Document:

exhibit 4.8 - Form of Frontier Omnibus Plan Stock Unit/Restricted Stock Agreement

Exhibit 4.8

     

    Form
      Of

     

    Frontier
      Oil Corporation

    Omnibus
      Incentive Compensation Plan

     

    Stock
      Unit/Restricted Stock Agreement

     

    
      	
              Grantee:

            	
              ______________

            
	
              Date
                of Grant:

            	
              Effective
                _____________

            
	
              Number
                of Stock Units Granted:

            	
              ______________

               

            

    

    1.  Stock
      Unit Grant.
      I am
      pleased to inform you that you have been granted Stock Units with respect to
      shares of common stock of Frontier Oil Corporation (the “Company”) under the
      Frontier Oil Corporation Omnibus Incentive Compensation
      Plan
      (the
“Plan”). A Stock Unit is a notional (phantom) share of Company stock. The terms
      of the grant are subject to the terms of the Plan and this Agreement, which
      includes Attachment A hereto.

     

    2.  Performance
      Goal/Restricted Stock Grant.
      If, and
      to the extent, the Performance Goal set forth on Attachment A is achieved,
      at
      the end of the Performance Period you will receive, in cancellation of and
      in
      exchange for your Stock Units, a number of shares of Restricted Stock equal
      to
      the product of the Stock Units Earned Percentage (set forth in Item I on
      Attachment A) and the number of Stock Units granted to you. If the Threshold
      for
      the Performance Goal is not achieved for the Performance Period, all Stock
      Units
      automatically will be cancelled without payment at the end of the Performance
      Period.

     

    3.  Vesting.
      To the
      extent Stock Units are earned and shares of Restricted Stock are granted to
      you
      at the end of the Performance Period, then, subject to the further provisions
      of
      this Agreement, those
      shares of Restricted Stock will vest as follows: one-third on June 30, 2007;
      one-third on June 30, 2008; and the final one-third on June 30,
      2009.

     

    Notwithstanding
      the above vesting schedule, upon the occurrence of any of the following events
      during the Vesting Period (the period beginning January 1, 2007 and ending
      June
      30, 2009), the Restricted Stock then outstanding, if any, shall become vested
      or
      forfeitable, as the case may be, as provided below:

     

    
      	 	
              (a)

            	
              Death,
                Retirement or Disability.
                If you cease to be an employee of the Company and its Affiliates
                during
                the Vesting Period as a result of your death, Retirement or a disability
                that entitles you to disability benefits under the Company’s long-term
                disability plan, any shares of Restricted Stock then outstanding
                automatically shall become 100% vested upon your termination of
                employment. As used herein, “Retirement” means your termination of
                employment with the Company and its Affiliates for reasons other
                than
                Cause on or after reaching age 63 or, if after age 55 and prior to
                age 63,
                with the consent of the Committee.

            

    

     

    
      	 	
              (b)

            	
              Other
                Terminations.
                If you cease to be an employee of the Company and its Affiliates
                (i)
                during the Performance Period for any reason, all Stock Units awarded
                to
                you automatically shall be forfeited without payment upon your termination
                and (ii) during the Vesting Period for any reason other than due
                to death,
                Retirement or disability as provided in paragraph 3(a) above, all
                shares
                of Restricted Stock then outstanding, if any, (or to be granted to
                you
                after the Performance Period, if any) automatically shall be forfeited
                without payment upon your termination of
                employment.

            

    

     

    
      	 	
              (c)

            	
              Change
                of Control.
                Upon the occurrence of a Change of Control (i) during the Performance
                Period, your Stock Units shall be cancelled in full on such date
                and you
                will be paid a number of Shares equal to 125% of the number of Stock
                Units
                granted you plus an amount of cash equal to the amount of dividends,
                if
                any, paid by the Company with respect to such number of Shares during
                the
                period beginning on the Date of Grant and ending on the Change of
                Control,
                and (ii) during the Vesting Period, all shares of Restricted Stock,
                if
                any, then outstanding (or to be granted to you after the Performance
                Period, if any) automatically shall become 100% vested on such
                date.

            

    

     

    For
      purposes of this Agreement, “employment with the Company” shall include being an
      employee or a Director of, or a Consultant to, the Company or an
      Affiliate.

