Company: BSM
Filing Date: 2025-04-30
Form Type: DEF 14A
Source: 0001193125-25-107202
Chunk: 39

Company: Black Stone Minerals, L.P.
Filing Date: 2025-04-30
Form: DEF 14A
Chunk 39
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 requires us to estimate and record an expense for each award of equity compensation over the vesting period of the award. Accounting rules also require us to record cash compensation as an expense at the time the obligation is accrued. Section 162(m) of the U.S. Internal Revenue Code (“Section 162(m)”) generally limits the deductibility by a corporation of compensation that exceeds $1,000,000 paid to certain executive officers. Because we are a limited partnership, Section 162(m) generally does not apply to compensation paid to our NEOs for services provided to us. Accordingly, the Compensation Committee does not consider its impact in determining compensation levels. Section 409A of the U.S. Internal Revenue Code (“Section 409A”) requires that “nonqualified deferred compensation” be deferred and paid under plans or arrangements that satisfy the requirements of the statute with respect to the timing of deferral elections, timing of payments, and certain other matters. Failure to satisfy these requirements can expose employees and other service providers to accelerated income tax liabilities and penalty taxes and interest on their vested compensation under such plans. Accordingly, as a general matter, it is the Partnership’s intention to design and administer our compensation and benefits plans and arrangements for all employees and other service providers, including the executive officers, so that those arrangements are either exempt from, or satisfy the requirements of, Section 409A. Clawback Policy We maintain the Black Stone Minerals, L.P. Incentive Compensation Recoupment Policy (the “Clawback Policy”), which we amended and restated in October 2023 in connection with the SEC final rules and NYSE listing requirements governing clawbacks. In the event of a required restatement of the Partnership’s financial statements due to material non-compliancewith any financial reporting requirement, the Clawback Policy provides the Board of the General Partner with authority to require the partial or complete reimbursement of certain vested (or forfeiture of unvested) incentive-based compensation. Unit Ownership and Retention Guidelines We maintain unit ownership and retention guidelines. These guidelines require officers and non-employeedirectors to maintain a minimum level of unit ownership equal to the following:

| Title                          |     | Ownership Guideline       |
| Chief Executive Officer        |     | 5x annualized base salary |
| Senior Vice President          |     | 3x annualized base salary |
| Other Named Executive Officers |     | 1x annualized base salary |
| Non-Employee Director          |     | 5x annual retainer        |

Officers and non