Company: BSM
Filing Date: 2025-04-30
Form Type: DEF 14A
Source: 0001193125-25-107202
Chunk: 67

Company: Black Stone Minerals, L.P.
Filing Date: 2025-04-30
Form: DEF 14A
Chunk 67
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older approval                                                   |
| ✓  Emphasize performance-based, at risk compensation                                              |     |                                                                                                                           |
| ✓  Maintain robust unit ownership and retention guidelines                                        |     |                                                                                                                           |
| ✓  Hold an annual say-on-pay advisory vote                                                        |     |                                                                                                                           |

The Board invites you to review carefully the “Executive Compensation and Other Information” section and asks that you cast your vote to endorse our executive compensation program through the following resolution: “RESOLVED, that the compensation paid to the Partnership’s named executive officers, as disclosed in the 2025 Proxy Statement pursuant to Item 402 of Regulation S-K,including the Compensation Discussion and Analysis, compensation tables and narrative discussion, is hereby APPROVED.” Pursuant to the Partnership Agreement, this proposal requires approval by a majority of the votes cast by the unitholders entitled to vote at the Annual Meeting. Abstentions and broker non-voteswill be counted for purposes of establishing quorum but otherwise will have no effect on this proposal. While this vote does not bind the Board to any particular action, the Board values the input of the limited partners and will take into account the outcome of this vote in considering future compensation arrangements. We include this limited partner advisory vote annually, and we expect that the next such vote will occur at the 2026 Annual Meeting of Limited Partners. THE BOARD UNANIMOUSLY RECOMMENDS A VOTE “FOR” APPROVAL OF THE ADVISORY RESOLUTION REGARDING EXECUTIVE COMPENSATION. 57

<div align='center'>**PROPOSAL 4—APPROVAL OF THE BLACK STONE MINERALS, L.P. 2025 LONG-TERM INCENTIVE PLAN**</div>

### Background
The existing Black Stone Minerals, L.P. Long-Term Incentive Plan (the “Prior LTIP”), which was originally adopted in 2015, has been a key component of our compensation program since its adoption. The Prior LTIP has assisted in our recruitment and retention of qualified non-employee directors and key employees and has helped align their interests with the interests of our unitholders. The Prior LTIP will expire on May 6, 2025, the tenth anniversary of the date on which the Prior LTIP was adopted by the Board. In addition, the Board has determined that the current number of shares available for grants under the Prior LTIP (which is our only active equity-based plan) is not sufficient to