Document:

sldb-ex1027_193.htm

Exhibit 10.27

EMPLOYMENT AGREEMENT

THIS EMPLOYMENT AGREEMENT (the "Agreement"), is made as of January 25, 2019 by and between Solid Biosciences Inc. (the "Company"), and Jorge A. Quiroz, M.D. (the "Executive") (together, the "Parties").

 

RECITALS

 

WHEREAS, the Company desires to continue to employ the Executive as its Chief Medical Officer; and

 

WHEREAS, the Company and the Executive are party to a letter agreement dated November 17, 2015 (the "Existing Agreement") and desire to amend and restate the Existing Agreement with the exception of Exhibit A, as amended, attached to the Existing Agreement (the "Restrictive Covenant Agreement"), which shall not be so amended or restated and shall remain   in full force and effect; and

 

WHEREAS, the Executive has agreed to continue employment with the Company on the terms and conditions set forth in this Agreement;

 

NOW, THEREFORE, in consideration of the foregoing and of the respective covenants and agreements of the Parties herein contained, the Parties hereto agree as follows:

 

1.Agreement.  This Agreement shall be effective as of the date first set forth above (the  "Effective Date"). Following the Effective Date, the Executive shall continue to be an employee of the Company until such employment relationship is terminated in accordance with Section 6 hereof (the "Term of Employment").

 

2.Position. During the Term of Employment, the Executive shall serve as the Chief Medical Officer of the Company, working out of the Company's office in Cambridge, Massachusetts, and travelling as reasonably required by the Executive's job duties.

 

3.Scope of Employment. During the Term  of Employment,  the Executive  shall be responsible for the performance of those duties consistent with the Executive's position as Chief Medical Officer. The Executive shall report to the Chief Executive Officer of the Company and/or the Company's board of directors (the "Board") and shall  perform  and  discharge faithfully, diligently, and to the best of the Executive's ability, the Executive's duties and responsibilities hereunder. The Executive shall devote substantially all of the Executive's business time, loyalty, attention and efforts to the business and  affairs of the Company  and  its affiliates.  Membership on boards of directors of up to two other companies or community, charitable or industry organizations will be permitted only with the express approval of the Chief Executive Officer, provided that such activities do not create a conflict of interest or otherwise interfere with the Executive's performance of the Executive's duties hereunder. Membership on boards of directors of any other companies or community, charitable or industry organizations will be permitted only with the express approval of the Board. The Executive agrees to abide by the rules, regulations, instructions, personnel practices and policies of the Company and any changes therein that may be adopted :from time to time by the Company.

 

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4.Compensation. As full compensation for all services rendered by the Executive to the Company and any affiliate thereof, during the Term of Employment, the Company will provide to the Executive the following:

 

(a)Base Salary. Effective as of January 1, 2019, the Executive shall receive a base salary at the annualized rate of $412,500.00 (the "Base Salary"). The Executive's Base Salary shall be paid in equal installments in accordance with the Company's regularly established payroll procedures. The Executive's Base Salary will be reviewed from time to time by the Board and is subject to change in the discretion of the Board.

 

(b)Annual Discretionary Bonus. Effective as of January I, 2019, the Executive will be eligible to earn an annual performance bonus of up to 40% of the Executive's Base Salary (the "Target Bonus"), based upon the Board's assessment of the Executive's performance and the Company's attainment of targeted goals as set by the Board in its sole discretion. The Board may determine to  provide the bonus in the form of cash, equity award(s), or a combination  of cash and equity. Following the close of each calendar year, the Board will determine whether the Executive has earned a performance bonus, and the amount of any performance bonus, based on the set criteria. No amount of the annual bonus is guaranteed, and the Executive must be an employee in good standing on the date of payment in order to be eligible for any annual bonus, except as specifically set forth below. The Executive's bonus eligibility will be reviewed from time to time by the Board and is subject to change in the discretion of the Board.

 

(c)Equity Award. The Executive will be eligible to receive equity awards, if any, at such times and on such terms and conditions as the Board shall, in its sole discretion, determine.

