**Exhibit 10.5**

**Summary of Executive Officer and Non-employee Director Compensation**

Set forth below is a summary ofthe 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 anddirector compensation, please read “Director Compensation,” “Executive Compensation,” and “Corporate Governance Matters—Related Person Transactions—Employment Agreements” contained in the Company’s proxystatement for its 2008 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 intowith the Company prior to the closing of the Company’s initial public offering. 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-monthperiod based on (i) the Company’s performance in the 12-month period ending December 31 against the Company’s annual budget and (ii) the Company’s return on capital compared to that of a peer group of companies for the12-month period ending September 30. In addition, each agreement provides for long-term stock-based incentive compensation in the form of an annual grant of options under the Company’s incentive plan equal to the employee’s basesalary multiplied by three and divided by the market price of the Company’s Common Stock on the grant date. The employment agreements give the Nominating, Governance and Compensation Committee the discretion to increase the annual performancebonus and the annual option grant above the amounts determined for such awards pursuant to the terms of the employment agreements. Each agreement also requires the Company to maintain a flexible perquisites spending account in the amount of $25,000each year for each of the Co-CEOs for use in paying for membership dues, costs associated with purchasing or leasing an automobile, financial counseling, tax return preparation and mobile phones. The Company is required to pay the unused andremaining balances of such accounts annually to the Co-CEOs. 

Effective October 8, 2007 each Co-CEO currently receives a base salaryof $540,000. For additional information regarding each Co-CEO’s annual cash incentive compensation and long-term stock-based incentive compensation, please read the Company’s proxy statement for its 2008 Annual Meeting of Stockholders.

The Company’s Chief Financial Officer (the “CFO”) is compensated with a base salary, annual cash incentive compensation andstock-based incentive compensation as determined by the Co-CEOs. Effective March 10, 2007 the CFO currently receives a base salary of $225,000. For additional information regarding the CFO’s annual cash incentive compensation and long-termstock-based incentive compensation, please read the Company’s proxy statement for its 2008 Annual Meeting of Stockholders. 

**Non-EmployeeDirectors**

The Company’s non-employee directors receive an annual fee of $60,000, plus a fee of $1,000 for attendance at each Boardof Directors meeting and $1,000 for each committee meeting. All directors are reimbursed for their out-of-pocket expenses and other expenses incurred in attending meetings of the Board or its committees and for other expenses incurred in theircapacity as directors.