Company: BSM
Filing Date: 2025-04-30
Form Type: DEF 14A
Source: 0001193125-25-107202
Chunk: 89

Company: Black Stone Minerals, L.P.
Filing Date: 2025-04-30
Form: DEF 14A
Chunk 89
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,000; provided, however, that for any calendar year in which a Director (A) first commences service on the

<div align='center'>A-5</div>

Board, (B) serves on a special committee of the Board, or (C) serves as lead director or chairman of the Board, additional Awards may be granted to such Director in excess of such limit; provided, further, that the limit set forth in this Section (4)(a)(ii) shall be applied without regard to (x) cash fees paid to a Director during such calendar year (or grants of Awards, if any, made to a non-Employee member of the Board in lieu of all or any portion of such cash fees) or (y) grants of Awards, if any, made to a Director during any period in which such individual was an Employee of the Partnership or any Affiliate or was otherwise providing services to the Partnership or to any Affiliate other than in the capacity as a Director.

(b) Sources of Units Deliverable under Awards. Any Units delivered pursuant to an Award shall consist, in whole or in part, of (i) Common Units acquired in the open market; (ii) Common Units or Subordinated Units acquired from the Partnership (including newly issued Common Units or Subordinated Units), any Affiliate of the Partnership, or any other Person; or (iii) any combination of the foregoing, as determined by the Committee in its discretion.

(c) Adjustments.

(i) Certain Restructurings. Upon the occurrence of any “equity restructuring” event that could result in an additional compensation expense to the General Partner or the Partnership pursuant to the provisions of ASC Topic 718 if adjustments to Awards with respect to such event were discretionary, the Committee shall equitably adjust the number and type of Units (or other securities or property) covered by each outstanding Award and the terms and conditions, including the exercise price and performance criteria (if any), of such Award to equitably reflect such event and shall adjust the number and type of Units (or other securities or property) with respect to which Awards may be granted under the Plan after such event; provided, however, that no adjustment to any Award shall materially reduce the benefit to a Participant immediately prior to such adjustment without the consent of such Participant. Upon the occurrence of any other similar event that would not result in an accounting charge under ASC Topic 718 if the adjustment to Awards with respect to such event were subject to discretionary action, the Committee shall have complete discretion to adjust Awards and the number