Document:

<PAGE>

                                                                    EXHIBIT 10.4

                            INDEMNIFICATION AGREEMENT

                            SCOTT'S LIQUID GOLD-INC.

     This Agreement is made and entered into as of July 12, 2000 between Scott's
Liquid Gold-Inc., a Colorado corporation (the "Corporation"), and Jeffrey R.
Hinkle of Denver, Colorado ("Director").

                                    RECITALS:

     A. At the request of the Corporation, Director currently serves as a
director of the Corporation (as defined below), as well as an officer of the
Corporation. As such, Director may be subjected to claims, suits or proceedings.

     B. Director has indicated that it was and is a condition of Director's
acceptance and continuing in such service that, among other things, the
Corporation agrees to indemnify Director against liabilities, expenses and costs
incurred in connection with any such claims, suits or proceedings, in accordance
with, and to the fullest extent permitted by, the Colorado Business Corporation
Act; and

     C. The Corporation's Articles of Incorporation and the Colorado Business
Corporation Act contemplate that contracts may be made between the Corporation
and members of its Board of Directors and officers with respect to
indemnification.

                                   AGREEMENT:

     Now, therefore, in consideration of Director's acceptance and continuation
of service as a director and continued service as an officer after the date of
this Agreement, and in consideration of the mutual covenants stated herein, the
parties agree as follows:

1.   DEFINITIONS. As used in this Agreement, the following terms have the
following meanings:

     (a)  ACT. The term "Act" means the Colorado Business Corporation Act as it
exists on the date of this Agreement and as it may be hereafter amended from
time to time. In the case of any amendment of the Colorado Business Corporation
Act after the date of this Agreement, when used in reference to an act or
omission occurring prior to effectiveness of such amendment, the term "Act"
shall include such amendment only to the extent that the amendment permits the
Corporation to provide broader indemnification rights than the Colorado Business
Corporation Act permitted the Corporation to provide at the date of this
Agreement and prior to the amendment.

     (b)  DIRECTOR. As used in reference to a position of Director, the term
"director" means a director of the Corporation and, while a director or officer
of the Corporation, Director's serving at the Corporation's request as a
director, officer, agent,

<PAGE>

associate, employee, fiduciary, manager, member, partner, promoter, or a trustee
of, or holding a similar position with, any corporation, partnership, joint
venture, trust, other enterprise or person or employee benefit plan. The term
"director" also includes, unless the context otherwise requires, the estate or
personal representative of a director. The term "director" shall also include
any such broader definition as may be provided in the Act with amendments after
the date of this Agreement.

     (c)  PROCEEDING. The term "proceeding" means any threatened, pending or
completed action, suit or proceeding whether civil, criminal, administrative or
investigative, and whether formal or informal.

2.   AGREEMENT TO INDEMNIFY. The Corporation shall indemnify, and keep
indemnified, Director in accordance with, and to the fullest extent permitted
and/or required by, the Act from and against any judgments, penalties, fines
(including but not limited to ERISA excise taxes), amounts paid in settlement
and reasonable expenses (including but not limited to expenses of investigation
and preparation and fees and disbursements of Director's counsel, accountants or
other experts) actually incurred by Director in connection with any proceeding
in which Director was or is made a party or was or is involved (for example, as
a witness) because Director is or was a director or is or was an officer of the
Corporation.

3.   INSURANCE. So long as Director may be subject to any possible proceeding by
reason of the fact that Director is or was a director or officer of the
Corporation, to the extent the Corporation maintains an insurance policy or
policies providing directors' and officers' liability insurance, Director shall
be covered by such policy or policies, in accordance with its or their terms, to
the maximum extent of the coverage applicable to any then current director or
officer of the Corporation.

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

5.   BURDEN OF PROOF. If under applicable law, the entitlement of Director to be
indemnified or advanced expenses hereunder depends upon whether a standard of
conduct has been met, the burden of proof of establishing that Director did not
act in accordance with such standard shall rest with the Corporation. Director
shall be presumed to have acted in accordance with such standard and to be
entitled to indemnification or the advancement of expenses (as the case may be)
unless, based upon

                                       2

<PAGE>

a preponderance of the evidence, it shall be determined that Director has not
met such standard. Such determination and any evaluation as to the
reasonableness of amounts claimed by Director shall be made by the Board of
Directors of the Corporation or such other body or persons as may be
permitted by the Act. For purposes of this Agreement, unless otherwise
expressly stated, the termination of any proceeding by judgment, order,
settlement (whether with or without court approval) or conviction, or upon a
plea of nolo contendere, or its equivalent, shall not create a presumption
that Director did not meet any particular standard of conduct or have any
particular belief or that a court has determined that indemnification is not
permitted by applicable law.

6.   NOTICE TO THE CORPORATION. Director shall notify the Secretary of the
Corporation in writing of any matter for which Director intends to seek
indemnification hereunder as soon as reasonably practicable following the
receipt by Director of written notice thereof; PROVIDED, however, that delay in
so notifying the Corporation shall not constitute a waiver or release by
Director of rights hereunder.

7.   COUNSEL FOR PROCEEDING. In the event of any proceeding in which Director is
a party or is involved and which may give rise to a right of indemnification
hereunder, the Corporation shall have the right to retain counsel reasonably
satisfactory to Director to represent Director and any others the Corporation
may designate in such proceeding. In any such proceeding, Director shall have
the right to retain Director's own counsel, but the fees and expenses of such
counsel shall be at the expense of Director unless (a) the retention of such
counsel has been specifically authorized by the Corporation; (b) representation
of Director and another party by the same counsel would be inappropriate, in the
reasonable judgment of Director, due to actual or potential differing interests
between them (as might be the case for representation of both the Corporation
and Director in a proceeding by or in the right of the Corporation); (c) the
counsel retained by the Corporation and satisfactory to Director has advised
Director, in writing, that such counsel's representation of Director would be
likely to involve such counsel in representing differing interests which could
adversely affect either the judgment or loyalty of such counsel to Director,
whether it be a conflicting, inconsistent, diverse or other interest; or (d) the
Corporation shall fail to retain counsel for Director in such proceeding.
Notwithstanding the foregoing, if an insurance carrier has supplied directors'
and officers' liability insurance covering a proceeding and is entitled to
retain counsel for the defense of such proceeding, then the insurance carrier
shall retain counsel to conduct the defense of such proceeding unless Director
and the Corporation concur in writing that the insurance carrier's doing so is
undesirable. The Corporation shall not be liable under this Agreement for any
settlement of any proceeding affected without its written consent. The
Corporation shall not settle any proceeding in any manner which would impose any
penalty or limitation on Director without Director's written consent. Consent to
a proposed settlement of any proceeding shall not be unreasonably withheld by
either the Corporation or Director.

