Summary of Management Incentive Compensation Plan for Fiscal 2009

Exhibit 10.1

Summary of Management Incentive Compensation Plan for Fiscal 2009

The Management Incentive Compensation Plan for Fiscal 2009 (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 2009 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 2009 are based on the Company’s 1) 2009 net income, 2) relative return on capital employed versus a peer group average and 3) process safety performance.  These measures are weighted 25%, 50% and 25%, respectively.

Each participant will receive 30%, and has the right to elect to receive up to 100%, of his or he