer,  if  such  successor
business  does  not adopt and continue this Plan and Trust, this Plan  shall  be
terminated automatically as of the end of such 90-day period.

10.4 Merger, Consolidation or Transfer of Assets or Liabilities of the Plan. The
Plan  Sponsor  may merge or consolidate this Plan with any other  Plan  and  may
transfer  the  assets  or  liabilities of the Plan to any  other  Plan  if  such
Participant  in the Plan (if the Plan then terminated) would receive  a  benefit
immediately  after the merger, consolidation, or transfer which is equal  to  or
greater  than  the  benefit  he  or she would  have  been  entitled  to  receive
immediately before the merger, consolidation, or transfer (if the Plan then  had
terminated). However, this Plan shall not merge or consolidate with, and  assets
will  not  be  transferred from this Plan to any other Plan which  provides  for
distributions  of  accrued benefits in the form of a life annuity,  a  qualified
joint  survivor  annuity ("QJSA") or a preretirement survivor annuity  ("QPSA"),
unless  this  Plan  is  amended  at or prior to such  merger,  consolidation  or
transfer  to  permit a life annuity, a QJSA and/or a QPSA pursuant to  the  then
applicable requirements under the Code.

10.5  Distribution of Trust Fund on Termination of Trust. If the  Trust  is
terminated  under  this Article, the Trustee shall determine the  value  of  the
Trust Fund and of the respective interests of the Participants and Beneficiaries
as of the business day next following the date of such termination. The value of
the  Account  of  each respective Participant or Beneficiary in the  Trust  Fund
shall  be vested in its entirety as of the date of the termination of the  Plan.
The  Trustee  then  shall transfer to each Participant or  Beneficiary  the  net
balance of the Participant's Account; however, if the Employer maintains another
defined  contribution  plan at the time of the termination,  the  Trustee  shall
transfer  the Participant's Accounts to an account of the Participant under  the
other  defined  contribution plan of the Employer if the  Participant  does  not
consent in writing to an immediate distribution.

10.6 Suspension of Contributions. If the Plan Sponsor decides it is impossible
or  inadvisable to continue to make contributions, it shall have  the  power  by
appropriate  resolution  or  decision  to suspend  contributions  to  the  Plan.
Suspension  shall  be  a temporary cessation of contributions  which  shall  not
constitute  or require a formal termination of the Plan and shall  not  preclude
contributions. After the date of suspension of contributions, the Plan and Trust
shall remain in force. The Committee shall deliver to the Trustee a copy of  the
Plan Sponsor's resolution to suspend contributions.

10.7 Amendments to Plan and Trust. At any time the Employer may amend this Plan
and  Trust by action of its Plan Sponsor, provided that no amendment shall cause
the  Trust Fund to be diverted to purposes other than for the exclusive  benefit
of  the  Participants  and  their Beneficiaries; and provided  further  that  no
amendment  shall: (a) decrease the percentage of the interest of any Participant
which has become vested, (b) affect the schedule of vesting with respect to  any
Participant who has at least three Years of Service as determined under  Section
1.39,  without such Participant's written consent, (c) discriminate in favor  of
employees  who  are officers, shareholders or Highly Compensated  Employees,  or
(d)   amend  provisions  applicable  to  the  allocation  of  any  Stock  to   a
Participant's  Account,  including  without limitation,  certain  provisions  of
Article  4  "Allocations  to  Accounts," and Section  1.7  "Compensation,"  more
frequently than once every six months, other than to comport with changes in the
Code,  ERISA, or the rules thereunder. Except as restricted under  (d)  of  this
Section,  the  Plan  and  Trust may be amended at any time  to  conform  to  the
provisions  and requirements of federal and state law with respect to employees'
trusts  or any amendments to such laws or regulations or rulings issued pursuant
to such laws.

                             ***End of Article 10***
11
                                   ARTICLE 11
                                  RELATED GROUP

11.1  Adoption of the Plan. Any member of the Related Group which the  Plan
Sponsor  shall  designate and declare eligible to adopt and participate  in  the
Plan  may  adopt and become a party to this Plan and Trust, subject to and  upon
such  terms and conditions as the Plan Sponsor may prescribe, including but  not
limited to:

(a)  The instruments to be executed and delivered by such member of the Related
     Group to the Trustee and to the Plan Sponsor;

(b)  The extent to which the Plan Sponsor shall act as agent or representative
     of such member of the Related Group under the Plan; and

(c)  Authorization to the Committee to act for such member of the Related Group
and its employees who will become Participants under the Plan.
The  Plan  shall be effective with respect to each such adopting member  of  the
Related  Group and its employees on such date as shall be approved by  the  Plan
Sponsor  and specified in the instruments executed by such member of the Related
Group  adopting the Plan. Any such member of the Related Group need not sign  or
execute the original or the amended Plan and Trust documents. If any such member
of  the  Related Group adopts the- Plan under this Section, such member and  its
employees  shall  be governed and bound by all the terms and provisions  of  the
Plan,  subject to the terms and conditions upon which such member of the Related
Group adopted the Plan.