8.   ENFORCEMENT. The Corporation acknowledges that Director is relying upon
this Agreement in serving as a director, as well as any serving in the future as
an officer of the Corporation. If a claim for indemnification or advancement of
expenses is not paid

                                       3

<PAGE>

in full by the Corporation within ninety (90) days after a written claim has
been received from Director by the Corporation, Director may at any time bring
suit against the Corporation to recover the unpaid amount of the claim. If
successful in whole or in part in such suit, Director shall also be entitled to
be paid all reasonable fees and expenses (including without limitation fees of
counsel) in bringing and prosecuting such claim. Whether or not Director has met
any applicable standard of conduct, the Court in such suit may order
indemnification or the advancement of expenses as the Court deems proper
(subject to any express limitation of the Act). Further, the Corporation shall
indemnify Director from and against any and all expenses (including attorneys'
fees) and, if requested by Director, shall (within ten business days of such
request) advance such expenses to Director, which are incurred by Director in
connection with any claim asserted against or suit brought by Director for
recovery under any directors' and officers' liability insurance policies
maintained by the Corporation, regardless of whether Director is unsuccessful in
whole or in part in such claim or suit.

9.   PROCEEDINGS BY DIRECTOR. The Corporation shall indemnify Director and
advance expenses to Director in connection with any proceeding (or part thereof)
initiated by Director only if such proceeding (or part thereof) was authorized
by the Board of Directors of the Corporation.

10.  NONEXCLUSIVITY. The rights of Director for indemnification and advancement
of expenses under this Agreement shall not be deemed exclusive of, or in
limitation of, any rights to which Director may be entitled under Colorado law,
the Corporation's Articles of Incorporation or Bylaws, vote of stockholders or
otherwise.

11.  MISCELLANEOUS.

     (a)  EFFECTIVENESS. This Agreement is effective for, and shall apply to,
(i) any claim which is asserted or threatened before, on or after the date of
this Agreement but for which no action, suit or proceeding has actually been
brought prior to the date of this Agreement and (ii) any action, suit or
proceeding which is threatened before, on or after the date of this Agreement
but which is not pending prior to the date of this Agreement. Thus, this
Agreement shall not apply to any action, suit or proceeding which has actually
been brought before the date of this Agreement. So long as the foregoing
standard of effectiveness has been satisfied, this Agreement shall be effective
for and shall be applied to acts or omissions prior to, on or after the date of
this Agreement.

     (b)  SURVIVAL; CONTINUATION. The rights of Director hereunder shall inure
to the benefit of the Director (even after Director ceases to be a director or
officer), Director's personal representative, heirs, executors, administrators
and beneficiaries; and this Agreement shall be binding upon the Corporation, its
successors and assigns. The rights of Director under this Agreement shall
continue so long as Director may be subject to any possible proceeding because
of the fact that Director was a director or was an officer of the Corporation.
If the Corporation sells, leases, exchanges or otherwise disposes of, in a
single transaction or series of related transactions, all or substantially all
of its property and assets, the Corporation shall, as a condition precedent to
such

                                       4

<PAGE>

transaction, cause effective provision to be made so that the person or entity
acquiring such property and assets shall become bound by and replace the
Corporation under this Agreement.

     (c)  GOVERNING LAW. This Agreement shall be governed by the laws of the
State of Colorado.

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

     (e)  AMENDMENT. No amendment, termination or cancellation of this Agreement
shall be effective unless in writing signed by the Corporation and Director.

     (f)  OTHER PAYMENTS. The Corporation shall not be liable under this
Agreement to make any payment in connection with any proceeding against or
involving Director to the extent Director has otherwise actually received
payment (under any insurance policy, Bylaw or otherwise) of the amounts
otherwise indemnifiable hereunder. Director shall repay to the Corporation the
amount of any payment the Corporation makes to Director under this Agreement in
connection with any proceeding against or involving Director, to the extent
Director has otherwise actually received payment (under any insurance policy,
Bylaw or otherwise) of such amount.

     (g)  SUBROGATION. In the event of payment under this Agreement the
Corporation shall be subrogated to the extent of such payment to all of the
rights of recovery of Director, who shall execute all papers required and shall
do everything that may be necessary to secure such rights, including the
execution of such documents necessary to enable the Corporation effectively to
bring suit to enforce such rights.

     (h)  HEADINGS. The headings in this Agreement are for convenience only and
are not to be considered in construing this Agreement.

     (i)  COUNTERPARTS. This Agreement may be executed in counterparts, both of
which shall be deemed an original, and together shall constitute one document.

     The parties have executed this Agreement as of the day and year first above
stated.

SCOTT'S LIQUID GOLD-INC.                DIRECTOR

By:
   ----------------------------         ---------------------------
   Mark E. Goldstein, President         Jeffrey R. Hinkle

                                       5

<PAGE>

                            INDEMNIFICATION AGREEMENT

                            SCOTT'S LIQUID GOLD-INC.

     This Agreement is made and entered into as of August 16, 2000 between
Scott's Liquid Gold-Inc., a Colorado corporation (the "Corporation"), and Carl
A. Bellini of Frisco, Texas ("Director").

                                    RECITALS:

     A. At the request of the Corporation, Director currently serves as a
director of the Corporation (as defined below). As such, Director may be
subjected to claims, suits or proceedings.