 

(d)Paid Time Off The Executive shall receive paid vacation time plus sick time, consistent with the Company's policies as in effect from time to time. In addition, the Executive shall receive paid time off for Company holidays which are set annually and in accordance with Company policy.

 

(e)Benefits. Subject to eligibility requirements and  the Company's  polices,  the Executive shall have the right, on the same basis as other employees of the Company, to participate in, and to receive benefits under, any medical, vision and dental insurance policy maintained by the Company and the Company shall pay a portion of the cost of the premiums for such medical, vision and dental insurance that is consistent with the Company's then current employee benefit policy if the Executive elects to participate in such plans.

 

(t) Withholdings. All compensation payable to the Executive shall be subject to applicable taxes and withholdings.

 

5.Expenses. The Executive will be reimbursed for his actual, necessary and reasonable business expense pursuant to Company policy, subject to the provisions of Section 3 of Exhibit A attached hereto.

 

6.Employment Termination. This Agreement and the employment of the Executive shall terminate upon the occurrence of any of the following:

 

(a)Upon the death of the Executive or at the election of the Company due to the Executive's "Disability". As used in this Agreement, the term "Disability" shall mean a physical or mental illness or disability that prevents the Executive from performing the duties of the Executive's position for a period of more than any three consecutive months or for periods aggregating more than twenty-six weeks during any twelve-month period. The Company shall determine in good faith and in its sole discretion whether the Executive is unable to perform the services provided for herein.

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(b)At the election of the Company, with or without "Cause" (as defined below), immediately upon written notice by the Company to the Executive. As used in this Agreement, "Cause" shall mean a finding by the Company's Chief Executive Officer or the Board that the Executive:

 

	
 
	
(i)
	
performed his duties, in the good faith opinion of the Company's Chief Executive Officer or the Board, in a grossly negligent or reckless manner or with willful malfeasance;

 

	
 
	
(ii)
	
exhibited habitual drunkenness or engaged in substance abuse;

 

	
 
	
(iii)
	
committed any material violation of any state or federal law relating to the workplace environment (including, without limitation, laws relating to sexual harassment or age, sex or other prohibited discrimination) or any material violation of any material Company policy;

 

	
 
	
(iv)
	
willfully failed or refused to perform in the usual manner at the usual time those duties which he regularly and routinely performed in connection with the business of the Company or such other duties reasonably  related to the capacity in which the Executive is employed hereunder which may be assigned to the Executive by the Company's Chief Executive Officer or the Board, which failure or refusal continues for a period of more than seven (7) days after written notice thereof has been provided to the Executive by the Company's Chief Executive Officer or the Board, such notice to set forth in reasonable detail the nature of such failure or refusal;

 

	
 
	
(v)
	
performed any material action when specifically and reasonably instructed not to do so by the Company's Chief Executive Officer or the Board;

 

	
 
	
(vi)
	
committed any fraud or used or appropriated for his personal use or benefit any funds, properties or opportunities of the Company not authorized  by the Company's Chief Executive Officer or the Board to be so used or appropriated; or

 

	
 
	
(vii)
	
was convicted of, or pled guilty or "no contest" to, any felony or any other crime related to the Executive's employment or involving moral turpitude.

 

(c)At the election of the Executive, with or without "Good Reason" (as defined below), immediately upon written notice by the Executive to the Company (subject, if it is with Good Reason, to the timing provisions set forth in the definition of Good Reason). As used in this Agreement, "Good Reason" shall mean (without the Executive's consent):

 

	
 
	
(i)
	
a material diminution in the nature or scope of Executive's duties, responsibilities, or authority;

 

	
 
	
(ii)
	
a material diminution of the Executive's base compensation;

 

	
 
	
(iii)
	
the Company's requiring Executive to relocate Executive's primary office more than fifty (50) miles from the Executive's then-current primary office; or

 

	
 
	
(iv)
	
any material breach of this Agreement by the Company not otherwise covered by this paragraph;

 

provided, however, that in each case, the Company shall have a period of not less than thirty (30) days to cure any act constituting Good Reason following Executive's delivery to the Company of written notice within sixty (60) days of the action or omission constituting Good Reason and that the Executive actually terminates employment within thirty (30) days following the expiration of the Company's cure period.

