Company: BSM
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0001628280-25-007730
Chunk: 99

Company: Black Stone Minerals, L.P.
Filing Date: 2025-02-25
Form: 10-K
Item: Item 15
Chunk 99
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7,095 Equity-based compensation — restricted common units3,982 3,852 4,089 Equity-based compensation — restricted performance units2,284 4,774 11,174 Board of Directors incentive plan2,298 2,203 2,125 Total incentive compensation expense$13,504 $15,271 $24,483 

NOTE 10 — EMPLOYEE BENEFIT PLANS

Black Stone Natural Resources Management Company, a subsidiary of the Partnership, sponsors a defined contribution 401(k) Profit Sharing Plan (the “401(k) Plan”) for the benefit of substantially all employees of the Partnership. The 401(k) Plan became effective on January 1, 2001 and allows eligible employees to make tax-deferred pre-tax or post-tax contributions up to 90% of their annual compensation, not to exceed annual limits established by the Internal Revenue Service. The Partnership makes matching contributions of 100% of employee contributions, up to 5% of compensation. These matching contributions are subject to a graded vesting schedule, with 33% vested after one year, 66% vested after two years and 100% vested after three years of service with the Partnership. Following three years of service, future Partnership matching contributions vest immediately. The Partnership’s contributions were $0.7 million, $0.6 million, and $0.6 million for the years ended December 31, 2024, 2023, and 2022, respectively.

NOTE 11 — COMMITMENTS AND CONTINGENCIES

Environmental MattersThe Partnership’s business includes activities that are subject to U.S. federal, state, and local environmental regulations with regard to air, land, and water quality and other environmental matters.The Partnership does not consider the potential remediation costs that could result from issues identified in any environmental site assessments to be significant to the consolidated financial statements and no provision for potential remediation costs has been recorded. Litigation

From time to time, the Partnership is involved in legal actions and claims arising in the ordinary course of business. The Partnership believes existing claims as of December 31, 2024 will be resolved without material adverse effect on the Partnership’s financial condition or results of operations.  

NOTE 12 — PREFERRED UNITS

Series B Cumulative Convertible Preferred UnitsOn November 28, 2017, the Partnership issued and sold in a private placement 14,711,219 Series B cumulative convertible preferred units representing limited partner interests in