     B. Director has indicated that it was and is a condition of Director's
acceptance and continuing in such service that, among other things, the
Corporation agrees to indemnify Director against liabilities, expenses and costs
incurred in connection with any such claims, suits or proceedings, in accordance
with, and to the fullest extent permitted by, the Colorado Business Corporation
Act; and

     C. The Corporation's Articles of Incorporation and the Colorado Business
Corporation Act contemplate that contracts may be made between the Corporation
and members of its Board of Directors and officers with respect to
indemnification.

                                   AGREEMENT:

     Now, therefore, in consideration of Director's acceptance and continuation
of service as a director after the date of this Agreement, and in consideration
of the mutual covenants stated herein, the parties agree as follows:

1.   DEFINITIONS. As used in this Agreement, the following terms have the
following meanings:

     (a)  ACT. The term "Act" means the Colorado Business Corporation Act as it
exists on the date of this Agreement and as it may be hereafter amended from
time to time. In the case of any amendment of the Colorado Business Corporation
Act after the date of this Agreement, when used in reference to an act or
omission occurring prior to effectiveness of such amendment, the term "Act"
shall include such amendment only to the extent that the amendment permits the
Corporation to provide broader indemnification rights than the Colorado Business
Corporation Act permitted the Corporation to provide at the date of this
Agreement and prior to the amendment.

     (b)  DIRECTOR. As used in reference to a position of Director, the term
"director" means a director of the Corporation and, while a director or officer
of the Corporation, Director's serving at the Corporation's request as a
director, officer, agent,

<PAGE>

associate, employee, fiduciary, manager, member, partner, promoter, or a trustee
of, or holding a similar position with, any corporation, partnership, joint
venture, trust, other enterprise or person or employee benefit plan. The term
"director" also includes, unless the context otherwise requires, the estate or
personal representative of a director. The term "director" shall also include
any such broader definition as may be provided in the Act with amendments after
the date of this Agreement.

     (c)  PROCEEDING. The term "proceeding" means any threatened, pending or
completed action, suit or proceeding whether civil, criminal, administrative or
investigative, and whether formal or informal.

2.   AGREEMENT TO INDEMNIFY. The Corporation shall indemnify, and keep
indemnified, Director in accordance with, and to the fullest extent permitted
and/or required by, the Act from and against any judgments, penalties, fines
(including but not limited to ERISA excise taxes), amounts paid in settlement
and reasonable expenses (including but not limited to expenses of investigation
and preparation and fees and disbursements of Director's counsel, accountants or
other experts) actually incurred by Director in connection with any proceeding
in which Director was or is made a party or was or is involved (for example, as
a witness) because Director is or was a director or is or was an officer of the
Corporation.

3.   INSURANCE. So long as Director may be subject to any possible proceeding by
reason of the fact that Director is or was a director or officer of the
Corporation, to the extent the Corporation maintains an insurance policy or
policies providing directors' and officers' liability insurance, Director shall
be covered by such policy or policies, in accordance with its or their terms, to
the maximum extent of the coverage applicable to any then current director or
officer of the Corporation.

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

5.   BURDEN OF PROOF. If under applicable law, the entitlement of Director to be
indemnified or advanced expenses hereunder depends upon whether a standard of
conduct has been met, the burden of proof of establishing that Director did not
act in accordance with such standard shall rest with the Corporation. Director
shall be presumed to have acted in accordance with such standard and to be
entitled to indemnification or the advancement of expenses (as the case may be)
unless, based upon

                                       2

<PAGE>

a preponderance of the evidence, it shall be determined that Director has not
met such standard. Such determination and any evaluation as to the
reasonableness of amounts claimed by Director shall be made by the Board of
Directors of the Corporation or such other body or persons as may be permitted
by the Act. For purposes of this Agreement, unless otherwise expressly stated,
the termination of any proceeding by judgment, order, settlement (whether with
or without court approval) or conviction, or upon a plea of nolo contendere, or
its equivalent, shall not create a presumption that Director did not meet any
particular standard of conduct or have any particular belief or that a court has
determined that indemnification is not permitted by applicable law.

6.   NOTICE TO THE CORPORATION. Director shall notify the Secretary of the
Corporation in writing of any matter for which Director intends to seek
indemnification hereunder as soon as reasonably practicable following the
receipt by Director of written notice thereof; PROVIDED, however, that delay in
so notifying the Corporation shall not constitute a waiver or release by
Director of rights hereunder.

7.   COUNSEL FOR PROCEEDING. In the event of any proceeding in which Director is
a party or is involved and which may give rise to a right of indemnification
hereunder, the Corporation shall have the right to retain counsel reasonably
satisfactory to Director to represent Director and any others the Corporation
may designate in such proceeding. In any such proceeding, Director shall have
the right to retain Director's own counsel, but the fees and expenses of such
counsel shall be at the expense of Director unless (a) the retention of such
counsel has been specifically authorized by the Corporation; (b) representation
of Director and another party by the same counsel would be inappropriate, in the
reasonable judgment of Director, due to actual or potential differing interests
between them (as might be the case for representation of both the Corporation
and Director in a proceeding by or in the right of the Corporation); (c) the
counsel retained by the Corporation and satisfactory to Director has advised
Director, in writing, that such counsel's representation of Director would be
likely to involve such counsel in representing differing interests which could
adversely affect either the judgment or loyalty of such counsel to Director,
whether it be a conflicting, inconsistent, diverse or other interest; or (d) the
Corporation shall fail to retain counsel for Director in such proceeding.
Notwithstanding the foregoing, if an insurance carrier has supplied directors'
and officers' liability insurance covering a proceeding and is entitled to
retain counsel for the defense of such proceeding, then the insurance carrier
shall retain counsel to conduct the defense of such proceeding unless Director
and the Corporation concur in writing that the insurance carrier's doing so is
undesirable. The Corporation shall not be liable under this Agreement for any
settlement of any proceeding affected without its written consent. The
Corporation shall not settle any proceeding in any manner which would impose any
penalty or limitation on Director without Director's written consent. Consent to
a proposed settlement of any proceeding shall not be unreasonably withheld by
either the Corporation or Director.