 

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7.Effect of Termination.

 

(a)All Terminations Other Than by the Company Without Cause or by the Executive  With Good Reason. If the Executive's employment is terminated under any circumstances other than a Qualifying Termination (as defined below) (including a voluntary termination by the Executive without Good Reason pursuant to Section 6(c), a termination by the Company for Cause pursuant to Section 6(b) or due to the Executive's death or Disability pursuant to Section 6(a)), the Company's obligations under this Agreement shall immediately  cease and the Executive shall only be entitled to receive (i) the Base Salary that has accrued and to which the Executive is entitled as of the effective date of such termination and to the extent consistent with general Company policy, accrued but unused paid time off through and including the effective date of such termination, to be paid in accordance with the Company's established payroll procedure and applicable law but no later than the next regularly scheduled pay period, (ii) unreimbursed business expenses for which expenses the Executive has timely submitted appropriate documentation in accordance with Section 5 hereof, and (iii) any amounts or benefits to which the Executive is then entitled under the terms of the benefit plans then-sponsored by the Company in accordance with their terms (and not accelerated to the extent acceleration does not satisfy Section 409A of the Internal Revenue Code of 1986, as amended, (the "Code") (the payments described in this sentence, the "Accrued Obligations").

 

(b)Termination by the Company Without Cause or by the Executive With Good Reason Prior to or More Than Twelve Months Following a Change in Control. If the Executive's employment is terminated by the Company without Cause pursuant to Section 6(b) or by the Executive with Good Reason pursuant to Section 6(c) (in either case, a "Qualifying Termination") prior to or more than twelve (12) months following a Change in Control (as defined below), the Executive shall be entitled to the Accrued Obligations. In addition, and subject to Exhibit A and the conditions of Section 7(d), the Company shall: (i) continue to pay to the Executive, in accordance with the Company's regularly established payroll procedures, the Executive's Base Salary for a period of twelve (12) months and (ii) provided the Executive is eligible for and timely elects to continue receiving group medical insurance pursuant to the "COBRA" law, continue to pay (but in no event longer than twelve (12) months following the Executive's termination date) the share of the premium for health coverage that is paid by the Company for active and similarly-situated employees who receive the same type of coverage, unless the Company's provision of such COBRA payments will violate the nondiscrimination requirements of applicable law, in which case this benefit will not apply (collectively, the "Severance Benefits").

 

(c)Termination by the Company Without Cause or by the Executive With Good Reason Within Twelve Months Following a Change in Control. If a Qualifying Termination occurs within twelve (12) months following a Change in Control, then the Executive shall be entitled to the Accrued  Obligations.  In addition, and subject to Exhibit A and the conditions of Section 7(d), the Company shall: (i) continue to pay to the Executive, in accordance with the Company's regularly established payroll procedures, the Executive's Base Salary for a period of twelve (12) months; (ii) pay to the Executive, in a single lump sum on the Payment Date (as defined below) an amount equal to 100% of the Executive's Target Bonus for the year in which termination occurs or the Executive's Target Bonus immediately prior to the Change in Control, if higher, (iii) provided the Executive is eligible for and timely elects to continue receiving group medical insurance pursuant to the "COBRA" law, continue to pay (but in no event longer than twelve (12) months following the Executive's termination date) the share of the premium for health coverage that is paid by the Company for active and similarly-situated employees who receive the same type of coverage, unless the Company's provision of such COBRA payments will violate the nondiscrimination requirements of applicable law, in which case this benefit will not apply, and (iv) provide that the vesting of the Executive's then-unvested equity awards that vest based solely on the passage of time shall be accelerated, such that all then unvested time-based equity awards shall vest and become fully exercisable or non-forfeitable as of the termination date (collectively, the "Change in Control Severance Benefits").