11.2  Withdrawal From Plan. Any Employer (other than the Plan Sponsor)  may
withdraw from the Plan effective at the end of any calendar quarter by giving at
least 60 days prior written notice to the Plan Sponsor and the Trustee. Upon any
such  withdrawal the Trustee shall value the assets of the Trust Fund as of  the
date  of  such withdrawal, and the Trustee shall set apart that portion  of  the
Trust  Fund  which,  as  certified by the Committee,  is  attributable  to  such
withdrawing Employer. That portion of the Trust Fund so set apart shall continue
to  be  held by the Trustee in trust under the terms and provisions of the  Plan
and  Trust as though such withdrawing Employer had entered into its own separate
trust  agreement with the Trustee. Such withdrawing Employer shall be deemed  to
have  adopted the Plan as its own separate plan and shall have and may  exercise
all  of  the rights, powers, and authorities of the Plan Sponsor under the  Plan
and  Trust  with  respect to its separate plan and trust. Upon withdrawal  of  a
Employer  from  the Plan, it shall cease to be a Employer under  this  Plan  and
shall  not  be  eligible again to adopt and participate in this Plan  unless  it
again is designated as eligible under Section 11.1.

11.3 Termination of Participation by the Plan Sponsor. The Plan Sponsor, in its
absolute  discretion,  may terminate the participation  of  any  member  of  the
Related  Group  in  the Plan, effective at the end of any calendar  quarter,  by
giving at least 60 days written notice to such member of the Related Group,  the
Committee,  and the Trustee. Any such termination of participation by  the  Plan
Sponsor  shall  have the same effect as a voluntary withdrawal  by  an  Employer
under  Section 11.2 and the procedures set forth in and the provisions  of  such
Section shall be applicable.

                          ***End of Article 11***

12
                                   ARTICLE 12
                                  MISCELLANEOUS

12.1 Participant's Rights. Except as may be specifically provided for by law,
neither  the  establishment of the Trust hereby created,  nor  any  modification
thereof,  nor  the  creation of any fund or Account,  nor  the  payment  of  any
benefits,  shall be construed as giving to any Participant or other  person  any
legal  or  equitable  right against the Employer, or  any  officer  or  employee
thereof, or the Trustee, except as herein provided.

12.2 Employer's Obligations. The adoption and continuance of the Plan shall not
be  deemed  to  constitute a contract between the Employer and any  Employee  or
Participant,  nor to be a consideration for, or an inducement or  condition  of,
the  employment of any person. Nothing in this Plan shall be deemed to give  any
Employee  or Participant the right to be retained in the employ of the Employer,
or  to  interfere  with the right of the Employer to discharge any  Employee  or
Participant at any time, nor shall it be deemed to give the Employer  the  right
to  require  the Employee or Participant to remain in its employ, nor  shall  it
interfere with the right of any Employee or Participant to terminate his or  her
employment at any time.

12.3 Benefits to be Provided Solely from the Trust Fund. All benefits payable
under  this Plan shall be paid or provided solely from the Trust Fund,  and  the
Employer assumes no liability or responsibility for payment of benefits.

12.4 Receipt of Benefits by Fiduciaries. Nothing shall prohibit any fiduciary
from  receiving  any  benefit to which he may be entitled as  a  Participant  or
Beneficiary  in the Plan, if such benefit is computed and paid on a basis  which
is  consistent  with the terms of the Plan as applied to all other  Participants
and  Beneficiaries. The determination of any matters affecting  the  payment  of
benefits  to  any fiduciary other than a Committee member shall be made  by  the
Committee.  If the Committee is an individual, the determination of any  matters
affecting  the payment of benefits to the Committee shall be made by a temporary
Committee who shall be appointed by the Board for such purpose. If the Committee
is  a  group  of  individuals, the determination of the  matters  affecting  the
payment  of  benefits to any individual Committee member shall be  made  by  the
remaining  Committee  members  without the vote  of  such  individual  Committee
member.  If  the remaining Committee members are unable to agree on any  matters
affecting  the  payment of such benefits, the Board shall  appoint  a  temporary
Committee to decide the matter.