8.   ENFORCEMENT. The Corporation acknowledges that Director is relying upon
this Agreement in serving as a director, as well as any serving in the future as
an officer of the Corporation. If a claim for indemnification or advancement of
expenses is not paid

                                       3

<PAGE>

in full by the Corporation within ninety (90) days after a written claim has
been received from Director by the Corporation, Director may at any time bring
suit against the Corporation to recover the unpaid amount of the claim. If
successful in whole or in part in such suit, Director shall also be entitled to
be paid all reasonable fees and expenses (including without limitation fees of
counsel) in bringing and prosecuting such claim. Whether or not Director has met
any applicable standard of conduct, the Court in such suit may order
indemnification or the advancement of expenses as the Court deems proper
(subject to any express limitation of the Act). Further, the Corporation shall
indemnify Director from and against any and all expenses (including attorneys'
fees) and, if requested by Director, shall (within ten business days of such
request) advance such expenses to Director, which are incurred by Director in
connection with any claim asserted against or suit brought by Director for
recovery under any directors' and officers' liability insurance policies
maintained by the Corporation, regardless of whether Director is unsuccessful in
whole or in part in such claim or suit.

9.   PROCEEDINGS BY DIRECTOR. The Corporation shall indemnify Director and
advance expenses to Director in connection with any proceeding (or part thereof)
initiated by Director only if such proceeding (or part thereof) was authorized
by the Board of Directors of the Corporation.

10.  NONEXCLUSIVITY. The rights of Director for indemnification and advancement
of expenses under this Agreement shall not be deemed exclusive of, or in
limitation of, any rights to which Director may be entitled under Colorado law,
the Corporation's Articles of Incorporation or Bylaws, vote of stockholders or
otherwise.

11.  MISCELLANEOUS.

     (a)  EFFECTIVENESS. This Agreement is effective for, and shall apply to,
(i) any claim which is asserted or threatened before, on or after the date of
this Agreement but for which no action, suit or proceeding has actually been
brought prior to the date of this Agreement and (ii) any action, suit or
proceeding which is threatened before, on or after the date of this Agreement
but which is not pending prior to the date of this Agreement. Thus, this
Agreement shall not apply to any action, suit or proceeding which has actually
been brought before the date of this Agreement. So long as the foregoing
standard of effectiveness has been satisfied, this Agreement shall be effective
for and shall be applied to acts or omissions prior to, on or after the date of
this Agreement.

     (b)  SURVIVAL; CONTINUATION. The rights of Director hereunder shall inure
to the benefit of the Director (even after Director ceases to be a director or
officer), Director's personal representative, heirs, executors, administrators
and beneficiaries; and this Agreement shall be binding upon the Corporation, its
successors and assigns. The rights of Director under this Agreement shall
continue so long as Director may be subject to any possible proceeding because
of the fact that Director was a director or was an officer of the Corporation.
If the Corporation sells, leases, exchanges or otherwise disposes of, in a
single transaction or series of related transactions, all or substantially all
of its property and assets, the Corporation shall, as a condition precedent to
such

                                       4

<PAGE>

transaction, cause effective provision to be made so that the person or entity
acquiring such property and assets shall become bound by and replace the
Corporation under this Agreement.

     (c)  GOVERNING LAW. This Agreement shall be governed by the laws of the
State of Colorado.

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

     (e)  AMENDMENT. No amendment, termination or cancellation of this Agreement
shall be effective unless in writing signed by the Corporation and Director.

     (f)  OTHER PAYMENTS. The Corporation shall not be liable under this
Agreement to make any payment in connection with any proceeding against or
involving Director to the extent Director has otherwise actually received
payment (under any insurance policy, Bylaw or otherwise) of the amounts
otherwise indemnifiable hereunder. Director shall repay to the Corporation the
amount of any payment the Corporation makes to Director under this Agreement in
connection with any proceeding against or involving Director, to the extent
Director has otherwise actually received payment (under any insurance policy,
Bylaw or otherwise) of such amount.

     (g)  SUBROGATION. In the event of payment under this Agreement the
Corporation shall be subrogated to the extent of such payment to all of the
rights of recovery of Director, who shall execute all papers required and shall
do everything that may be necessary to secure such rights, including the
execution of such documents necessary to enable the Corporation effectively to
bring suit to enforce such rights.

     (h)  HEADINGS. The headings in this Agreement are for convenience only and
are not to be considered in construing this Agreement.

     (i)  COUNTERPARTS. This Agreement may be executed in counterparts, both of
which shall be deemed an original, and together shall constitute one document.

     The parties have executed this Agreement as of the day and year first above
stated.

SCOTT'S LIQUID GOLD-INC.                DIRECTOR

By:
   -----------------------------        ---------------------------------
   Mark E. Goldstein, President         Carl A. Bellini

                                       5

<PAGE>

                            INDEMNIFICATION AGREEMENT

                            SCOTT'S LIQUID GOLD-INC.

     This Agreement is made and entered into as of November __, 2000 between
Scott's Liquid Gold-Inc., a Colorado corporation (the "Corporation"), and
Jeffrey B. Johnson of Denver, Colorado ("Director").

                                    RECITALS:

     A. At the request of the Corporation, Director currently serves as a
director of the Corporation (as defined below), as well as an officer of the
Corporation. As such, Director may be subjected to claims, suits or proceedings.

     B. Director has indicated that it was and is a condition of Director's
acceptance and continuing in such service that, among other things, the
Corporation agrees to indemnify Director against liabilities, expenses and costs
incurred in connection with any such claims, suits or proceedings, in accordance
with, and to the fullest extent permitted by, the Colorado Business Corporation
Act; and

     C. The Corporation's Articles of Incorporation and the Colorado Business
Corporation Act contemplate that contracts may be made between the Corporation
and members of its Board of Directors and officers with respect to
indemnification.

                                   AGREEMENT:

     Now, therefore, in consideration of Director's acceptance and continuation
of service as a director and continued service as an officer after the date of
this Agreement, and in consideration of the mutual covenants stated herein, the
parties agree as follows:

1.   DEFINITIONS. As used in this Agreement, the following terms have the
following meanings:

     (a)  ACT. The term "Act" means the Colorado Business Corporation Act as it
exists on the date of this Agreement and as it may be hereafter amended from
time to time. In the case of any amendment of the Colorado Business Corporation
Act after the date of this Agreement, when used in reference to an act or
omission occurring prior to effectiveness of such amendment, the term "Act"
shall include such amendment only to the extent that the amendment permits the
Corporation to provide broader indemnification rights than the Colorado Business
Corporation Act permitted the Corporation to provide at the date of this
Agreement and prior to the amendment.