 

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(d)Severance and Release of Claims Agreement. As a condition of the Executive's receipt of the Severance Benefits or the Change in Control Severance Benefits, as applicable, the Executive must execute and deliver to the Company a severance and release of claims agreement in a form to be provided by the Company (the "Severance Agreement"), which Severance Agreement must become irrevocable within 60 days following the date of the Executive's termination of employment (or such shorter period as may be directed by the Company). The Severance Benefits or the Change in Control Severance Benefits, as applicable, will be paid or commence to be paid in the first regular payroll beginning after the Severance Agreement becomes effective, provided that if the foregoing 60 day period (or shorter period as may be directed by the Company) would end in a calendar year subsequent to the year in which the Executive's employment ends, the Severance Benefits or Change in Control Severance Benefits, as applicable, will not be paid or begin to be paid before the first payroll of the subsequent calendar year (the date the Severance Benefits or Change in Control Severance Benefits, as applicable, commence pursuant to this sentence, the "Payment Date").

 

(e)Change in Control Definition. For purposes of this Agreement, "Change in Control" shall mean the occurrence of any of the following events, provided that such event or occurrence constitutes a change in the ownership or effective control of the Company, or a change in the ownership of a substantial portion of the assets of the Company, as defined in Treasury Regulation §§ 1.409A-3(i)(5)(v), (vi) and (vii): (i) the acquisition by an individual, entity or group (within  the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934 (the "Exchange Act")) (a "Person") of beneficial ownership of any capital stock of the Company if, after such acquisition, such Person beneficially owns (within the meaning of Rule 13d-3 under the Exchange Act) fifty percent (50%) or more of either (x) the then-outstanding shares of common stock of the Company (the "Outstanding Company  Common  Stock") or (y) the combined voting power of the then-outstanding securities of the Company entitled to vote generally in the election of directors (the "Outstanding Company Voting Securities"); provided, however, that for purposes of this subsection (i), the following acquisitions shall not constitute a Change in Control: (1) any acquisition directly from the Company or (2) any acquisition by any entity pursuant to a Business Combination (as defined below) which complies with clauses (x) and (y) of subsection (iii) of this definition; or (ii) a change in the composition of the Board that results in the Continuing Directors (as defined below) no longer constituting a majority of the Board (or, if applicable, the Board of Directors of a successor corporation to the Company), where the term "Continuing Director" means at any date a member of the Board (x) who was a member of the Board on the Effective Date or (y) who was nominated or elected subsequent to such date by at least a majority of the directors who were Continuing Directors at the time of  such nomination or election or whose election to the Board was recommended or endorsed by at least a majority of the directors who were Continuing Directors at the time of such nomination or election; provided, however, that there shall be excluded from this clause (y) any individual whose initial assumption of office occurred as a result of an actual or threatened election contest with respect to the election or removal of directors or other actual or threatened solicitation of proxies or consents, by or on behalf of a person other than the Board; or (iii) the consummation  of a merger, consolidation, reorganization, recapitalization or share exchange involving the Company, or a sale or other disposition of all or substantially all of the assets of the Company (a "Business Combination"), unless, immediately following such  Business Combination,  each of the following two (2) conditions is satisfied: (x) all or substantially all of the individuals and entities who were the beneficial owners of the Outstanding Company Common Stock and Outstanding Company Voting Securities immediately prior to such Business Combination beneficially own, directly or indirectly, more than fifty percent (50%) of the then-outstanding shares of common stock and the combined voting power of the then-outstanding securities entitled to vote generally in the election of directors, respectively, of the resulting or acquiring corporation in such Business Combination (which shall include, without limitation, a corporation which as a result of such transaction owns the Company or substantially all of the Company's assets either directly or through one (1) or more subsidiaries) (such resulting or acquiring corporation is referred to herein as the "Acquiring Corporation") in substantially the same proportions as their ownership of the Outstanding Company Common Stock and Outstanding Company Voting Securities, respectively, immediately prior to such Business Combination and (y) no Person (excluding any employee benefit plan (or related trust) maintained or sponsored by the Company or by the Acquiring Corporation) beneficially owns, directly or indirectly, fifty percent (50%) or more of the then-outstanding shares of common stock of the Acquiring Corporation, or of the combined voting power of the then-outstanding securities of such corporation entitled to vote generally in the election of directors (except to the extent that such ownership existed prior to the Business Combination); or (iv) the liquidation or dissolution of the Company.

