Exhibit 10.3


    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)

                
	
                  
                    James
                      R. Gibbs

                  

                  Chairman
                    of the Board, Chief Executive Officer and President

                	
                  $850,000
                    

                	
                  100%

                
	
                  
                    Michael
                      C. Jennings

                  

                  Executive
                    Vice President-Chief Financial Officer

                	
                  $389,000
                    

                	
                  60%

                
	
                  
                    W.
                      Reed Williams

                  

                  Executive
                    Vice President-Refining & Marketing

                	
                  $495,000
                    

                	
                  60%

                
	
                  
                    Jon
                      D. Galvin

                  

                  Vice
                    President

                	
                   $270,000
                    

                	
                  50%

                
	
                  
                    Nancy
                      J. Zupan

                  

                  Vice
                    President-Controller

                	
                  $265,000
                    

                	
                  40%

                
	
                  
                    J.
                      Currie Bechtol

                  

                  Vice
                    President-General Counsel & Secretary

                	
                  $260,000
                    

                	
                  40%

                
	
                  
                    Gerald
                      B. Faudel

                  

                  Vice
                    President-Corporate Relations and Environmental Affairs

                	
                  $210,000
                    

                	
                  40%

                
	
                  
                    Doug
                      S. Aron

                  

                  Vice
                    President-Corporate Finance

                	
                  $175,000
                    

                	
                  40%