Company: BSM
Filing Date: 2025-04-30
Form Type: DEF 14A
Source: 0001193125-25-107202
Chunk: 28

Company: Black Stone Minerals, L.P.
Filing Date: 2025-04-30
Form: DEF 14A
Chunk 28
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 DeWalchSenior Vice President, Chief Financial Officer(1)L. Steve PutmanSenior Vice President, General Counsel, and SecretaryCarrie P. ClarkSenior Vice President, Chief Commercial Officer(2)Dawn K. SmajstrlaFormer Vice President, Chief Accounting Officer(3)Evan M. KieferFormer Senior Vice President, Chief Financial Officer, and Treasurer(4)(1)Mr. DeWalch was appointed Senior Vice President, Chief Financial Officer on May 28, 2024.(2)Ms. Clark’s title was changed in 2024 from Senior Vice President, Land & Commercial to Senior Vice President, Chief Commercial Officer.(3)Ms. Smajstrla ceased service as the Vice President, Chief Accounting Office effective June 13, 2024.(4)Mr. Kiefer ceased service as the Senior Vice President, Chief Financial Officer, and Treasurer of the General Partner effective May 28, 2024.This CD&A is intended to provide context for the tabular disclosure provided in the executive compensation tables below and to provide investors with the material information necessary to understanding our executive compensation program.Pay and Partnership Performance AlignmentAs shown in the table below, while Total Unitholder Return has been positive in each of the past three fiscal years, our CEO’s reported compensation has remained relatively flat. This reflects our disciplined approach to pay adjustments, ensuring alignment with long-term value creation and reinforcing our commitment to responsible compensation practices.Year-Over-Year ChangeFY2022FY2023FY2024Total Unitholder Return+78%+6%+1%CEO Reported Pay0%-6%+4%“CEO Reported Pay” includes base salary, short-term incentive bonus actually earned, and the grant date fair value of long-term incentive awards granted in the applicable year, as reported in the summary compensation tables (“SCT”) in the Partnership’s proxy statements.Compensation Best PracticesWe use traditional compensation elements of base salary, annual and long-term incentives, and employee benefits to deliver an attractive and competitive compensation program. We benchmark both compensation and Partnership performance in evaluating the appropriateness of pay. All executive pay programs are administered by an independent Compensation Committee, with the assistance of an independent compensation consultant. The Compensation Committee engages in an annual review of the Partnership’s compensation program, which21
allows us to adjust our position based on market conditions and our business strategy to provide continual alignment between our compensation philosophy and corporate objectives. Highlights of our executive compensation program include the following:

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