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8.Modified Section 280G Cutback. Notwithstanding any other provision of this Agreement, except as set forth in Section 8(b), in the event that the Company undergoes a "Change in Ownership or Control" (as defined below), the following provisions shall apply:

 

(a)The Company shall not be obligated to provide to the Executive any portion of any "Contingent Compensation Payments" (as defined below) that the Executive would otherwise be entitled to receive to the extent necessary to eliminate any "excess parachute payments" (as defined in Section 280G(b)(1) of the Code) for the Executive. For purposes of this Section 8, the Contingent Compensation Payments so eliminated shall be referred to as the "Eliminated Payments" and the aggregate amount (determined  in accordance  with Treasury Regulation Section 1.280G-1, Q/A-30 or any successor provision)  of the Contingent  Compensation Payments so eliminated shall be referred to as the "Eliminated Amount."

 

(b)Notwithstanding the provisions of Section 8(a), no such reduction in Contingent Compensation Payments shall be made if (1) the Eliminated Amount (computed  without  regard to this sentence) exceeds (2) 100% of the aggregate  present  value (determined  in accordance with Treasury Regulation Section l.280G-l, Q/A-31 and Q/A-32 or any successor provisions) of the amount of any additional taxes that would be incurred by the Executive if the Eliminated Payments (determined without  regard  to this sentence) were paid to the Executive  (including state and federal income taxes on the Eliminated Payments, the excise tax imposed by Section 4999 of the Code payable with respect to all of the Contingent Compensation Payments in excess of the Executive's "base amount" (as defined in Section 280G(b)(3) of the Code), and any withholding taxes). The override of such reduction in Contingent Compensation Payments pursuant to this Section 8(b) shall be referred  to as a "Section  8(b) Override."  For  purpose of this paragraph, if any federal or state income taxes would be attributable to the receipt of any Eliminated Payment, the amount of such taxes shall be computed  by multiplying the amount of the Eliminated Payment by the maximum  combined  federal and state income  tax rate provided by law.

 

(c)For purposes of this Section 8 the following terms shall have the following respective meanings:

 

(i)"Change in Ownership or Control" shall mean a change in the ownership or effective control of the Company or in the ownership of a substantial portion of the assets of the Company determined in accordance with Section 280G(b)(2) of the Code.

 

(ii)"Contingent Compensation Payment" shall mean any payment (or benefit) in the nature of compensation that is made or made available (under this Agreement or otherwise) to or for the benefit of a "disqualified individual" (as defined in Section 280G(c) of the Code) and that is contingent (within the meaning of Section 280G(b)(2)(A)(i) of the Code) on a Change in Ownership or Control of the Company.

 

(d)Any payments or other benefits otherwise due to the Executive following a Change in Ownership or Control that could reasonably be characterized (as determined by the Company) as Contingent Compensation Payments (the "Potential Payments") shall not be made until the dates provided for in this Section 8(d). Within thirty (30) days after each date on which the Executive first becomes entitled to receive (whether or not then due) a Contingent Compensation Payment relating to such Change in Ownership or Control, the Company shall determine and notify the Executive (with reasonable detail regarding the basis for its determinations) (I) which Potential Payments constitute Contingent Compensation Payments, (2) the Eliminated Amount and (3) whether the Section 8(b) Override is applicable. Within thirty (30) days after delivery of such notice to the Executive, the Executive shall deliver a response to the Company (the "Executive Response") stating either (A) that the Executive agrees with the Company's determination pursuant to the preceding sentence or (B) that the Executive disagrees with  such determination, in which case the Executive shall set forth (x) which Potential Payments should be characterized as Contingent Compensation Payments, (y) the Eliminated Amount, and (z) whether the Section 8(b) Override is applicable.  In the event that the Executive fails to deliver an Executive  Response on or before the required date, the Company's initial determination shall  be final.  If the Executive states in the Executive Response 