12.5 Service by Fiduciaries and Disqualified Persons. Nothing in this Plan shall
prohibit  anyone  from serving as a fiduciary in addition to being  an  officer,
employee, agent, or other representative of a disqualified person, as defined in
Code  4975(e).

12.6 Assignment or Alienation. Subject to Code  414(p) (relating to qualified
domestic  relations  orders),  neither  a  Participant  nor  a  Beneficiary  may
voluntarily or involuntarily anticipate, assign, or alienate (either at  law  or
in  equity)  any  benefit provided under the Plan, and  the  Trustee  shall  not
recognize  any  such  anticipation, assignment, or  alienation.  Furthermore,  a
benefit  under  the Plan shall not be subject to attachment, garnishment,  levy,
execution, or other legal or equitable process.

12.7 Delegation of Authority by Employer. Whenever the Employer under the terms
of this Agreement is permitted or required to do or perform any act or matter or
thing,  the  same shall be done and performed only by an officer duly authorized
by its Board of Directors.

12.8 Notices from Participants to be Filed with Committee. Whenever a provision
is  made  in the Plan that a Participant may exercise any option or election  or
designate any Beneficiary, the action of each Participant shall be evidenced  by
a  written  notice signed by the Participant and delivered to the  Committee  in
person  or by certified mail. If a form is furnished by the Committee  for  such
purpose, a Participant shall give written notice of his or her exercise  of  any
option  or  election or of his or her designation of any Beneficiary on  a  form
provided  for such purpose. Written notice shall not be effective until received
by the Committee.

12.9 Construction of Agreement. This Plan and Trust shall be construed, whenever
possible, to be in conformity with the requirements of the Code and ERISA.  With
respect  to  persons  subject to Section 16 of the 1934 Act, transactions  under
this  Plan  and  Trust are intended to comply with all applicable conditions  of
Rule 16b-3 or its successors under the 1934 Act. To the extent any provision  of
the Plan and Trust or action by the Committee, Committee or Trustee fails to  so
comply,  it  shall be deemed null and void, to the extent permitted by  law  and
deemed  advisable  by  the Committee. To the extent not  in  conflict  with  the
preceding  sentences, the construction and administration of the Plan and  Trust
shall  be governed by, and its validity determined under, the laws of the  state
of Colorado.

12.10     Titles. The titles of paragraphs are included for convenience and not
to be considered in the construction of the provisions hereof.

12.11     Severability. If any provision of this Plan and Trust is illegal or
invalid  for  any  reason, such illegality or invalidity shall  not  affect  the
remaining provisions. On the contrary, such remaining provisions shall be  fully
severable,  and this Plan and Trust shall be construed and enforced as  if  such
illegal or invalid provisions never have been inserted in this Plan and Trust.

12.12     Counterparts. This Plan and Trust may be executed in any number of
counterparts,  each of which shall be deemed an original, and such  counterparts
shall  constitute  one  instrument which may be sufficiently  evidenced  by  one
counterpart.

12.13     Plan for Exclusive Benefit of Participants; Reversion Prohibited. This
Plan  and  Trust  has  been  established  for  the  exclusive  benefit  of   the
Participants  and their Beneficiaries. Under no circumstances  shall  any  funds
contributed  to  or held by the Trustee at any time revert  to  or  be  used  or
enjoyed by the Employer except as set forth in Section 3.4 and otherwise to  the
extent permitted by law.

12.14     Gender, Singular and Plural. Unless the context requires otherwise,
words  denoting the singular may be construed as denoting the plural, and  words
of  the  plural  may  be construed as denoting the singular, and  the  masculine
gender shall include the feminine.

     IN  WITNESS  WHEREOF,  the  parties to this Agreement  have  executed  this
document by their duly authorized officers as of this 29th day of January, 1994.

Attest:                          SCOTT'S LIQUID GOLD-INC.
                                 EMPLOYER

/s/ Carolyn J. Anderson          By:
                                 /s/ Barry Shepard
Carolyn J. Anderson                Barry Shepard
Executive Vice President,          Treasurer & Assistant
  Chief Operating Officer,       Secretary
  & Corporate Secretary
                                 Date:
                                 6/29/94

Attest:                          SLG CHEMICALS, INC.

