Exhibit 10.1


    

      Exhibit
        10.1

      


      Summary
        of Management Incentive Compensation Plan for Fiscal 2007

       

      The
        Management Incentive Compensation Plan for Fiscal 2007 (the “Bonus Plan”) for
        Frontier Oil Corporation (the “Company”) establishes each participant’s Bonus
        Plan target as a percentage of the participant’s base salary. The amount of the
        actual bonus payment could range from zero to twice the Bonus Plan target,
        based
        upon the extent to which the pre-established annual financial goals are met
        or
        exceeded. The 2007 base salaries and Bonus Plan targets for the Company’s named
        executive officers are set forth in the table below. The financial goals
        for the
        Bonus Plan during 2007 are based on the Company’s 1) 2007 net income, 2)
        relative return on net capital employed versus a peer group average and 3)
        absolute return on capital employed and safety performance. These measures
        are
        weighted 40%, 40% and 20%, respectively.

       

      Each
        participant will receive 30%, and has the right to elect to receive up to
        100%,
        of his or her bonus payment in restricted shares of the Company’s common stock
        in lieu of cash, except that the Chief Executive Officer may elect to receive
        all of his bonus payment in cash. If such an election is made to receive
        additional restricted stock, then the amount of the bonus will be grossed
        up by
        a “risk premium” to be established by the Compensation Committee (the
“Committee”) of the Board of Directors of the Company. All shares of restricted
        stock will vest 25% on each of the first and second anniversaries of the
        grant
        date and 50% on the third anniversary of the grant date. The number of shares
        of
        restricted stock that a participant receives will be determined by the average
        closing price of the Company’s common stock during December 2007 and January
        2008.

       

      The
        Committee has discretion to adjust the financial targets for extraordinary
        items
        and for the effect of acquisitions completed during the Bonus Plan year and
        to
        pay or not pay the bonuses for any reason.

       

      
        
          
            	
                     

                    Executive
                      Officer

                  	
                    2007
                      Annual Base Salary

                  	
                    Bonus
                      Plan Target for 2007 (Percentage of Base
                      Salary)

                  
	
                     

                    James
                      R. Gibbs

                    Chairman
                      of the Board, Chief Executive Officer and President

                  	
                    $885,000
                      

                  	
                    100%

                  
	
                     

                    Michael
                      C. Jennings

                    Executive
                      Vice President-Chief Financial Officer

                  	
                    $415,000
                      

                  	
                    70%

                  
	
                     

                    W.
                      Paul Eisman

                    Executive
                      Vice President-Refining & Marketing

                  	
                    $430,000
                      

                  	
                    70%

                  
	
                     

                    Currie
                      Bechtol

                    Vice
                      President-General Counsel & Secretary

                  	
                    $300,000
                      

                  	
                    50%

                  
	
                     

                    Jon
                      D. Galvin

                    Vice
                      President

                  	
                    $280,000
                      

                  	
                    50%

                  
	
                     

                    Nancy
                      J. Zupan

                    Vice
                      President-Controller

                  	
                    $280,000
                      

                  	
                    50%