Company: BSM
Filing Date: 2025-04-30
Form Type: DEF 14A
Source: 0001193125-25-107202
Chunk: 41

Company: Black Stone Minerals, L.P.
Filing Date: 2025-04-30
Form: DEF 14A
Chunk 41
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 executive officers from engaging in short-term or speculative trading of common units in the Partnership. |

In summary, although a significant portion of the compensation provided to Named Executive Officers is performance-based, we believe our compensation programs do not encourage excessive and unnecessary risk taking by executive officers (or other employees) because these programs are designed to encourage employees to remain focused on both our short- and long-term operational and financial goals. We set performance goals that we believe are reasonable in light of our past performance and market conditions. A portion of the performance-based, variable compensation we provide is made up of long-term incentives in the form of long-term restricted unit awards subject to time-based vesting conditions, which retains value even in a depressed market, so executives are less likely to take unreasonable risks. With respect to our annual performance-based incentives, assuming achievement of at least a threshold level of performance, payouts result in some compensation at levels below full target achievement. 33

### COMPENSATION COMMITTEE REPORT
The Compensation Committee has reviewed and discussed our Compensation Discussion and Analysis with management. Based upon such review, the related discussion with management, and such other matters deemed relevant and appropriate by the Compensation Committee, the Compensation Committee has recommended to the Board of the General Partner that our Compensation Discussion and Analysis be included in the Partnership’s Annual Report on Form 10-K for the year ended December 31, 2024 and in this Proxy Statement.

COMPENSATION COMMITTEE:

Alexander D. Stuart, Chair

Michael C. Linn

Ashley J. Longmaid

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EXECUTIVE COMPENSATION Summary Compensation Table The table below provides information concerning the annual compensation of our Named Executive Officers for the fiscal years ended December 31, 2024, December 31, 2023, and December 31, 2022, as applicable.

| Name and Principal Position                                            |     | Years |      |      |     | Salary ($)(1) |         |         |     | Bonus ($) |   |       |     | Unit Awards 
 ($)(2)      |           |           |     | Non-Equity     
 Incentive Plan 
 Compensation   
 ($)(3)         |           |         |     | All Other    
 Compensation 
 ($)(4)       |        |         |     | Total ($) |           |           |
| Thomas L. Carter, Jr.                                                  |     |       |      | 2024 |     |               |         | 470,907 |     |           |