Document:

Exhibit 10.1

                 SUMMARY OF NON-MANAGEMENT DIRECTOR COMPENSATION

I.  Board Members (Other than the Chairman)
    ---------------------------------------

A.  Annual Cash Compensation

    Annual Cash Retainer:                                     $35,000

    Annual Presiding Director Retainer:                       $ 3,000

    Additional Cash Retainer for Members of
    Audit Committee:                                          $20,000 (Chairman)
                                                              $ 5,000 (Other)

    Additional Cash Retainer for Members of Compensation      $ 5,000 (Chairman)
    Committee:                                                $ 3,000 (Other)

    Additional Cash Retainer for Members of Nominating and    $ 5,000 (Chairman)
    Corporate Governance Committee:                           $ 3,000 (Other)

    Additional Cash Retainer for Members of Strategy
    Committee:                                                $ 5,000 (Chairman)
                                                              $ 3,000 (Other)

B.  Meeting Fees

    Board Meeting Fees:      $1,500 per meeting  attended in person  ($2,500
                             for  directors  resident on the west coast)

    Committee Meeting Fees:  $1,500 per meeting attended in person, on a day
                             other than a day on which the board meets

                             $1,000 per meeting attended in person, on the same
                             day as a board meeting

    Telephone Meeting Fees:  $750 per board or committee meeting attended by
                             conference telephone

    Directors are also reimbursed for reasonable out-of-pocket expenses incurred
    in attending meetings.

C.  Stock Options

    Upon appointment as a director, the director is granted an option to
    purchase 15,000 shares, vesting 1/3 on each of the first three anniversaries
    of the grant date, expiring seven years from the grant date.

    Annual grant of options for 7,500 shares, vesting 1/3 on each of the first
    three anniversaries of the grant date, expiring seven years from the grant
    date.

II. Chairman of the Board
    ---------------------

A.  Annual Cash Compensation

    Annual Cash Compensation (in lieu of annual retainer
    and meeting fees):                                        $250,000

B.  Stock Options/Restricted Stock

    In connection with Mr. Manzi's appointment as Chairman of the Board (in
    December 2003) he was granted (a) options to purchase 240,000 shares of the
    common stock, vesting 1/3 on each of the first three anniversaries of the
    grant date, assuming continued service as Chairman of the Board, expiring
    seven years from the grant date and (b) 15,000 shares of restricted common
    stock, vesting 1/3 on each of the first three anniversaries of the grant
    date, assuming continued service as Chairman of the Board. In February 2005,
    Mr. Manzi was granted 2,500 shares of common stock.Exhibit 10.1

Exhibit
10.1

 

FORM OF
RESTRICTED STOCK AGREEMENT

 

[DATE]

 

Re: Restricted
Stock Agreement (“Agreement”)

Dear      
:

I am
pleased to inform you that you have been granted shares of Restricted Stock
under the Company’s Restricted Stock Plan (the “Plan”) as follows:

   

1. Number of
Restricted Shares Granted: 

Grant
Date:

 

The
certificate for the shares of Restricted Stock will be held by the Company until
the restrictions on such shares lapse as provided herein or the shares are
forfeited and canceled.

2. Subject
to the further provisions of this Agreement, 25% of the shares of Restricted
Stock shall become vested on the first anniversary of the Grant Date, 25% of the
shares of Restricted Stock shall become vested on the second anniversary of the
Grant Date and 50% of the shares of Restricted Stock shall become vested on the
third anniversary of the Grant Date. In addition, the shares shall become 100%
vested on the date of a Change in Control.

3. In the
event your termination of Service with the Company and its Affiliates is due to
your death, your retirement or a disability for which you receive benefits under
the Company’s Long-Term Disability Plan, the shares of Restricted Stock shall be
100% vested on such termination. 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 62 or, if after age 55 and prior to age 62,
with the written consent of the Compensation Committee of the Board
(“Committee”).

4. In the
event the Company or an Affiliate terminates your employment for any reason
other than Cause, the shares of Restricted Stock shall be 100% vested on such
termination. As used herein, Cause means (i) willful misconduct by you in
connection with the performance of your duties, including, without limitation,
misappropriation of funds or property of the Company, (ii) a criminal or civil
conviction or other conduct by you that could reasonably be expected to result
in injury to the reputation of the Company or Affiliate, and (iii) the
continued, willful and deliberate nonperformance of your duties, other than by
reason of a physical or mental illness or incapacity.

5. In the
event of your termination with the Company and its Affiliates for any reason
other than as provided in Paragraphs 3 and 4 above, the shares of Restricted
Stock shall automatically be forfeited and canceled on the date of your
termination of employment, unless and to the extent the Committee, in its
discretion, provides otherwise.

6.  The
Company shall not be required to deliver any shares to you pursuant to this
Agreement until you (or your beneficiary) have made arrangements acceptable to
the Company to satisfy the Company’s tax withholding obligations with respect to
such vested shares. The Company, in its sole discretion, may withhold a number
of shares sufficient to satisfy its tax obligations.

7. The
shares of Restricted Stock are not transferable by you, other than by will or
the laws of descent and distribution.

8. The
shares of Restricted Stock carry all voting and dividend rights; however,
dividends shall be subject to Section 6(e) of the Plan.