     

    4.  Dividend
      Equivalents.
      If you
      receive a grant of Restricted Stock pursuant to Section 2, then, on or as soon
      as practicable following the vesting of a share of Restricted Stock (but not
      later than 21⁄2 months after such vesting date), the Company shall pay you (i) an
      amount of cash equal to the value of all cash dividends the Company has paid
      with respect to a share of Company stock during the period beginning on the
      Date
      of Grant and ending on the date the share of Restricted Stock became vested
      (the
“Dividend Period”) and (ii) a number of Shares equal to the number of stock
      dividends paid during the Dividend Period with respect to a Share. Dividend
      equivalents (cash or stock) shall not be payable with respect to any share
      of
      Restricted Stock that is forfeited.

     

    5.  Nontransferability
      of Award.
      The
      Stock Units and shares of Restricted Stock, if any are granted, may not be
      transferred in any manner otherwise than by will or by the laws of descent
      or
      distribution. The terms of the Plan and this Agreement shall be binding upon
      your executors, administrators, heirs, successors and assigns.

     

    6.  Entire
      Agreement; Governing Law.
      The
      Plan is incorporated herein by reference. The Plan and this Agreement constitute
      the entire agreement of the parties with respect to the subject matter hereof
      and, except as expressly provided in this Agreement, supersede in their entirety
      all prior undertakings and agreements between you and the Company with respect
      to the same. This Agreement is governed by the internal substantive laws, but
      not the choice of law rules, of the State of Texas.

     

    7.  Withholding
      of Tax.
      To the
      extent that the vesting or payment of Stock Units, Restricted Stock or dividend
      equivalent payment results in the receipt of compensation by you with respect
      to
      which the Company or an Affiliate has a tax withholding obligation pursuant
      to
      applicable law, unless other arrangements have been made by you that are
      acceptable to the Company or such Affiliate, you shall deliver to the Company
      or
      an Affiliate such amount of money as the Company or an Affiliate may require
      to
      meet its withholding obligations under such applicable law; provided, however,
      you may direct the Company to withhold such number of Shares that would
      otherwise be delivered to you hereunder upon vesting that have an aggregate
      fair
      market value that does not exceed the amount of taxes required to be withheld
      by
      the Company or an Affiliate. No delivery of Shares shall be made pursuant to
      this Agreement until you have paid or made arrangements approved by the Company
      or an Affiliate to satisfy in full the applicable tax withholding requirements
      of the Company or an Affiliate.

     

    8.  Amendment.
      This
      Agreement may be modified only by a written agreement signed by you and an
      officer of the Company who is expressly authorized by the Company to execute
      such document; provided, however, notwithstanding the foregoing, the Company
      may
      make any change to this agreement without your consent if such change is not
      materially adverse to your rights under this Agreement.

     

    9.  General.
      By
      accepting this grant, you agree that the Stock Units and shares of Restricted
      Stock, if granted, are granted under and governed by the terms and conditions
      of
      the Plan and this Agreement. In the event of any conflict, the terms of the
      Plan
      shall control. Unless otherwise defined herein, the terms defined in the Plan
      shall have the same defined meanings in this Agreement. 

     

    10.  Change
      of Control and/or Severance Agreement.
      Notwithstanding anything in this Agreement to the contrary, the terms of any
      Change of Control and/or Severance Agreement between you and the Company in
      effect on the Date of Grant are incorporated herein by reference and to the
      extent such agreement continues to be in effect on any relevant date hereunder,
      shall control over any provisions in this Agreement in conflict with the terms
      of such Change of Control and/or Severance Agreement.

     

    11.  Effectiveness
      of Agreement.
      Notwithstanding anything herein to the contrary, this Agreement shall not become
      effective for any purpose, and you shall not have any rights under it, prior
      to
      the approval of the Plan by the stockholders of the Company at the Annual
      Meeting of Stockholders of the Company on April 26, 2006. If the Plan is not
      approved by the stockholders at such meeting or your employment with the Company
      terminates for any reason prior to such stockholder approval, this Agreement
      shall automatically be null and void ab initio for all purposes.

