Company: BSM
Filing Date: 2025-04-30
Form Type: DEF 14A
Source: 0001193125-25-107202
Chunk: 73

Company: Black Stone Minerals, L.P.
Filing Date: 2025-04-30
Form: DEF 14A
Chunk 73
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, the achievement of specified performance criteria or other measures. On vesting (or on a deferred basis upon specified future dates or events), an other unit-based award may be paid in cash and/or in common or subordinated units (including common or subordinated restricted units), as determined by the committee.

Substitute Awards

Awards may be granted under the 2025 LTIP in substitution of similar awards held by Participants in connection with a merger, consolidation or acquisition by the Partnership or one of its Affiliates of another entity or the securities or assets of another entity (including in connection with the acquisition by the Partnership or one of its Affiliates of additional securities of an entity that is an existing Affiliate of the Partnership).

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**Source of Units, Cost, Proceeds

Units to be delivered with respect to awards under the 2025 LTIP may consist, in whole or in part, as applicable, of common or subordinated units acquired by us or our General Partner in the open market, common or subordinated units already owned by our General Partner or us, common or subordinated units acquired by our General Partner directly from us, one of our affiliates or any other person, new common or subordinated units otherwise issuable by us or any combination of the foregoing, as determined by the committee in its discretion. With respect to awards made to non-employee directors of our General Partner and employees and consultants of our General Partner and our affiliates, our General Partner will be entitled to reimbursement by us for the cost incurred in acquiring such units or, with respect to unit options, for the difference between the cost it incurs in acquiring these units and the proceeds it receives from a participant at the time of the participant’s exercise of an option. Thus, we will bear the cost of all awards under the 2025 LTIP. If we issue new common or subordinated units with respect to these awards, the total number of units outstanding will increase, and our General Partner will remit the proceeds it receives from a participant, if any, upon exercise of an award to us. With respect to any awards settled in cash, our General Partner will be entitled to reimbursement by us for the amount of the cash settlement.

Adjustments Upon Certain Corporate Transactions

Upon the occurrence of an equity restructuring event that would result in an accounting charge under ASC Topic 718, the Committee will equitably adjust the number and type of units (or other securities or property) covered by each outstanding award, along with its terms and