/s/ Carolyn J. Anderson          By:
                                 /s/ Barry Shepard

                                 Title:
                                 Treasurer

                                 Date:
                                 6/29/94

Attest:                          SLG PLASTICS, INC.

/s/ Carolyn J. Anderson          By: /s/ Barry Shepard

                                 Title:
                                 Treasurer

                                 Date:
                                 6/29/94

Attest:                          SLG TOUCH-A-LITE, INC.

/s/ Carolyn J. Anderson          By:
                                 /s/ Barry Shepard

                                 Title:
                                 Treasurer

                                 Date:
                                 6/29/94

Attest:                          AQUAFILTER CORPORATION

/s/ Carolyn J. Anderson          By:
                                 /s/ Barry Shepard

                                 Title:
                                 Treasurer

                                 Date:
                                 6/29/94
Attest:                          ADVERTISING PROMOTIONS
                                 INCORPORATED

/s/ Carolyn J. Anderson          By:
                                 /s/ Barry Shepard

                                 Title:
                                 Treasurer

                                 Date:
                                 6/29/94

Attest:                          NEOTERIC COSMETICS, INC.

/s/ Carolyn J. Anderson          By: /s/ Barry Shepard

                                 Title:
                                 Treasurer

                                 Date:
                                 6/29/94

                                 BARRY SHEPARD
                                 CAROLYN J. ANDERSON
                                 MARK E. GOLDSTEIN
                                 TRUSTEE

                                 By: /s/ Barry Shepard
                                   Barry Shepard

                                 Date:
                                 6/29/94

                                 By: /s/ Carolyn J. Anderson
                                   Carolyn J. Anderson

                                 Date:
                                 29 June 1994

                                 By: /s/ Mark E. Goldstein
                                   Mark E. Goldstein

                                 Date:
                                 6/29/94

                             FIRST AMENDMENT TO THE
             SCOTT'S LIQUID GOLD-INC. EMPLOYEE STOCK OWNERSHIP PLAN

     1.   Plan Sponsor: Scott's Liquid Gold-Inc.

2.   Amendment of Plan: The following Amendments to the Scott's Liquid Gold-
Inc.  Employee  Stock  Ownership  Plan are adopted,  effective  as  provided  in
Paragraph 3:

     A.   Section  1.37 shall be amended by replacing the existing Section  1.37
          with the following language:

               1.37 Valuation Date shall mean December 31 of each Plan Year  and
          each date on which the Trustee values the Trust Fund.

     B.  Section  4.5(a)  shall be amended by deleting the second  paragraph  of
         Section 4.5(a).

     C.   Section  7.3  shall be amended by replacing the existing  Section  7.3
          with the following language:

          7.3  Right of First Refusal and Voting Rights.  Stock that is not
          readily  tradable on an established public market is  subject  to  the
          following rights:

               (a)  If  Stock  is distributed to a Participant from his  or  her
                    Account  at  a  time when it is not readily tradable  on  an
                    established public market, the Stock is subject to a  "right
                    of  first refusal." The right of first refusal must  provide
                    that,  before any subsequent transfer, the shares must first
                    be offered for purchase in writing to the Employer, and then
                    to  the  Trust, at the then fair market value. A  bona  fide
                    written  offer  from  an independent  prospective  buyer  is
                    deemed  to  be the fair market value of the Stock  for  this
                    purpose.  The Employer and the Committee (on behalf  of  the
                    Trust)  have  a total of 14 days to exercise  the  right  of
                    first  refusal  on the same terms offered by  a  prospective
                    buyer.  The Employer may require that a Participant entitled
                    to  a  distribution  of Stock execute an  appropriate  stock
                    restriction  agreement  (evidencing  the  right   of   first
                    refusal) before receiving a certificate for Stock.

               (b)  Stock  that is not readily tradable on an established public
                    market allocated to a Participant's Account will be voted by
                    the  Trustee,  according  to the Participant's  instructions
                    with  respect  to  any corporate matter  that  involves  the
                    voting  of such shares. The Trustee will not vote shares  of
                    Stock   allocated  to  Participants'  Accounts   for   which
                    instructions  are  not  received  from  Participants.  Stock
                    contributed  to  or acquired by the Plan  that  is  not  yet
                    allocated (including Stock held in a suspense account)  will
                    be  voted  by  the  Trustee  according  to  the  Committee's
                    instructions  with  respect  to any  corporate  matter  that
                    involves the voting of such shares.