     

    FRONTIER
      OIL CORPORATION

    By:
            

    Name:
            

    Title:
            

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    ATTACHMENT
      A

    I. Performance
      Measurement

     

    The
      Performance Period shall be the 2006 calendar year.

     

    
      	
               

              Goals

            	
               

              Net
                Income for

              Performance
                Period 1

            	
               

              Stock
                Units Earned

              as
                a % of Target Award 2

            
	
              <
                Threshold

               

            	
              <$101.2MM

               

            	
              -0-

               

            
	
              Threshold

               

            	
              $101.2MM

               

            	
              75%

               

            
	
              Target

               

            	
              $126.5MM

               

            	
              100%

               

            
	
              Maximum

               

            	
              $151.8MM

               

            	
              125%

               

            
	
              1
                Net income as reported in the Company’s Annual Report to Stockholders for
                2006, subject to adjustment as provided in Item II below.

               

              2
                If
                Net Income falls between Threshold and Maximum amounts, the percentage
                of
                Stock Units earned will be interpolated on a straight line basis
                between
                the two closest points in the table
                above.

            

    

    

     

    II. Adjustments
      to Net Income for Certain Events

     

    If,
      during the Performance Period, there is change in accounting standards required
      by the Financial Accounting Standards Board, the Net Income amounts in the
      above
      table shall be adjusted as appropriate to disregard the effect of such change.
      

     

    In
      the
      event of an acquisition or disposition of a business operation by the Company
      or
      an Affiliate during the Performance Year, or any other Extraordinary Item(s)
      (as
      determined for GAAP purposes and reflected in the Company’s Annual Report to
      Stockholders) during the Performance Period, for purposes of comparing Net
      Income with the Goals for the Performance Period, the actual Net Income and
      the
      dollar amount of the Goals shall exclude the effect of such acquisition,
      disposition or other Extraordinary Item(s).

     

    Notwithstanding
      the foregoing, however, an adjustment pursuant to this Section II may be made
      only to the extent the adjustment does not cause the award to cease to qualify
      as a “performance-based” award under IRC Section 162(m) and applicable Treasury
      regulations thereunder.

     

    III. Committee
      Certification

     

    As
      soon
      as reasonably practical following the end of the Performance Period, the
      Committee shall review the Net Income results for the 2006 year (as adjusted
      by
      the Company, if applicable) and certify those results in writing. No shares
      of
      Restricted Stock shall become issuable to you prior to the Committee’s
      certification. However, Committee certification shall not apply in the event
      of
      a Change of Control.Exhibit 4.9 - Form of Frontier Omnibus Plan Nonqualified Stock Option Agreement

    Exhibit 4.9

    
 

    Form
      Of

     

    Frontier
      Oil Corporation

    Omnibus
      Incentive Compensation Plan

    

    Nonqualified
      Stock Option Agreement

     

    
      	
              Grantee:

            	
              ______________

            
	
              Date
                of Grant:

            	
              Effective
                _______________

            
	
              Exercise
                Price per Share:

            	
              The
                Fair Market Value per Share on the Date of Grant, as provided in
                the
                Plan

            
	
              Number
                of Option Shares Granted:

               

            	
              ______________

               

            

    

    1.  Notice
      of Grant.
      I am
      pleased to inform you that you have been granted an option (“Option”) pursuant
      to the Frontier Oil Corporation Omnibus Incentive Compensation Plan (the “Plan”)
      to purchase the number of shares of Common Stock of Frontier Oil Corporation
      (the “Company”) set forth above, subject to the terms and conditions of the Plan
      and this Agreement. This Option is not intended to be an incentive stock option
      within the meaning of Section 422 of the Code.

