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Exhibit 10.5
Summary of Executive Officer and
Non-employee Director Compensation
Set forth below is a summary of the
compensation paid by Dril-Quip, Inc. (the “Company”) to
its executive officers and non-employee directors as of the date of
filing of the Company’s Annual Report on Form 10-K. For more
information regarding executive officer and director compensation,
please read “Director Compensation,” “Executive
Compensation,” and “Corporate Governance
Matters—Related Person Transactions—Employment
Agreements” contained in the Company’s proxy statement
for its 2009 Annual Meeting of Stockholders to be filed with the
SEC pursuant to Regulation 14A.
Executive Officers
Each of the Company’s Co-Chief
Executive Officers (the “Co-CEOs”) are compensated in
accordance with the employment agreements entered into with the
Company prior to the closing of the Company’s initial public
offering. Those employment agreements were amended in 2008 to
comply with the requirements of Section 409A of the Internal
Revenue Code of 1986, as amended, and the regulations promulgated
thereunder. Except for revisions to certain provisions regarding
the timing of payments made under the agreements, the benefits and
terms of the amended employment agreements are substantially
similar in all material respects to the benefits and terms of the
prior employment agreements.
Each of these agreements provides
for an annual base salary, as well as cash incentive compensation
in the form of an annual performance bonus for each 12-month period
based on (i) the Compa
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