                    If  the Employer and the Trustee agree, the Trustee may deal
                    directly  with  Participants on the pass-through  of  voting
                    rights.  Otherwise, the Employer may do so and then transmit
                    to  the  Trustee  the  results of  the  voting  instructions
                    received  from Participants. In either case, management  and
                    others  may solicit and exercise Participants' voting rights
                    under  the  same proxy rules applicable to all stockholders.
                    The Employer will ensure that forms for voting instructions,
                    together  with  all information distributed to  shareholders
                    regarding  the exercise of voting rights, are  furnished  to
                    the  Trustee  and  to Participants within a reasonable  time
                    before the voting rights are to be exercised.

                    Shareholder rights, other than voting rights, which  can  be
                    exercised   by  Participants  may  be  passed   through   to
                    Participants  and  exercised in a similar manner  to  voting
                    rights  or  will  be exercised in such other  manner  as  is
                    legally required. However, where the circumstances (such  as
                    the  lack  of time or the lack of liquid funds to satisfy  a
                    requirement to pay for additional shares of Stock)  make  it
                    impractical to pass such rights through to Participants  and
                    no  other specific legal requirement exists, the rights will
                    be  exercised  (or sold), unless otherwise directed  by  the
                    Committee, by the Trustee in a manner that the Trustee deems
                    prudent  under  the  circumstances and otherwise  consistent
                    with the fiduciary standards of ERISA.

     D.  Section  9.3(h)  shall  be amended by replacing  the  existing  Section
         9.3(h) with the following language:

               (h) Vote  Stock.  To  vote in person or by proxy  in  the  manner
                   directed by the Committee (or the Participants at a time when
                   the  Stock  is not readily tradable on an established  public
                   market) any shares of stock or rights held by the Trust Fund;
                   to participate in any voting trusts; to participate in and to
                   exchange  securities  or  other property  in  reorganization,
                   liquidation,   or   dissolution  of  any   corporation,   the
                   securities  of  which  are held in the  Trust  Fund,  and  to
                   exercise  the  sale  of  stock subscriptions  or  conversions
                   rights.

     3.    Effective  Date: The Effective Date of the First Amendment  shall  be
January 1, 1989.

     4.    Terms  and  Conditions of Plan: Except for the above  Amendment,  all
terms  and  conditions of the Plan are unamended and shall remain in full  force
and effect.

     5.   Execution: The Plan Sponsor has executed this Amendment as of the date
set forth below.

Attest:                          SCOTT'S LIQUID GOLD-INC.
                                 COMPANY

/s/ Carolyn J. Anderson          By: /s/ Barry Shepard
Carolyn J. Anderson                Barry Shepard
Executive Vice President,          Treasurer & Assistant
  Chief Operating Officer,       Secretary
  & Corporate Secretary
                                 Date:
                                 11/11/94

Attest:                          SLG CHEMICALS, INC.

/s/ Carolyn J. Anderson          By: /s/ Barry Shepard

                                 Title:
                                 Treasurer

                                 Date:
                                 11/11/94

Attest:                          SLG PLASTICS, INC.

/s/ Carolyn J. Anderson          By: /s/ Barry Shepard

                                 Title:
                                 Treasurer

                                 Date:
                                 11/11/94
Attest:                          SLG TOUCH-A-LITE, INC.

/s/ Carolyn J. Anderson          By: /s/ Barry Shepard

                                 Title:
                                 Treasurer

                                 Date:
                                 11/11/94

Attest:                          AQUAFILTER CORPORATION

/s/ Carolyn J. Anderson          By: /s/ Barry Shepard

                                 Title:
                                 Treasurer

                                 Date:
                                 11/11/94

Attest:                          ADVERTISING PROMOTIONS
                                 INCORPORATED

/s/ Carolyn J. Anderson          By: /s/ Barry Shepard

                                 Title:
                                 Treasurer

                                 Date:
                                 11/11/94

Attest:                          NEOTERIC COSMETICS, INC.

