Company: BSM
Filing Date: 2025-04-30
Form Type: DEF 14A
Source: 0001193125-25-107202
Chunk: 68

Company: Black Stone Minerals, L.P.
Filing Date: 2025-04-30
Form: DEF 14A
Chunk 68
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 meet the objectives of our compensation program going forward. Accordingly, the Board has adopted, and proposes that our unitholders approve, the Black Stone Minerals, L.P. 2025 Long-Term Incentive Plan (the “2025 LTIP”), which will allow us to remain competitive among our peers and to continue to promote the same interests that the Prior LTIP helped us pursue.

At the Annual Meeting, our unitholders will be asked to approve the 2025 LTIP. As of April 5, 2025, assuming maximum payout of currently outstanding awards, only 3,188,093 common units remained available for issuance under the Prior LTIP. If approved by our unitholders, the 2025 LTIP would authorize an additional 3,511,907 new common units to be available for issuance. The Partnership has not granted any awards under the Prior LTIP since April 5, 2025, and will not grant any future awards under the Prior LTIP if the 2025 LTIP is approved by our unitholders at the Annual Meeting. If approved by our unitholders, the 2025 LTIP would become effective as of the date of the Annual Meeting, and no further awards will be granted under the Prior LTIP as of the date of the Annual Meeting. Whether the 2025 LTIP is approved by our unitholders or not, each award granted under the Prior LTIP will continue to be subject to the terms and provisions applicable to such award under the applicable award agreement and the Prior LTIP.

Capitalized terms used in this Proposal, but not defined herein shall have the meaning ascribed to them in the 2025 LTIP.

#### Purpose of Proposal
On April 16, 2025, subject to approval by our unitholders, the Board determined that it is in the Partnership’s best interest to adopt the 2025 LTIP, pursuant to which 6,700,000 shares of our common stock are authorized for issuance. This number represents the 3,188,093 shares of our common units available for awards under the Prior LTIP as of April 5, 2025 and an additional 3,511,907 shares of our common stock newly reserved for the 2025 LTIP.

If all or any portion of an Award, including an award granted under the Prior LTIP that is outstanding as of the effective date of the 2025 LTIP (an “Existing Award”), expires or is cancelled, forfeited