Company: BSM
Filing Date: 2025-04-30
Form Type: DEF 14A
Source: 0001193125-25-107202
Chunk: 32

Company: Black Stone Minerals, L.P.
Filing Date: 2025-04-30
Form: DEF 14A
Chunk 32
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 STI Bonus target percentages for the 2024 Fiscal Year. Since Ms. Smajstrla and Mr. Kiefer departed before the end of the year, they were not eligible to receive a 2024 STI Bonus, however their STI Bonus targets as of the beginning of 2024 are included below for reference. For more information on severance amounts paid to Mr. Kiefer, please see the section below entitled “Potential Payments Upon Termination or a Change in Control.” The table below provides STI Bonus targets as a percentage of base salary for each of our NEOs for the 2024 Fiscal Year.

| Name                  |     | Target STI       
 Bonus (as a % of 
 Base Salary)     |     |     |   |
| Thomas L. Carter, Jr. |     |                  |     | 120 | % |
| H. Taylor DeWalch     |     |                  |     | 100 | % |
| L. Steve Putman       |     |                  |     | 100 | % |
| Carrie P. Clark       |     |                  |     | 100 | % |
| Dawn K. Smajstrla     |     |                  |     |  75 | % |
| Evan M. Kiefer        |     |                  |     | 100 | % |

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Payouts can range from 0% to 200% of the established percentage of salary, with a payout of 50% if threshold performance is achieved, 100% if target performance is achieved, and 200% if maximum performance is achieved. 2024 STI Performance Results The STI Bonuses for the 2024 Fiscal Year were equal to the product of each NEO’s (i) target bonus and (ii) our adjusted EBITDAX Payout Factor, which is based on our adjusted EBITDAX achievement level, but further adjusted as described below. For the 2024 Fiscal Year, the adjusted EBITDAX target established at the beginning of the performance period was $376.668 million. For purposes of calculating the STI Bonus, adjusted EBITDAX was calculated as the ratio of our actual adjusted EBITDAX for the applicable year to our budgeted adjusted EBITDAX for such year, as adjusted by an Adjusted EBITDAX Payout Factor that emphasizes the effect of under-orover-achievement, with linear interpolations between the target and either the threshold or maximum, as outlined below