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that the Executive agrees with the Company's determination, the Company shall make the Potential Payments to the Executive within three (3) business days following delivery to the Company of the Executive Response (except for any Potential Payments which are not due to be made until after such date, which Potential Payments shall be made on the date on which they are due). If the Executive states in the Executive Response that the Executive disagree with the Company's determination, then, for a period of sixty (60) days following delivery of the Executive Response, the Executive and the Company shall use good faith efforts to resolve such dispute. If such dispute is not resolved within such 60-day period, such dispute shall be settled exclusively by arbitration in Cambridge, Massachusetts, in accordance with the rules of the American Arbitration Association then in effect. Judgment may be entered on the arbitrator's award in any court having jurisdiction. The Company shall, within three (3) business days following delivery to the Company of the Executive Response, make to the Executive those Potential Payments as to which there is no dispute between the Company and the Executive regarding whether they should be made (except for any such Potential Payments which are not due to be made until after such date, which Potential Payments shall be made on the date on which they are due).  The balance of the Potential Payments shall be made within three (3) business days following the resolution of such dispute.

 

(e)The Contingent Compensation Payments to be treated as Eliminated Payments shall be determined by the Company by determining the "Contingent Compensation Payment Ratio" (as defined below) for each Contingent Compensation Payment and then reducing the Contingent Compensation Payments in order beginning with the Contingent Compensation Payment with the highest Contingent Compensation Payment Ratio. For Contingent Compensation Payments with the same Contingent Compensation Payment Ratio, such Contingent Compensation Payment shall be reduced based on the time of payment of such Contingent Compensation Payments with amounts having later payment dates being reduced first. For Contingent Compensation Payments with the same Contingent Compensation Payment Ratio and the same time of payment, such Contingent Compensation Payments shall be reduced on a pro rata basis (but not below zero) prior to reducing Contingent Compensation Payment with a lower Contingent Compensation Payment Ratio. The term "Contingent Compensation Payment Ratio" shall mean a fraction the numerator of which is the value of the applicable Contingent Compensation Payment that must be taken into account by the Executive for purposes of Section 4999(a) of the Code, and the denominator of which is the actual amount to be received by the Executive in respect of the applicable Contingent Compensation Payment. For example, in the case of an equity grant that is treated as contingent on the Change in Ownership or Control because the time at which the payment is made or the payment vests is accelerated, the denominator shall be determined by reference to the fair market value of the equity at the acceleration date, and not in accordance with the methodology for determining the value of accelerated payments set forth in Treasury Regulation Section 1.280G-1 Q/A-24(b) or (c)).

 

(f)The provisions of this Section 8 are intended to apply to any and all payments or benefits available to the Executive under this Agreement or any other agreement or plan under which the Executive receives Contingent Compensation Payments.

 

9.Absence of Restrictions. The Executive represents and warrants that the Executive  is not bound by any employment contracts, restrictive covenants or other restrictions that prevent the Executive from entering into employment with, or carrying out the Executive's responsibilities for, the Company, or which are in any way inconsistent with any of the terms of this Agreement.

 

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10.Notice. Any notice delivered under this Agreement shall be deemed duly delivered three (3) business days after it is sent by registered or certified mail, return receipt requested, postage prepaid, one (I) business day after it is sent for next-business day delivery via a reputable nationwide overnight courier service, or immediately upon hand delivery, in each case to the address of the recipient set forth below.

 

To Executive:

 

At the address set forth in the Executive's personnel file To

Company:

Solid Biosciences Inc. 

141 Portland Street Fifth 

Floor

Cambridge, MA 02139

 

Either Party may change the address to which notices are to be delivered by giving notice of such change to the other Party in the manner set forth in this Section 10.

 

11.Applicable Law; Jury Trial Waiver. This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware (without reference to the conflict of laws provisions thereof). Any action, suit or other legal proceeding arising under or relating to any provision of this Agreement shall be commenced only in a court of the State of Delaware (or, if appropriate, a federal court located within the State of Delaware), and the Company and the Executive each consents to the jurisdiction of such a court. The Company and the Executive each hereby irrevocably waives any right to a trial by jury in any action, suit or other legal proceeding arising under or relating to any provision of this Agreement.

