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

Company: Black Stone Minerals, L.P.
Filing Date: 2025-04-30
Form: DEF 14A
Chunk 30
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 Key Components of our Compensation Program and Compensation Mix Our executive compensation program is a traditional structure that has been customized to align with the Partnership’s business and organizational objectives. We annually evaluate the various components of our compensation program relative to the competitive market. Our compensation and benefit programs for the 2024 Fiscal Year consisted of the following key components, which are described in greater detail below:

| • |     | Base salary; |

| • |     | Short-term incentive bonuses; |

| • |     | Long-term incentive awards; |

| • |     | Severance arrangements; and |

| • |     | Broad-based retirement, health, and welfare benefits. |

In allocating compensation among the various components, we emphasize performance-based, at-riskcompensation while also providing competitive levels of fixed compensation. Long-term incentives constitute the largest portion of total compensation and provide an important connection to common unitholder interests. We 23

do not target a specific percentage for each element of compensation relative to total compensation. We evaluate each element against the competitive market within the parameters of our compensation strategy. Therefore, the relative weighting of each element of our total pay mix may change over time as the competitive market moves or other market conditions change. The charts below show the target compensation mix for Mr. Carter, our Chief Executive Officer, and the average target compensation mix of the other NEOs for the 2024 Fiscal Year. For this purpose, all incentive awards are included at target levels of performance (and for LTI Performance Units (as defined below), multiplying such target units by the closing price of our common units on the grant date).

| (1) | Average Non-CEO target compensation calculations do not include former executives Mr. Kiefer and Ms. Smajstrla. |

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ELEMENTS OF THE EXECUTIVE COMPENSATION PROGRAM Base Salary Each NEO’s base salary is a fixed component of compensation and does not vary depending on the level of performance achieved. Base salaries are determined for each NEO based on position and responsibility and are generally set at levels deemed necessary to attract and retain individuals with superior talent commensurate with their relative expertise and experience. We review the base salaries for each NEO annually as well as at the time of any promotion or significant change in job responsibilities, and in connection with each review, we consider individual and company performance over the course of that year. The Compensation Committee approved increases to base salaries in 2024 for certain NEOs to align their base salaries closer to the median for their positions compared to the Competitive Market Data.