ex10_56.htm


    Exhibit
10.56

     

      
        

      

    

    


    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;

            


    

    


    
      	
               
      

            	
              ·

            	
              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.

    


    The table below sets forth the base
salaries, effective as of January 1, 2009, for the executive officers of
Frontier who held office as of January 1, 2009, as well as, their incentive
target for 2009 (as a percentage of base salary).

    


    
      
        
          	
                   

                  Executive
      Officer

                	
                   

                  2009
      Annual Base Salary

                	
                  Incentive
      Target for 2009 (Percentage for Base Salary)

                
	
                  James
      R. Gibbs

                  Chairman
      of the Board

                	
                   

                  $975,000

                	
                   

                  100%

                
	
                  Michael
      C. Jennings

                  President
      and Chief Executive Officer

                	
                   

                  $775,000

                	
                   

                  100%

                
	
                  W.
      Paul Eisman

                  Executive
      Vice President-Refining & Marketing

                	
                   

                  $518,000

                	
                   

                  70%

                
	
                  Douglas
      S. Aron

                  Executive
      Vice President and Chief Financial Officer

                	
                   

                  $380,000

                	
                   

                  60%

                
	
                  Jon
      D. Galvin

                  Vice
      President

                	
                   

                  $305,000

                	
                   

                  50%

                
	
                  Nancy
      J. Zupan

                  Vice
      President and Chief Accounting Officer

                	
                   

                  $325,000

                	
                   

                  50%

                
	
                  J.
      Currie Bechtol

                  Vice
      President-General Counsel & Secretary

                	
                   

                  $342,000

                	
                   

                  50%