Company: BSM
Filing Date: 2025-04-30
Form Type: DEF 14A
Source: 0001193125-25-107202
Chunk: 69

Company: Black Stone Minerals, L.P.
Filing Date: 2025-04-30
Form: DEF 14A
Chunk 69
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, exchanged, settled for cash or otherwise terminated without the actual delivery of shares, any shares subject to such Award or Existing Award will again be available for new Awards under the 2025 LTIP. Any shares withheld or surrendered in payment of any taxes relating to Awards or Existing Awards will be again available for new Awards under the 2025 LTIP.

The 2025 LTIP is intended to provide flexibility to enable the continued use of stock-based compensation consistent with the objectives of our compensation program. The length of time the 2025 LTIP share pool will support our incentive compensation program will depend on numerous factors that cannot be fully anticipated by us at this time including our share price, our executive retention rate, and changes in our compensation practices, which may be influenced by all of the preceding variables as well as changes in the compensation practices of companies with which we compete for executive talent.

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Consequences of Failing to Approve the 2025 LTIP The 2025 LTIP will not be implemented unless approved by unitholders. If the 2025 LTIP is not approved by unitholders, the Prior LTIP will remain in effect in its present form and we will continue to grant awards thereunder until the share reserve under the Prior LTIP is exhausted or the Prior LTIP expires (except that any award granted prior to such expiration would extend beyond such expiration until the final disposition of such award). If that occurs, we may be compelled to increase significantly the cash component of our director and executive compensation, which may not necessarily align director and executive compensation interests with the investment interests of our unitholders, as well as the alignment provided by equity-based awards. Replacing equity awards with cash would also increase cash compensation expenses and use cash that could be better utilized if reinvested in our businesses or returned to our unitholders. Historical Award Information and Equity Use While equity-based awards and incentives are an important part of achieving the Partnership’s goals, we are mindful of our responsibility to our unitholders to exercise judgement in granting equity-based awards. Share Usage The annual share usage under the Prior LTIP for the last three years was as follows:

|                                                          |     | 2024 |     |             |   |     | 2023 |     |             |   |     | 2022 |     |             |   |     | THREE-YEAR 
 AVERAGE    |     |      |   |
| STOCK OPTIONS GRANTED                                    |     |      |     |