Company: BSM
Filing Date: 2025-04-30
Form Type: DEF 14A
Source: 0001193125-25-107202
Chunk: 40

Company: Black Stone Minerals, L.P.
Filing Date: 2025-04-30
Form: DEF 14A
Chunk 40
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-employeedirectors appointed since the IPO must comply with the ownership guidelines within five years of their appointment to a position subject to the guidelines. Until such unit ownership is achieved, we encourage officers and non-employeedirectors to retain at least 50% of the “net” units obtained through awards granted pursuant to the Prior LTIP. The Compensation Committee reviews current unit ownership annually. As of December 31, 2024, all our current officers and non-employeedirectors subject to these guidelines were in compliance with the applicable requirements of our unit ownership guidelines or on track to achieve compliance within the required time period. However, compliance is subject to the Partnership’s unit price performance and is thus subject to change. 32

Risk Assessment The Compensation Committee has reviewed our compensation policies as generally applicable to our employees and believes that our policies do not encourage excessive and unnecessary risk-taking, and that the level of risk that they do encourage is not reasonably likely to have a material adverse effect on us. Management reviews the risks arising from our compensation policies and practices. The management team reviewed and discussed the design features, characteristics, performance metrics at the Partnership and segment levels and approval mechanisms of total compensation for all employees, including salaries, incentive plans, and equity-based compensation awards, to determine whether any of these policies or programs could create risks that are reasonably likely to have a material adverse effect on us. Our compensation philosophy and culture support the use of base salary, performance-based compensation, and retirement plans that are generally uniform in design and operation throughout our organization and with all levels of employees. These compensation policies and practices are centrally designed and administered, and they are substantially identical between our business divisions. In addition, the following specific factors, in particular, reduce the likelihood of excessive risk-taking:

| • |     | Our overall compensation levels are competitive with the market. |

| • |     | Our compensation mix is balanced among (i) fixed components like salary and benefits, (ii) annual incentives that reward our overall financial performance, business unit financial performance, operational measures, and individual performance, and (iii) a portfolio approach for equity-based awards, primarily consisting of long-term incentive performance units and long-term incentive restricted units. |

| • |     | The Compensation Committee has discretion to reduce performance-based awards when it determines that such adjustments would be appropriate based on our interests and the interests of our unitholders. |

| • |     | Executive officers are subject to certain ownership requirements, as described above, and our insider trading policy, which prohibits