Company: BSM
Filing Date: 2025-04-30
Form Type: DEF 14A
Source: 0001193125-25-107202
Chunk: 74

Company: Black Stone Minerals, L.P.
Filing Date: 2025-04-30
Form: DEF 14A
Chunk 74
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 conditions, provided that no adjustment should materially reduce the benefit to a participant immediately prior to such adjustment without the consent of such participant. Upon the occurrence of any other similar event that would not result in an accounting charge under ASC Topic 718 if the adjustment to awards with respect to such event were discretionary, the Committee shall have complete discretion to adjust the awards and the number and type of units (or other securities or property) with respect to which awards may be granted under the 2025 LTIP in such manner as it deems appropriate. In the event the Committee makes any adjustment pursuant to the foregoing provisions of this paragraph, the Committee will make a corresponding and appropriate adjustment with respect to the maximum number of units that may be delivered with respect to awards under the 202 LTIP and the kind of units or other securities available for issuance under the 2025 LTIP.

In the event that the Committee determines that any distribution, recapitalization, split, reverse split, reorganization, merger, change of control, consolidation, split-up, spin-off, combination, repurchase, or exchange of units or other securities, issuance of warrants or other rights, or other similar transaction or event affects the units such than an adjustment is determined by the Committee to be appropriate in order to prevent the dilution or enlargement of the benefits or potential benefits intended to be made available under the plan, then the Committee shall adjust any or all of (a) the number and type of units with respect to which awards may be granted or which are subject to outstanding awards and (b) the grant or exercise price with respect to any award or make a provision for cash payment to the holder of an outstanding award. In addition, the committee has discretion to make such adjustments to awards then outstanding as the Committee deems appropriate, including, but not limited to, removing forfeiture restrictions, accelerating the time of exercisability or requiring mandatory surrender of some or all of the outstanding awards held by such holders and paying to each holder a cash equivalent, and canceling awards.

Change of Control

Subject to the terms of the applicable award agreement, upon a Change of Control, an Award may automatically vest and be payable or become exercisable in full, as the case may be.

Termination; Amendment

The 2025 LTIP will automatically expire on the tenth anniversary of its effective date, which is April 16, 2035. The Committee, at its discretion, may terminate the 2025 LTIP at any time with respect to the common or**

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