SMITH INTERNATIONAL INC
DIRECTOR COMPENSATION SUMMARY
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<DESCRIPTION>DIRECTOR COMPENSATION SUMMARY
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<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>EXHIBIT 10.11</B>
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<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B><I>Director Compensation Summary</I></B><BR>
<I>(effective as of January&nbsp;1, 2008)</I>
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Employee directors receive no additional compensation other than their normal salary for
serving on the Board or its committees. Non-employee directors receive $50,000 annually and $2,000
for each Board meeting attended. In addition, they are paid $10,000 per year for chairing a
committee (other than the chairman of the Audit Committee who is paid $15,000 per year) and $2,000
for each committee meeting attended. The lead director receives $15,000 per year. Expenses for
Company-related business travel are either paid or reimbursed by the Company. Outside directors
also receive an initial grant, upon first election or appointment, and an annual grant of shares of
Common Stock with a value of approximately $200,000.
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