     (b)  DIRECTOR. As used in reference to a position of Director, the term
"director" means a director of the Corporation and, while a director or officer
of the Corporation, Director's serving at the Corporation's request as a
director, officer, agent,

<PAGE>

associate, employee, fiduciary, manager, member, partner, promoter, or a trustee
of, or holding a similar position with, any corporation, partnership, joint
venture, trust, other enterprise or person or employee benefit plan. The term
"director" also includes, unless the context otherwise requires, the estate or
personal representative of a director. The term "director" shall also include
any such broader definition as may be provided in the Act with amendments after
the date of this Agreement.

     (c)  PROCEEDING. The term "proceeding" means any threatened, pending or
completed action, suit or proceeding whether civil, criminal, administrative or
investigative, and whether formal or informal.

2.   AGREEMENT TO INDEMNIFY. The Corporation shall indemnify, and keep
indemnified, Director in accordance with, and to the fullest extent permitted
and/or required by, the Act from and against any judgments, penalties, fines
(including but not limited to ERISA excise taxes), amounts paid in settlement
and reasonable expenses (including but not limited to expenses of investigation
and preparation and fees and disbursements of Director's counsel, accountants or
other experts) actually incurred by Director in connection with any proceeding
in which Director was or is made a party or was or is involved (for example, as
a witness) because Director is or was a director or is or was an officer of the
Corporation.

3.   INSURANCE. So long as Director may be subject to any possible proceeding by
reason of the fact that Director is or was a director or officer of the
Corporation, to the extent the Corporation maintains an insurance policy or
policies providing directors' and officers' liability insurance, Director shall
be covered by such policy or policies, in accordance with its or their terms, to
the maximum extent of the coverage applicable to any then current director or
officer of the Corporation.

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

5.   BURDEN OF PROOF. If under applicable law, the entitlement of Director to be
indemnified or advanced expenses hereunder depends upon whether a standard of
conduct has been met, the burden of proof of establishing that Director did not
act in accordance with such standard shall rest with the Corporation. Director
shall be presumed to have acted in accordance with such standard and to be
entitled to indemnification or the advancement of expenses (as the case may be)
unless, based upon

                                       2

<PAGE>

a preponderance of the evidence, it shall be determined that Director has not
met such standard. Such determination and any evaluation as to the
reasonableness of amounts claimed by Director shall be made by the Board of
Directors of the Corporation or such other body or persons as may be permitted
by the Act. For purposes of this Agreement, unless otherwise expressly stated,
the termination of any proceeding by judgment, order, settlement (whether with
or without court approval) or conviction, or upon a plea of nolo contendere, or
its equivalent, shall not create a presumption that Director did not meet any
particular standard of conduct or have any particular belief or that a court has
determined that indemnification is not permitted by applicable law.

6.   NOTICE TO THE CORPORATION. Director shall notify the Secretary of the
Corporation in writing of any matter for which Director intends to seek
indemnification hereunder as soon as reasonably practicable following the
receipt by Director of written notice thereof; PROVIDED, however, that delay in
so notifying the Corporation shall not constitute a waiver or release by
Director of rights hereunder.

7.   COUNSEL FOR PROCEEDING. In the event of any proceeding in which Director is
a party or is involved and which may give rise to a right of indemnification
hereunder, the Corporation shall have the right to retain counsel reasonably
satisfactory to Director to represent Director and any others the Corporation
may designate in such proceeding. In any such proceeding, Director shall have
the right to retain Director's own counsel, but the fees and expenses of such
counsel shall be at the expense of Director unless (a) the retention of such
counsel has been specifically authorized by the Corporation; (b) representation
of Director and another party by the same counsel would be inappropriate, in the
reasonable judgment of Director, due to actual or potential differing interests
between them (as might be the case for representation of both the Corporation
and Director in a proceeding by or in the right of the Corporation); (c) the
counsel retained by the Corporation and satisfactory to Director has advised
Director, in writing, that such counsel's representation of Director would be
likely to involve such counsel in representing differing interests which could
adversely affect either the judgment or loyalty of such counsel to Director,
whether it be a conflicting, inconsistent, diverse or other interest; or (d) the
Corporation shall fail to retain counsel for Director in such proceeding.
Notwithstanding the foregoing, if an insurance carrier has supplied directors'
and officers' liability insurance covering a proceeding and is entitled to
retain counsel for the defense of such proceeding, then the insurance carrier
shall retain counsel to conduct the defense of such proceeding unless Director
and the Corporation concur in writing that the insurance carrier's doing so is
undesirable. The Corporation shall not be liable under this Agreement for any
settlement of any proceeding affected without its written consent. The
Corporation shall not settle any proceeding in any manner which would impose any
penalty or limitation on Director without Director's written consent. Consent to
a proposed settlement of any proceeding shall not be unreasonably withheld by
either the Corporation or Director.

8.   ENFORCEMENT. The Corporation acknowledges that Director is relying upon
this Agreement in serving as a director and officer of the Corporation. If a
claim for indemnification or advancement of expenses is not paid in full by the
Corporation

                                       3

<PAGE>

within ninety (90) days after a written claim has been received from Director by
the Corporation, Director may at any time bring suit against the Corporation to
recover the unpaid amount of the claim. If successful in whole or in part in
such suit, Director shall also be entitled to be paid all reasonable fees and
expenses (including without limitation fees of counsel) in bringing and
prosecuting such claim. Whether or not Director has met any applicable standard
of conduct, the Court in such suit may order indemnification or the advancement
of expenses as the Court deems proper (subject to any express limitation of the
Act). Further, the Corporation shall indemnify Director from and against any and
all expenses (including attorneys' fees) and, if requested by Director, shall
(within ten business days of such request) advance such expenses to Director,
which are incurred by Director in connection with any claim asserted against or
suit brought by Director for recovery under any directors' and officers'
liability insurance policies maintained by the Corporation, regardless of
whether Director is unsuccessful in whole or in part in such claim or suit.

