Company: BSM
Filing Date: 2025-04-30
Form Type: DEF 14A
Source: 0001193125-25-107202
Chunk: 70

Company: Black Stone Minerals, L.P.
Filing Date: 2025-04-30
Form: DEF 14A
Chunk 70
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2025 LTIP provides for the grant, from time to time, at the discretion of the board of directors of our General Partner or a committee thereof, of unit options, unit appreciation rights, restricted units, phantom units, 59

unit awards, DERs, cash awards, and other unit-based awards to non-employee directors of our General Partner and certain employees and consultants of our General Partner and our affiliates.

If unitholder approval of the 2025 LTIP is obtained, as specified in this Proposal, 6,700,000 common units would be available for future grants (plus any previously awarded units that are returned to the Prior LTIP, as described above). This number represents the 3,188,093 shares of our common units available for awards under the Prior LTIP as of April 5, 2025 and an additional 3,511,907 shares of our common stock newly reserved for the 2025 LTIP. If our unitholders do not approve the 2025 LTIP, the Prior LTIP will remain in effect under its current terms until its expiration on May 6, 2025, including the maximum number of units authorized for issuance pursuant to the Prior LTIP, of which 3,188,093 units remain available for future grants as of April 5, 2025.

On April 4, 2025 (the last trading day prior to April 5), the per share closing price of the Partnership’s common stock was $13.97, as reported on the NYSE.

Purpose

The purpose of the 2025 LTIP is to promote our interests, as well as the interests of our unitholders and to encourage superior performance, by rewarding the directors of our General Partner and employees and consultants of our General Partner and our affiliates, as well as by strengthening our General Partner’s and our affiliates’ abilities to attract, retain, and motivate individuals who are essential for our growth and profitability and to encourage such individuals to devote their best efforts to advancing the business of the of the Partnership and its Affiliates.

Administration

The 2025 LTIP is administered by the Board or a committee thereof, either of which we refer to herein as the “Committee,” provided that the Committee may delegate any or all of its powers under the 2025 LTIP to the Chief Executive Officer of the General Partner, subject to certain limitations. The Committee also has the authority to designate a subcommittee to take action with respect to awards in certain circumstances. The