Company: BSM
Filing Date: 2025-04-30
Form Type: DEF 14A
Source: 0001193125-25-107202
Chunk: 37

Company: Black Stone Minerals, L.P.
Filing Date: 2025-04-30
Form: DEF 14A
Chunk 37
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 current limited partner sentiment. The Board and the Compensation Committee took the results of the last “Say-on-Pay” vote into account when evaluating the compensation program for our Named Executive Officers in 2024. Based in part on the level of support from our limited partners, the Compensation Committee elected not to make any material changes to the compensation programs for our Named Executive Officers during 2024. We appreciate our limited partners’ continuing annual feedback regarding our NEO pay practices. As discussed in more detail in Proposal 3 below, the Board has recommended that unitholders vote, on a non-bindingadvisory basis, to approve the 2024 executive compensation program as described below. Process and Procedures for Determining Executive Compensation Our executive compensation program is overseen by the Compensation Committee. The Board of the General Partner discusses compensation issues during full board meetings, but the Compensation Committee has ultimate responsibility for making decisions relating to the compensation of our NEOs. Our Compensation Committee comprises three members of the Board, with Alexander D. Stuart serving as the chair and Michael C. Linn, John H. Longmaid, and Ashley J. Longmaid serving as members during 2024. Mr. John H. Longmaid retired from the Board in April 2024, and Mr. Ashley J. Longmaid was appointed to the Compensation Committee at that time. All members of the Compensation Committee meet the independence standards established by the NYSE. The Compensation Committee Charter provides the Compensation Committee with authority to, among other things:

| (i) | review, evaluate, and determine the compensation of the CEO annually, |

| (ii) | evaluate, revise, and approve the compensation of other executive officers, |

| (iii) | review and approve employment agreements and severance arrangements for the executive officers, |

| (iv) | review, approve, and administer incentive compensation and equity-based compensation plans and arrangements, |

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| (v) | review and approve all employee benefit plans for the Partnership, |

| (vi) | evaluate the Partnership’s incentive compensation arrangements for risk-management purposes, |

| (vii) | review director compensation and recommend any changes to the Board, and |

| (viii) | administer, amend, or terminate incentive-based compensation clawback policies or any similar policies. |

Although the above authority has been delegated to the Compensation Committee pursuant to the Compensation Committee Charter, the Board retains full responsibility with respect to continuing oversight of the Compensation Committee and its actions. For more detailed information regarding the Compensation Committee, the current Compensation Committee Charter