     

    2.  Vesting
      and Exercise of Option.
      Subject
      to the further provisions of this Agreement, the Option shall become vested
      and
      may be exercised in accordance with the following schedule, by written notice
      to
      the Company at its principal executive office addressed to the attention of
      its
      Secretary (or such other officer or employee of the Company as the Company
      may
      designate from time to time):

     

    
      	
              Anniversary
                of

              Date
                of Grant

            	
              Cumulative

              Vested
                Percentage

            
	
               

              prior
                to 1st

               

            	
               

              0%

               

            
	
               

              1st

               

            	
               

              25%

               

            
	
               

              2nd

               

            	
               

              50%

               

            
	
               

              3rd
                and after

               

            	
               

              100%

               

            

    

     

    Notwithstanding
      the above schedule, but subject to the further provisions of this Agreement,
      upon the occurrence of the following events the Option shall vest and become
      exercisable or be forfeited, as the case may be, as provided below:

     

    (a)  Disability.
      If your
      employment with the Company terminates by reason of a disability that entitles
      you to benefits under the Company’s long-term disability plan, the Option shall
      become fully vested and may be exercised at any time during the one-year period
      following such termination (but
      not
      thereafter) by you or by your guardian or legal representative (or, if you
      die
      during such one-year period, by your estate or the person who acquires the
      Option by will or the laws of descent and distribution).

     

    (b)  Death.
      If you
      die while in the employ of the Company, the Option shall become fully vested
      and
      may be exercised at any time during the one-year period following the date
      of
      your death (but not thereafter) by your estate (or the person who acquires
      the
      Option by will or the laws of descent and distribution).

     

    (c)  Retirement.
      If your
      employment with the Company terminates due to your Retirement or Early
      Retirement, the Option shall become fully vested and may be exercised at any
      time (i) if your termination is due to Retirement, during the one-year period
      following your Retirement or (ii) if your termination is due to Early
      Retirement, during the period ending on the later of (x) the December 31 of
      the year of your Early Retirement or (y) 51⁄2 months after your Early Retirement
      by you or by your guardian or legal representative (or, if you die during the
      period in which the Option is exercisable, by your estate or the person who
      acquires the Option by will or the laws of descent and distribution), but not
      thereafter. As used herein, “Retirement” means your termination of employment
      with the Company and its affiliates for reasons other than Cause on or after
      reaching age 63 and ‘Early Retirement” means any such termination of employment
      after age 55 and prior to age 63 with the written consent of the
      Committee.

     

    (d)  Termination
      for Cause.
      If your
      employment is terminated by the Company for Cause, the Option automatically
      shall be cancelled without payment on your termination.
      As used
      herein, Cause shall have the meaning set forth in any Change of Control or
      Executive Severance Agreement (either being a “CoC Agreement”), entered into
      between you and the Company on or before the Date of Grant provided such CoC
      Agreement continues to be in effect on the date your employment is terminated
      and contains a definition of “cause”; otherwise Cause shall mean, for purposes
      of this Agreement, the termination of your employment by the Company as a result
      of (i) an act or acts of dishonesty on your part resulting or intended to
      result, directly or indirectly, in gain or personal enrichment to you at the
      expense of the Company or an Affiliate; (ii) your unwillingness to perform
      your
      duties in a satisfactory manner, as determined in good faith by the Board;
      or
      (iii) after written notice from the Company, you shall have failed, within
      the
      period provided in such notice, to perform your duties at a level consistent
      with your performance prior to the failure that gave rise to the notice from
      the
      Company, as determined in good faith by the Board.

     

    (e)  Other
      Terminations.
      If your
      employment with the Company is terminated for any reason other than as provided
      in paragraphs 2(a), (b), (c) and (d) above, the Option, to the extent vested
      on
      the date of your termination, may be exercised, at any time during the
      three-month period following such termination (but not thereafter), by you
      or by
      your guardian or legal representative (or by your estate or the person who
      acquires the Option by will or the laws of descent and distribution or otherwise
      by reason of your death if you die during such period),
      but
      only as to the vested number of Option shares, if any, that you were entitled
      to
      purchase hereunder as of the date your employment terminates.

     

    (f)  Change
      of Control.
      The
      Option automatically shall become fully vested upon a Change of
      Control.

     

    For
      purposes of this Agreement, “employment with the Company” shall include being an
      employee or a Director of, or a Consultant to, the Company or an
      Affiliate.

     

    Notwithstanding
      any of the foregoing, the Option shall not be exercisable in any event after
      the
      expiration of five years from the above Date of Grant. 

     

    All
      Option shares that are not vested on your termination of employment
      automatically shall be cancelled and forfeited without payment upon your
      termination.

