Company: BSM
Filing Date: 2025-04-30
Form Type: DEF 14A
Source: 0001193125-25-107202
Chunk: 34

Company: Black Stone Minerals, L.P.
Filing Date: 2025-04-30
Form: DEF 14A
Chunk 34
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   | 200 | % |

The average performance percentage is determined by finding the mean of the “production performance percentage” and the “reserve performance percentage” for each of the three years in the performance period. The “production performance percentage” reflects the attainment of per-unitproduction levels as a percentage of the budgeted per-unitproduction levels (as determined by the Board of the General Partner) for the applicable year. The “reserve performance percentage” reflects the attainment of per-unitproved reserve levels as a percent of the budgeted per-unitproved reserve levels (as determined by the Board) for the applicable year. For the 2024 Fiscal Year, the “reserve performance percentage” was achieved at 91.12% of target and the “production performance percentage” was achieved at 92.17%, resulting in an “average performance percentage” of 91.64% of target; however, the actual performance achieved will not be determined until the completion of the three-year performance period. 27

LTI Restricted Units One-halfof the target value of annual long-term incentive awards granted to our NEOs for the 2024 Fiscal Year consisted of restricted unit awards (“LTI Restricted Units”). The Compensation Committee grants these time-based awards to encourage and promote retention of key employees. The LTI Restricted Units granted to all NEOs on January 31, 2024, vest in one-thirdincrements on each of January 7, 2025, January 7, 2026, and January 7, 2027. The LTI Restricted Units granted to each NEO are reflected in the following table:

| Name                  |     | Target LTI       
 Restricted Units |     |         |
| Thomas L. Carter, Jr. |     |                  |     | 111,510 |
| H. Taylor DeWalch     |     |                  |     |   5,121 |
| L. Steve Putman       |     |                  |     |  56,325 |
| Carrie P. Clark       |     |                  |     |  39,759 |
| Dawn K. Smajstrla     |     |                  |     |  15,243 |
| Evan M. Kiefer        |     |                  |     |  28,658 |

Settlement of 2022 LTI Performance Units Vesting and payout of the 2022 LTI Performance Units was assessed by the Compensation Committee in February 2025. The following table summarizes the performance as a percentage of