9.   PROCEEDINGS BY DIRECTOR. The Corporation shall indemnify Director and
advance expenses to Director in connection with any proceeding (or part thereof)
initiated by Director only if such proceeding (or part thereof) was authorized
by the Board of Directors of the Corporation.

10.  NONEXCLUSIVITY. The rights of Director for indemnification and advancement
of expenses under this Agreement shall not be deemed exclusive of, or in
limitation of, any rights to which Director may be entitled under Colorado law,
the Corporation's Articles of Incorporation or Bylaws, vote of stockholders or
otherwise.

11.  MISCELLANEOUS.

     (a)  EFFECTIVENESS. This Agreement is effective for, and shall apply to,
(i) any claim which is asserted or threatened before, on or after the date of
this Agreement but for which no action, suit or proceeding has actually been
brought prior to the date of this Agreement and (ii) any action, suit or
proceeding which is threatened before, on or after the date of this Agreement
but which is not pending prior to the date of this Agreement. Thus, this
Agreement shall not apply to any action, suit or proceeding which has actually
been brought before the date of this Agreement. So long as the foregoing
standard of effectiveness has been satisfied, this Agreement shall be effective
for and shall be applied to acts or omissions prior to, on or after the date of
this Agreement.

     (b)  SURVIVAL; CONTINUATION. The rights of Director hereunder shall inure
to the benefit of the Director (even after Director ceases to be a director or
officer), Director's personal representative, heirs, executors, administrators
and beneficiaries; and this Agreement shall be binding upon the Corporation, its
successors and assigns. The rights of Director under this Agreement shall
continue so long as Director may be subject to any possible proceeding because
of the fact that Director was a director or was an officer of the Corporation.
If the Corporation sells, leases, exchanges or otherwise disposes of, in a
single transaction or series of related transactions, all or substantially all
of its property and assets, the Corporation shall, as a condition precedent to
such

                                       4

<PAGE>

transaction, cause effective provision to be made so that the person or entity
acquiring such property and assets shall become bound by and replace the
Corporation under this Agreement.

     (c)  GOVERNING LAW. This Agreement shall be governed by the laws of the
State of Colorado.

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

     (e)  AMENDMENT. No amendment, termination or cancellation of this Agreement
shall be effective unless in writing signed by the Corporation and Director.

     (f)  OTHER PAYMENTS. The Corporation shall not be liable under this
Agreement to make any payment in connection with any proceeding against or
involving Director to the extent Director has otherwise actually received
payment (under any insurance policy, Bylaw or otherwise) of the amounts
otherwise indemnifiable hereunder. Director shall repay to the Corporation the
amount of any payment the Corporation makes to Director under this Agreement in
connection with any proceeding against or involving Director, to the extent
Director has otherwise actually received payment (under any insurance policy,
Bylaw or otherwise) of such amount.

     (g)  SUBROGATION. In the event of payment under this Agreement the
Corporation shall be subrogated to the extent of such payment to all of the
rights of recovery of Director, who shall execute all papers required and shall
do everything that may be necessary to secure such rights, including the
execution of such documents necessary to enable the Corporation effectively to
bring suit to enforce such rights.

     (h)  HEADINGS. The headings in this Agreement are for convenience only and
are not to be considered in construing this Agreement.

     (i)  COUNTERPARTS. This Agreement may be executed in counterparts, both of
which shall be deemed an original, and together shall constitute one document.

     The parties have executed this Agreement as of the day and year first above
stated.

SCOTT'S LIQUID GOLD-INC.                    DIRECTOR

By:
   ------------------------------         -------------------------------------
   Mark E. Goldstein, President           Jeffrey B. Johnson

                                       5<PAGE>

                           CERTIFICATE OF DESIGNATION

                                       OF

                  SERIES A JUNIOR PARTICIPATING PREFERRED STOCK

                         (PURSUANT TO SECTION 151 OF THE
                        DELAWARE GENERAL CORPORATION LAW)

     DITECH COMMUNICATIONS CORPORATION, a corporation organized and existing
under the General Corporation Law of the State of Delaware (hereinafter called
the "Company"), hereby certifies that the following resolution was adopted by
the Board of Directors of the Corporation as required by Section 151 of the
General Corporation Law at a meeting duly called and held on March 26, 2001:

               RESOLVED, that pursuant to the authority granted to and vested in
          the Board of Directors of the Company in accordance with the
          provisions of its Restated Certificate of Incorporation ("Certificate
          of Incorporation"), the Board of Directors hereby creates a series of
          Preferred Stock, par value $.001 per share, of the Company and hereby
          states the designation and number of shares, and fixes the relative
          designations and the powers, preferences and rights, and the
          qualifications, limitations and restrictions thereof (in addition to
          the provisions set forth in the Certificate of Incorporation of the
          Company, which are applicable to the Preferred Stock of all classes
          and series), as follows:

Series A Junior Participating Preferred Stock:

     SECTION 1. DESIGNATION AND AMOUNT. Two Hundred Thousand (200,000) shares of
Preferred Stock, $.001 par value, are designated "Series A Junior Participating
Preferred Stock" with the designations and the powers, preferences and rights,
and the qualifications, limitations and restrictions specified herein (the
"Junior Preferred Stock"). Such number of shares may be increased or decreased
by resolution of the Board of Directors; PROVIDED, that no decrease shall reduce
the number of shares of Junior Preferred Stock to a number less than the number
of shares then outstanding plus the number of shares reserved for issuance upon
the exercise of outstanding options, rights or warrants or upon the conversion
of any outstanding securities issued by the Company convertible into Junior
Preferred Stock.

                                       1
<PAGE>

     SECTION 2. DIVIDENDS AND DISTRIBUTIONS.

