Company: BSM
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0001628280-25-007730
Chunk: 43

Company: Black Stone Minerals, L.P.
Filing Date: 2025-02-25
Form: 10-K
Item: Item 9B
Chunk 43
---
 summarizes information about the aspirational performance units for the year ended December 31, 2024.           Aspirational Performance unitsNumber of UnitsWeighted-Average Grant-Date Fair Value per UnitUnvested at December 31, 20231,273,513 $12.06 Granted18,891 15.88Vested— — Forfeited(184,237)11.84Unvested at December 31, 20241,108,167 $12.16 Total compensation expense to be recognized over the life of the Aspirational Awards consists of $5.3 million for the performance cash awards and $13.5 million for the performance equity awards. Compensation expense related to the Aspirational Awards will be recorded over the service period when achievement of the performance condition is probable. As of December 31, 2024, the Partnership determined achievement of the performance condition was not yet probable and no expense was recognized.

F-25

BLACK STONE MINERALS, L.P. AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Incentive Compensation ExpenseThe table below summarizes incentive compensation expense recorded in General and administrative expenses in the consolidated statements of operations for the years ended December 31, 2024, 2023, and 2022. Year Ended December 31,Incentive compensation expense202420232022 (in thousands)Cash — short and long-term incentive plan$4,940 $4,442 $7,095 Equity-based compensation — restricted common units3,982 3,852 4,089 Equity-based compensation — restricted performance units2,284 4,774 11,174 Board of Directors incentive plan2,298 2,203 2,125 Total incentive compensation expense$13,504 $15,271 $24,483 

NOTE 10 — EMPLOYEE BENEFIT PLANS

Black Stone Natural Resources Management Company, a subsidiary of the Partnership, sponsors a defined contribution 401(k) Profit Sharing Plan (the “401(k) Plan”) for the benefit of substantially all employees of the Partnership. The 401(k) Plan became effective on January 1, 2001 and allows eligible employees to make tax-deferred pre-tax or post-tax contributions up to 90% of their annual compensation, not to exceed annual limits established by the Internal Revenue Service. The Partnership makes