     

    3.  Method
      of Exercise.
      Payment
      of the aggregate Exercise Price for the Shares being purchased shall be by
      any
      of the following, or a combination thereof, at your election: (a) cash; (b)
      check acceptable to the Company; (c) consideration received by the Company
      under
      a cashless broker exercise program approved by the Company; or (d) with the
      consent of the Company, the constructive surrender of other Shares already
      owned
      by you or the withholding of Shares that would otherwise be delivered to you
      upon the exercise of this Option.

     

    4.  Dividend
      Equivalents.
      With
      respect to each share of Company stock subject to this Option (an “Option
      Share”), the Company shall pay you, when the Option first becomes exercisable
      with respect to such Option Share, an amount of cash equal to the value of
      all
      dividends that have been paid on a Share during the period beginning on the
      Date
      of Grant and ending on such vesting date. In addition, on each date on which
      a
      dividend is paid on a Share after the vesting date with respect to an Option
      Share and prior to your exercise of the Option with respect to such Option
      Share
      the Company shall pay you an amount of cash equal to such dividend.

     

    5.  Nontransferability
      of Option.
      This
      Option may not be transferred in any manner otherwise than by will or by the
      laws of descent or distribution and may be exercised during your lifetime only
      by you. Notwithstanding the foregoing, this Option may be transferred to your
      spouse pursuant to a qualified domestic relations order. The terms of the Plan
      and this Agreement shall be binding upon your executors, administrators, heirs,
      successors and assigns.

     

    6.  Entire
      Agreement; Governing Law.
      The
      Plan is incorporated herein by reference. The Plan and this Agreement constitute
      the entire agreement of the parties with respect to the subject matter hereof
      and supersede in their entirety all prior undertakings and agreements of the
      Company. This Agreement is governed by the internal substantive laws, but not
      the choice of law rules, of the State of Texas.

     

    7.  Withholding
      of Tax.
      To the
      extent that the exercise of the Option results in the receipt of compensation
      by
      you with respect to which the Company or an Affiliate has a tax withholding
      obligation pursuant to applicable law, unless other arrangements have been
      made
      by you that are acceptable to the Company or such Affiliate, which, with the
      consent of the Committee, may include withholding a number of Shares that would
      otherwise be delivered on exercise that have an aggregate Fair Market Value
      that
      does not exceed the amount of taxes required to be withheld, you shall deliver
      to the Company or an Affiliate such amount of money as the Company or an
      Affiliate may require to meet its withholding obligations under such applicable
      law. No delivery of Shares shall be made pursuant to the exercise of the Option
      under this Agreement until you have paid or made arrangements approved by the
      Company or an Affiliate to satisfy in full the applicable tax withholding
      requirements of the Company or an Affiliate.

     

    8.  Amendment.
      This
      Agreement may be modified only by a written agreement signed by you and an
      officer of the Company who is expressly authorized by the Company to execute
      such document; provided, however, notwithstanding the foregoing, the Company
      may
      make any change to this grant, in writing, without your consent if such change
      is not adverse to your rights under this Agreement.

     

    9.  General.
      By
      accepting this grant, you agree that this Option is granted under and governed
      by the terms and conditions of the Plan and this Agreement. In the event of
      any
      conflict, the terms of the Plan shall control. Unless otherwise defined herein,
      the terms defined in the Plan shall have the same defined meanings in this
      Agreement. 

     

    10.  CoC
      Agreement.
      Notwithstanding anything in this Agreement to the contrary, the terms of any
      CoC
      Agreement in effect on the Date of Grant are incorporated herein by reference
      and to the extent such agreement continues to be in effect on the relevant
      date
      hereunder, shall control over any provisions in this Agreement in conflict
      with
      the terms of such CoC Agreement.

     

    11.  Effectiveness
      of Agreement.
      Notwithstanding anything herein to the contrary, this Agreement shall not become
      effective for any purpose, and you shall not have any rights under it, prior
      to
      the approval of the Plan by the stockholders of the Company at the Annual
      Meeting of Stockholders of the Company on April 26, 2006. If the Plan is not
      approved by the stockholders at such meeting or your employment with the Company
      terminates for any reason prior to such stockholder approval, this Agreement
      shall automatically be null and void ab initio for all purposes.

     

    FRONTIER
      OIL CORPORATION

    

    By:
            

    Name:
            

    Title:

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