          (A) Subject to the rights of the holders of any shares of any series
     of Preferred Stock (or any similar stock) ranking prior and superior to the
     Junior Preferred Stock with respect to dividends, the holders of shares of
     Junior Preferred Stock, in preference to the holders of Common Stock, par
     value $.001 per share (the "Common Stock"), of the Company, and of any
     other junior stock, shall be entitled to receive, when, as and if declared
     by the Board of Directors out of funds legally available for the purpose,
     quarterly dividends payable in cash on the first day of April, July,
     October and January in each year (each such date being referred to herein
     as a "Quarterly Dividend Payment Date"), commencing on the first Quarterly
     Dividend Payment Date after the first issuance of a share or fraction of a
     share of Junior Preferred Stock, in an amount per share (rounded to the
     nearest cent) equal to the greater of (a) $10.00 or (b) subject to the
     provision for adjustment hereinafter set forth, 1,000 times the aggregate
     per share amount of all cash dividends, and 1,000 times the aggregate per
     share amount (payable in kind) of all non-cash dividends or other
     distributions, other than a dividend payable in shares of Common Stock or a
     subdivision of the outstanding shares of Common Stock (by reclassification
     or otherwise), declared on the Common Stock since the immediately preceding
     Quarterly Dividend Payment Date or, with respect to the first Quarterly
     Dividend Payment Date, since the first issuance of any share or fraction of
     a share of Junior Preferred Stock. In the event the Company shall at any
     time declare or pay any dividend on the Common Stock payable in shares of
     Common Stock, or effect a subdivision or combination or consolidation of
     the outstanding shares of Common Stock (by reclassification or otherwise
     than by payment of a dividend in shares of Common Stock) into a greater or
     lesser number of shares of Common Stock, then in each such case the amount
     to which holders of shares of Junior Preferred Stock were entitled
     immediately prior to such event under clause (b) of the preceding sentence
     shall be adjusted by multiplying such amount by a fraction, the numerator
     of which is the number of shares of Common Stock outstanding immediately
     after such event and the denominator of which is the number of shares of
     Common Stock that were outstanding immediately prior to such event.

          (B) The Company shall declare a dividend or distribution on the Junior
     Preferred Stock as provided in paragraph (A) of this Section immediately
     after it declares a dividend or distribution on the Common Stock (other
     than a dividend payable in shares of Common Stock); PROVIDED, that in the
     event no dividend or distribution shall have been declared on the Common
     Stock during the period between any Quarterly Dividend Payment Date and the
     next subsequent Quarterly Dividend Payment Date, a dividend of $10.00 per
     share on the Junior Preferred Stock shall nevertheless be payable on such
     subsequent Quarterly Dividend Payment Date.

          (C) Dividends shall begin to accrue and be cumulative on outstanding
     shares of Junior Preferred Stock from the Quarterly Dividend Payment Date
     next preceding the date of issue of such shares, unless the date of issue
     of such shares is prior to the record date for the first Quarterly Dividend
     Payment Date, in which case dividends on such shares shall begin to accrue
     from the date of issue of such shares, or unless the date of issue is a
     Quarterly Dividend Payment Date or is a date after the record date for the
     determination of holders of shares of Junior Preferred Stock entitled to
     receive a quarterly dividend and before such Quarterly Dividend Payment
     Date, in either of which events such dividends shall begin to accrue and be
     cumulative from such Quarterly Dividend Payment Date. Accrued but unpaid
     dividends shall not bear

                                       2
<PAGE>

interest. Dividends paid on the shares of Junior Preferred Stock in an amount
less than the total amount of such dividends at the time accrued and payable on
such shares shall be allocated pro rata on a share-by-share basis among all such
shares at the time outstanding. The Board of Directors may fix a record date for
the determination of holders of shares of Junior Preferred Stock entitled to
receive payment of a dividend or distribution declared thereon, which record
date shall be not more than 60 days prior to the date fixed for the payment
thereof.

     SECTION 3. VOTING RIGHTS. The holders of shares of Junior Preferred Stock
shall have the following voting rights:

          (A) Subject to the provision for adjustment hereinafter set forth,
     each share of Junior Preferred Stock shall entitle the holder thereof to
     1,000 votes on all matters submitted to a vote of the stockholders of the
     Company. In the event the Company shall at any time declare or pay any
     dividend on the Common Stock payable in shares of Common Stock, or effect a
     subdivision or combination or consolidation of the outstanding shares of
     Common Stock (by reclassification or otherwise than by payment of a
     dividend in shares of Common Stock) into a greater or lesser number of
     shares of Common Stock, then in each such case the number of votes per
     share to which holders of shares of Junior Preferred Stock were entitled
     immediately prior to such event shall be adjusted by multiplying such
     number by a fraction, the numerator of which is the number of shares of
     Common Stock outstanding immediately after such event and the denominator
     of which is the number of shares of Common Stock that were outstanding
     immediately prior to such event.

          (B) Except as otherwise provided herein, in any other Certificate of
     Designation creating a series of Preferred Stock or any similar stock, or
     by law, the holders of shares of Junior Preferred Stock and the holders of
     shares of Common Stock and any other capital stock of the Company having
     general voting rights shall vote together as one class on all matters
     submitted to a vote of stockholders of the Company.

          (C) Except as set forth herein, or as otherwise provided by law,
     holders of Junior Preferred Stock shall have no special voting rights and
     their consent shall not be required (except to the extent they are entitled
     to vote with holders of Common Stock as set forth herein) for taking any
     corporate action.

     SECTION 4. CERTAIN RESTRICTIONS.

