Summary of Executive Compensation Arrangements for Frontier Oil Corporation Officers (2009)
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Summary
This document outlines the compensation structure for executive officers of Frontier Oil Corporation as of January 1, 2009. The officers are employed at will and do not have formal employment contracts. Their compensation includes an annual salary (reviewed by the Board's Compensation Committee), eligibility for annual bonuses and incentive awards, various insurance and benefit plans, pension and savings plans, and standard employee benefits. The document also lists the 2009 base salaries and incentive targets for each executive officer. Additionally, each officer has entered into separate severance agreements related to change in control and termination.
EX-10.56 6 ex10_56.htm EXHIBIT 10.58 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% |