9. Nothing
in the Agreement shall confer any right on you to continue employment with the
Company or its Affiliates nor restrict the Company or an Affiliate from
terminating your employment for any reason.

10. The
shares of Restricted Stock are subject to the terms of the Plan, which terms are
hereby incorporated by reference. A copy of the Plan is attached hereto. In the
event of a conflict between the terms of this Agreement and the Plan, the Plan
shall be the controlling document. Notwithstanding the foregoing, terms used in
this Agreement and defined in the Plan shall have the meaning set forth in the
Plan, unless such term is defined in this Agreement.

Please
execute and return this Agreement to the undersigned. The attached copy of this
Agreement is for your records.

 

 

	 	 FRONTIER
      OIL CORPORATION	 
	 	
       
	 
	 	 By:	 
	 	 Name: 

       Title:

       
	 

	 	
      EMPLOYEEExhibit 10.2

Exhibit
10.2

 

Summary
of Management Incentive Compensation Plan

 

The
Company’s Management Incentive Compensation Plan establishes each participant’s
incentive target as a percentage of the participant’s base salary. The amount of
the actual bonus payment could range from zero to double the incentive target,
based upon the extent to which the pre-established annual financial goals are
met or exceeded. The financial goals for 2005 are based on the net income of the
Company during fiscal 2005. 

 

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. 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” of
150% with respect to that portion in excess of 30% thereof elected to be
received in restricted stock. 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 and January immediately preceding the
grant date.

 

Up to 30%
of a participant’s bonus may be determined by such participant’s individual
performance.

 

The
Compensation Committee (the “Committee”) of the Board of Directors of the
Company has the discretion to adjust the net income targets for acquisitions or
major capital expenditures or any other exogenous shocks that the Committee
determines to be important, or to pay or not pay the bonuses for 2005 for any
reason.Exhibit 10.3

Exhibit
10.3

 

Summary
of Long-Term Incentive Compensation Plan for 2005

 

The
Company’s Long-Term Incentive Compensation Plan for fiscal 2005 (the “Incentive
Plan”) establishes a long-term incentive award payable to the employees of the
Company participating in the Incentive Plan. Under the terms of the Incentive
Plan, each participant has the opportunity to receive restricted stock equal in
value to the amount of the annual bonus earned by such participant for 2005
under the Company’s Management Incentive Compensation Plan (the “Annual Bonus
Plan”).

 

The
Incentive Plan provides for grants of restricted stock from the Frontier Oil
Corporation Restricted Stock Plan (the “Plan”), which will be made in early 2006
following the anticipated February 2006 meeting of the Company’s board of
directors. The number of shares of restricted stock that will be granted to a
participant will be determined by dividing the amount of such participant’s 2005
bonus earned under the Annual Bonus Plan by the average closing price of the
Company’s common stock during December and January immediately prior to the date
of grant. Such restricted stock will become 100% vested on January 1, 2008
(except as set forth below).

 

A
participant will remain eligible to receive shares of restricted stock when they
are granted in early 2006 even in the event (i) that such participant is
eligible to retire and does retire in fiscal 2005 with the approval of the
Compensation Committee (the “Committee”) of the Board of Directors or (ii) of
such participant’s death or disability in fiscal 2005. In such events, the
number of shares of restricted stock granted will be equal in value to the
amount of the actual bonus that such participant would have been entitled to
receive under the Annual Bonus Plan divided by the average closing price of the
Company’s common stock during December and January immediately prior to the date
of grant. 

 

In the
event a participant’s employment is terminated because of death or disability,
vesting of such participant’s restricted stock will be accelerated 100% upon the
later of (i) termination of a participant’s employment for such reason and (ii)
the date of grant. 

 

In the
event that a participant’s employment is terminated because of retirement, such
participant’s restricted stock will vest on January 1, 2008 in a pro rata amount
based on the number of months between January 1, 2005 and January 1, 2008 that
such participant was employed by the Company prior to retirement, and the
remaining balance of the restricted stock granted under the Incentive Plan will
be cancelled and not vest. Notwithstanding the foregoing, the Committee retains
the discretion to increase the amount of restricted stock a participant is
entitled to retain upon such participant’s retirement.

 

Restricted
stock granted to a participant will be forfeited if such participant terminates
employment for any reason other than retirement, death or disability prior to
vesting.

 

In the
event of a “change in control” (as defined in the Plan) during fiscal 2005, the
number of shares of restricted stock granted to a participant (i) will be based
on the “Target Bonus” for such participant set forth in the Annual Bonus Plan
divided by the average closing price of the Company’s common stock during the 60
calendar days immediately prior to the date of the “change in control,” (ii)
will be prorated based on the number of months during 2005 that such participant
was employed by the Company prior to the “change in control” and (iii) will be
granted to such participant immediately prior to the “change in control.”
Restricted stock granted to a participant at any time under the Incentive Plan
will vest upon a “change in control.” Notwithstanding the foregoing, if a
participant receives severance benefits under an employment agreement, if any,
as a result of a “change in control,” then such participant will not be entitled
to receive any shares of restricted stock under the Incentive Plan, and all
restricted stock granted under the Incentive Plan will be cancelled and not
vest. 

 

Grants of
restricted stock will be subject to the terms of the Plan when they are
made.

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