Exhibit 10.3
Summary of Compensation for Executive Officers
The executive officers of Frontier Oil Corporation (“Frontier”) are “at will” employees, and none of them has an employment agreement. The unwritten arrangements under which Frontier’s executive officers are compensated include:
| · | a salary, reviewed annually by the Compensation Committee of the Board of Directors of Frontier; |
| · | eligibility for an annual cash bonus, as determined by the Compensation Committee; |
| · | eligibility for awards under Frontier’s Omnibus Incentive Compensation Plan, as determined by the Compensation Committee; |
| · | health, life, disability, death and other insurance and/or benefits; |
| · | deferred compensation plan; |
| · | defined contribution pension and savings plan; and |
| · | vacation, paid sick leave and all other employee benefits. |
In addition, each of the executive officers of Frontier have entered into an Executive Change in Control Severance Agreement and an Executive Severance Agreement. Messrs. Gibbs, Williams and Jennings also participate in an Executive Retiree Medical Benefit Plan.
The table below sets forth the base salaries, effective as of January 1, 2006, for the executive officers of Frontier who held office as of January 1, 2006, as well as their incentive target for 2006 (as a percentage of base salary).
Executive Officer | 2006 Annual Base Salary | Incentive Target for 2006 (Percentage of Base Salary) |
Chairman of the Board, Chief Executive Officer and President | $850,000 | 100% |
Executive Vice President-Chief Financial Officer | $389,000 | 60% |
Executive Vice President-Refining & Marketing | $495,000 | 60% |
Vice President | $270,000 | 50% |
Vice President-Controller | $265,000 | 40% |
Vice President-General Counsel & Secretary | $260,000 | 40% |
Vice President-Corporate Relations and Environmental Affairs | $210,000 | 40% |
Vice President-Corporate Finance | $175,000 | 40% |