 

12.Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of both Parties and their respective successors and assigns, including any corporation with which or into which the Company may be merged or which  may succeed to its assets or business; provided, however, that the obligations of the Executive  are personal  and shall not be assigned by the Executive.

 

13.At-Will Employment. During the Term of Employment, the Executive will continue to be an at-will employee of the Company, which means that, notwithstanding any other provision set forth herein, the employment relationship can be terminated by either Party for any reason, at any time, with or without prior notice and with or without Cause.

 

14.Acknowledgment. The Executive states and represents that the Executive has had an opportunity to fully discuss and review the terms of this Agreement with an attorney. The Executive further states and represents that the Executive has carefully read this Agreement, understands the contents herein, freely and voluntarily assents to all of the terms and conditions hereof, and signs the Executive's name of the Executive's own free act.

 

15.No Oral Modification, Waiver, Cancellation or Discharge. This Agreement may be amended or modified only by a written instrument executed by both the Company and the Executive. No delay or omission by the Company in exercising any right under this Agreement shall operate as a waiver of that or any other right. A waiver or consent given by the Company on any one occasion shall be effective only in that instance and shall not be construed as a bar to or waiver of any right on any other occasion.

 

16.Captions and Pronouns. The captions of the sections of this Agreement are for convenience of reference only and in no way define, limit or affect the scope or substance of any section of this Agreement. Whenever the context may require, any pronouns used in this Agreement shall include the corresponding masculine, feminine or neuter forms, and the singular forms of nouns and pronouns shall include the plural, and vice versa.

 

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17.Interpretation. The Parties agree that this Agreement will be construed without regard to any presumption or rule requiring construction or interpretation against the drafting Party. References in this Agreement to "include" or "including" should be read as though they said "without limitation" or equivalent forms. References in this Agreement to the "Board" shall include any authorized committee thereof.

 

18.Severability. Each provision of this Agreement must be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement is held to be prohibited by or invalid under applicable law, such provision will be ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this Agreement. Moreover, if a court of competent jurisdiction determines any of the provisions contained in this Agreement to be unenforceable because the provision is excessively broad in scope, whether as to duration, activity, geographic application, subject or otherwise, it will be construed, by limiting or reducing it to the extent legally permitted, so as to be enforceable to the extent compatible with then applicable law to achieve the intent of the Parties.

 

19.Entire Agreement. This Agreement constitutes the entire agreement between the Parties and supersedes all prior agreements and understandings, whether written or oral, relating to the subject matter of this Agreement, provided that, for the avoidance of doubt, the Restrictive Covenant Agreement is not amended hereby and remains in full force and effect.

[Signatures on Page Following]

 

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IN WITNESS WHEREOF, the Parties hereto have executed this Agreement as of the day and year set forth above.

 

 

 

SOLID BIOSCIENCES INC.

 

 

 

 

	
By:
	
 
	
/s/ Ilan Ganot

	
Name:
	
 
	
Ilan Ganot

	
Title:
	
 
	
CEO

 

 

	
EXECUTIVE

	
 

	
 

	
/s/ Jorge Quiroz

	
Jorge A. Quiroz M.D.

 

 

 

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EXHIBIT A

 

Payments Subject to Section 409A

 

1.Subject to this Exhibit A, any severance payments that may be due under the Agreement shall begin only upon the date of the Executive's "separation from service" (determined as set forth below) which occurs on or after the termination of the Executive's employment. The following rules shall apply with respect to distribution of the severance payments, if any, to be provided to the Executive under the Agreement, as applicable:

 

	
 
	
(a)
	
It is intended that each installment of the severance payments provided under the Agreement shall be treated as a separate "payment" for purposes of Section 409A of the Internal Revenue Code ("Section 409A"). Neither the Company nor the Executive shall have the right to accelerate or defer the delivery of any such payments except to the extent specifically permitted or required by Section 409A.

 

	
 
	
(b)
	
If, as of the date of the Executive's "separation from service" from the Company, the Executive is not a "specified employee" (within the meaning of Section 409A), then each installment of the severance payments shall be made on the dates and terms set forth in the letter agreement.