          (A) Whenever quarterly dividends or other dividends or distributions
     payable on the Junior Preferred Stock as provided in Section 2 are in
     arrears, thereafter and until all accrued and unpaid dividends and
     distributions, whether or not declared, on shares of Junior Preferred Stock
     outstanding shall have been paid in full, the Company shall not:

               (i) declare or pay dividends, or make any other distributions, on
          any shares of stock ranking junior (either as to dividends or upon
          liquidation, dissolution or winding up) to the Junior Preferred Stock;

               (ii) declare or pay dividends, or make any other distributions,
          on any shares of stock ranking on a parity (either as to dividends or
          upon liquidation, dissolution or winding up) with the Junior Preferred
          Stock, except dividends paid ratably on the Junior

                                       3
<PAGE>

Preferred Stock and all such parity stock on which dividends are payable or in
arrears in proportion to the total amounts to which the holders of all such
shares are then entitled;

               (iii) redeem or purchase or otherwise acquire for consideration
          shares of any stock ranking junior (either as to dividends or upon
          liquidation, dissolution or winding up) to the Junior Preferred Stock,
          provided that the Company may at any time redeem, purchase or
          otherwise acquire shares of any such junior stock in exchange for
          shares of any stock of the Company ranking junior (either as to
          dividends or upon dissolution, liquidation or winding up) to the
          Junior Preferred Stock; or

               (iv) redeem or purchase or otherwise acquire for consideration
          any shares of Junior Preferred Stock, or any shares of stock ranking
          on a parity (either as to dividends or upon liquidation, dissolution
          or winding up) with the Junior Preferred Stock, except in accordance
          with a purchase offer made in writing or by publication (as determined
          by the Board of Directors) to all holders of such shares upon such
          terms as the Board of Directors, after consideration of the respective
          annual dividend rates and other relative rights and preferences of the
          respective series and classes, shall determine in good faith will
          result in fair and equitable treatment among the respective series or
          classes.

          (B) The Company shall not permit any subsidiary of the Company to
     purchase or otherwise acquire for consideration any shares of stock of the
     Company unless the Company could, under paragraph (A) of this Section 4,
     purchase or otherwise acquire such shares at such time and in such manner.

          SECTION 5. REACQUIRED SHARES. Any shares of Junior Preferred Stock
     purchased or otherwise acquired by the Company in any manner whatsoever
     shall be retired and cancelled promptly after the acquisition thereof. All
     such shares shall upon their cancellation become authorized but unissued
     shares of Preferred Stock and may be reissued as part of a new series of
     Preferred Stock subject to the conditions and restrictions on issuance set
     forth herein, in the Restated Certificate of Incorporation, or in any other
     Certificate of Designation creating a series of Preferred Stock or any
     similar stock or as otherwise required by law.

          SECTION 6. LIQUIDATION, DISSOLUTION OR WINDING UP. Upon any
     liquidation, dissolution or winding up of the Company, no distribution
     shall be made (1) to the holders of shares of stock ranking junior (either
     as to dividends or upon liquidation, dissolution or winding up) to the
     Junior Preferred Stock unless, prior thereto, the holders of shares of
     Junior Preferred Stock shall have received $1,000 per share, plus an amount
     equal to accrued and unpaid dividends and distributions thereon, whether or
     not declared, to the date of such payment, provided that the holders of
     shares of Junior Preferred Stock shall be entitled to receive an aggregate
     amount per share, subject to the provision for adjustment hereinafter set
     forth, equal to 1,000 times the aggregate amount to be distributed per
     share to holders of shares of Common Stock, or (2) to the holders of shares
     of stock ranking on a parity (either as to dividends or upon liquidation,
     dissolution or winding up) with the Junior Preferred Stock, except
     distributions made ratably on the Junior Preferred Stock and all such
     parity stock in proportion to the total amounts to which the holders of all
     such shares are entitled upon such liquidation, dissolution or winding up.
     In the event the Company shall at any time declare or pay any dividend on
     the Common Stock payable in shares of Common Stock, or effect a subdivision
     or combination or

                                       4
<PAGE>

consolidation of the outstanding shares of Common Stock (by reclassification or
otherwise than by payment of a dividend in shares of Common Stock) into a
greater or lesser number of shares of Common Stock, then in each such case the
aggregate amount to which holders of shares of Junior Preferred Stock were
entitled immediately prior to such event under the proviso in clause (1) of the
preceding sentence shall be adjusted by multiplying such amount by a fraction
the numerator of which is the number of shares of Common Stock outstanding
immediately after such event and the denominator of which is the number of
shares of Common Stock that were outstanding immediately prior to such event.

     SECTION 7. CONSOLIDATION, MERGER, ETC. In case the Company shall enter into
any consolidation, merger, combination or other transaction in which the shares
of Common Stock are exchanged for or changed into other stock or securities,
cash and/or any other property, then in any such case each share of Junior
Preferred Stock shall at the same time be similarly exchanged or changed into an
amount per share, subject to the provision for adjustment hereinafter set forth,
equal to 1,000 times the aggregate amount of stock, securities, cash and/or any
other property (payable in kind), as the case may be, into which or for which
each share of Common Stock is changed or exchanged. In the event the Company
shall at any time declare or pay any dividend on the Common Stock payable in
shares of Common Stock, or effect a subdivision or combination or consolidation
of the outstanding shares of Common Stock (by reclassification or otherwise than
by payment of a dividend in shares of Common Stock) into a greater or lesser
number of shares of Common Stock, then in each such case the amount set forth in
the preceding sentence with respect to the exchange or change of shares of
Junior Preferred Stock shall be adjusted by multiplying such amount by a
fraction, the numerator of which is the number of shares of Common Stock
outstanding immediately after such event and the denominator of which is the
number of shares of Common Stock that were outstanding immediately prior to such
event.

     SECTION 8. NO REDEMPTION. The shares of Junior Preferred Stock shall not be
redeemable.

     SECTION 9. RANK. The Junior Preferred Stock shall rank, with respect to the
payment of dividends and the distribution of assets, junior to all series of any
other class of the Company's Preferred Stock.

     SECTION 10. AMENDMENT. The Restated Certificate of Incorporation of the
Company shall not be amended in any manner which would materially alter or
change the powers, preferences or special rights of the Junior Preferred Stock
so as to affect them adversely without the affirmative vote of the holders of at
least two-thirds of the outstanding shares of Junior Preferred Stock, voting
together as a single class.

                                       5
<PAGE>

         IN WITNESS WHEREOF, the undersigned have executed this certificate as
of March 29, 2001.

                                    /s/ TIMOTHY K. MONTGOMERY
                                    -------------------------------------------
                                    Timothy K. Montgomery
                                    Chief Executive Officer and President

                                    /s/ WILLIAM J. TAMBLYN
                                    -------------------------------------------
                                    William J. Tamblyn
                                    Secretary

                                       6

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