Company: BSM
Filing Date: 2025-04-30
Form Type: DEF 14A
Source: 0001193125-25-107202
Chunk: 71

Company: Black Stone Minerals, L.P.
Filing Date: 2025-04-30
Form: DEF 14A
Chunk 71
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 Committee has full power and authority to administer the 2025 LTIP, interpret its provisions, and adopt rules for implementing the 2025 LTIP. This authority includes, but is not limited to, the power to designate participants; determine the type of types of awards to be granted to a participant; determine the number and type of units to be covered by awards; determine the terms and conditions of any award, consistent with the terms of the 2025 LTIP; determine whether, and to what extent, and under what circumstances awards may be vested, settled, exercised, canceled or forfeited; interpret and administer the 2025 LTIP and any instrument relating to an award made under the 2025 LTIP; and establish, amend, suspend or waive such rules and regulations and appoint such agreements as it may deem appropriate for the proper administration of the 2025 LTIP.

Types of Awards

The types of awards that may be granted pursuant to the 2025 LTIP are described below.

Unit Options and Unit Appreciation Rights

The 2025 LTIP authorizes the grant of unit options and unit appreciation rights covering common or subordinated units. Unit options represent the right to purchase a number of common or subordinated units at a specified exercise price. Unit appreciation rights represent the right to receive the appreciation in the value of a number of common or subordinated units as of the exercise date over a specified exercise price, either in cash, common or subordinated units, or a combination thereof, as determined in the discretion of the committee. Unit options and unit appreciation rights may be granted to such eligible individuals and with such terms as the committee may determine, consistent with the terms of the 2025 LTIP; however, the exercise price of a unit**

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option or unit appreciation right may not be less than the fair market value of a common or subordinated unit on the date such unit option or unit appreciation right is granted.

Restricted Units and Phantom Units

The 2025 LTIP authorizes the grant of restricted units and phantom units. A restricted unit is a common or subordinated unit that is subject to forfeiture. Upon vesting, the forfeiture restrictions lapse and the participant holds a common or subordinated unit that is not subject to forfeiture. A phantom unit is a notional unit that entitles the participant to receive a common or subordinated unit (or such greater or lesser number of common or subordinated units as may be provided pursuant to the applicable award agreement) upon the vest