/s/ Carolyn J. Anderson          By: /s/ Barry Shepard

                                 Title:
                                 Treasurer

                                 Date:
                                 11/11/94

                                 BARRY SHEPARD
                                 CAROLYN J. ANDERSON
                                 MARK E. GOLDSTEIN
                                 TRUSTEE

                                 By: /s/ Barry Shepard
                                   Barry Shepard

                                 Date:
                                 11/11/94

                                 By: /s/ Carolyn J. Anderson
                                   Carolyn J. Anderson

                                 Date:
                                 11 Nov. 1994

                                 By: /s/ Mark E. Goldstein
                                   Mark E. Goldstein

                                 Date:
                                 11/11/94

                             SECOND AMENDMENT TO THE
             SCOTT'S LIQUID GOLD-INC. EMPLOYEE STOCK OWNERSHIP PLAN

     1.   Plan Sponsor: Scott's Liquid Gold-Inc.

2.   Amendment of Plan: The following Amendments to the Scott's Liquid Gold-
Inc.  Employee  Stock  Ownership  Plan are adopted,  effective  as  provided  in
Paragraph 3:

     A.   Section  4.8  shall be amended by replacing the existing  Section  4.8
          with the following language:

              4.8   Methods of Valuation. All assets of the Trust Fund shall  be
          valued  at fair market value. The fair market value of Stock shall  be
          the  market  price for the Stock as established by the  closing  price
          quoted on the New York Stock Exchange on the Valuation Date or, in the
          event  the Stock is not traded on the New York Stock Exchange  or  any
          national  or  regional  stock  exchange,  then  as  determined  by  an
          independent  appraisal  by  a  person  who  customarily   makes   such
          appraisals.

     B.   Section  6.6  shall  be amended by replacing the  first  paragraph  of
          Section 6.6 with the following paragraph:

              6.6    Distribution Methods, Consents and Election. Subject to any
          restrictions  prescribed by Section 6.3, a Participant or  Beneficiary
          may  elect  a  lump sum distribution in Stock at any  time  after  the
          Participant  terminates  employment with  the  Employer.  Distribution
          shall  commence to the Participant or Beneficiary within a  reasonable
          period  of  time  following  the request for distribution.  Fractional
          shares shall be paid in cash. For purposes of a distribution under the
          Plan,  the value of a Participant's Account shall be its value  as  of
          the Valuation Date immediately preceding the date of the distribution.

     3.   Effective  Date: The Effective Date of paragraph A of  this  Amendment
          shall be November 23, 1994. The Effective Date of paragraph B of  this
          Amendment shall be January 1, 1995.

     4.    Terms  and  Conditions of Plan: Except for the above  Amendment,  all
terms  and  conditions of the Plan are unamended and shall remain in full  force
and effect.
     5.   Execution: The Plan Sponsor has executed this Amendment as of the date
set forth below.

Attest:                          SCOTT'S LIQUID GOLD-INC.
                                 COMPANY

/s/ Carolyn J. Anderson          By: /s/ Barry Shepard
Carolyn J. Anderson                Barry Shepard
Executive Vice President,          Treasurer & Assistant
  Chief Operating Officer,       Secretary
  & Corporate Secretary
                                 Date:
                                 1/19/95

Attest:                          SLG CHEMICALS, INC.

/s/ Carolyn J. Anderson          By: /s/ Barry Shepard

                                 Title:
                                 Treasurer

                                 Date:
                                 1/19/95

Attest:                          SLG PLASTICS, INC.

/s/ Carolyn J. Anderson          By: /s/ Barry Shepard

                                 Title:
                                 Treasurer

                                 Date:
                                 1/19/95

Attest:                          SLG TOUCH-A-LITE, INC.

/s/ Carolyn J. Anderson          By: /s/ Barry Shepard

                                 Title:
                                 Treasurer

                                 Date:
                                 1/19/95

Attest:                          AQUAFILTER CORPORATION

/s/ Carolyn J. Anderson          By: /s/ Barry Shepard

                                 Title:
                                 Treasurer

                                 Date:
                                 1/19/95

Attest:                          ADVERTISING PROMOTIONS
                                 INCORPORATED

/s/ Carolyn J. Anderson          By: /s/ Barry Shepard

                                 Title:
                                 Treasurer

                                 Date:
                                 1/19/95

Attest:                          NEOTERIC COSMETICS, INC.

/s/ Carolyn J. Anderson          By: /s/ Barry Shepard

                                 Title:
                                 Treasurer

                                 Date:
                                 1/19/95

                                 BARRY SHEPARD
                                 CAROLYN J. ANDERSON
                                 MARK E. GOLDSTEIN
                                 TRUSTEE

                                 By: /s/ Barry Shepard
                                   Barry Shepard

                                 Date:
                                 1/19/95

                                 By: /s/ Carolyn J. Anderson
                                   Carolyn J. Anderson

                                 Date:
                                 19 Jan. 1995

                                 By: /s/ Mark E. Goldstein
                                   Mark E. Goldstein

                                 Date:
                                 1/19/95

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