 

	
 
	
(c)
	
If, as of the date of the Executive's "separation from service" from the Company, the Executive is a "specified employee" (within the meaning of Section 409A), then:

 

	
 
	
(i)
	
Each installment of the severance payments due under the Agreement that, in accordance  with the dates and terms set forth  herein, will in all circumstances, regardless of when the Executive's separation from service occurs, be paid within the short-term deferral period  (as defined under Section 409A) shall be treated as a short-term deferral within the meaning of Treasury Regulation Section 1.409A-l(b)(4) to the maximum extent permissible under Section 409A and shall be paid on the dates and terms set forth in the Agreement; and

 

	
 
	
(ii)
	
Each installment of the severance payments due under the Agreement that is not described in this Exhibit A, Section l(c)(i) and that would, absent this subsection, be paid within the six-month period following the Executive's "separation from service" from the Company shall not be paid until the date that is six months and one day after such separation from service (or, if  earlier, the Executive's death), with any such installments that are required to be delayed being accumulated during the six-month  period and paid  in a lump sum on the date that is six months and one day following the  Executive's separation from service and any subsequent installments, if any, being paid in accordance with the dates and terms set forth herein; provided, however, that the preceding provisions of this sentence shall not apply to any installment of payments if and to the maximum extent that that such installment is deemed to be paid under a separation pay plan that does not provide for a deferral of compensation by reason of the application of Treasury Regulation 1.409A-l(b)(9)(iii) (relating to separation pay upon an involuntary separation from service). Any installments that qualify for the exception under Treasury Regulation Section 1.409A-l(b)(9)(iii) must be paid no later than the last day of the Executive's second taxable year following the taxable year in which the separation from service occurs.

 

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2.The determination of whether and when the Executive's separation from service from the Company has occurred shall be made and in a manner consistent with, and based on the presumptions set forth in, Treasury Regulation Section 1.409A-l(h).  Solely for purposes of Section 2 of this Exhibit A, "Company" shall include all persons with whom the Company would be considered a single employer under Section 414(b) and 414(c) of the Code.

 

3.All reimbursements and in-kind benefits provided under the Agreement shall be made or provided in accordance with the requirements of Section 409A to the extent that such reimbursements or in-kind benefits are subject to Section 409A, including, where applicable, the requirements that (i) any reimbursement is for expenses incurred during the Executive's lifetime (or during a shorter period of time specified in the Agreement), (ii) the amount of expenses eligible for reimbursement during a calendar year may not affect the expenses eligible for reimbursement in any other calendar year, (iii) the reimbursement of an eligible expense will be made on or before the last day of the calendar year following the year in which the expense is incurred and (iv) the right to reimbursement  is not subject to set off or liquidation or exchange for any other benefit.

 

4.The Company makes no representation or warranty and shall have no liability to the Executive or to any other person if any of the provisions of the Agreement (including this Exhibit A) are determined to constitute deferred compensation subject to Section 409A but that do not satisfy an exemption from, or the conditions of, that section.

 

5.The Agreement is intended to comply with, or be exempt from, Section 409A and shall be interpreted accordingly .

 

 

 

 

 

 

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ActiveUS 171347422EX-10.1

 Exhibit 10.1 

Execution Version 

SEPARATION AGREEMENT 

AND GENERAL RELEASE OF CLAIMS 

This SEPARATION AGREEMENT AND GENERAL RELEASE OF CLAIMS (this “Agreement”) is entered into by and among Holbrook
F. Dorn (“Executive”) and Black Stone Natural Resources Management Company, a Delaware corporation (the “Company”). Black Stone Minerals GP, L.L.C., a Delaware limited liability company (the “General
Partner”), joins this Agreement for the limited purpose of agreeing to Sections 2, 3 and 13 below. The Company, the General Partner, and Executive are each referred to herein individually as a “Party”
and collectively as the “Parties.” 
 WHEREAS, Executive was employed by the Company as Senior Vice President,
Business Development; 
 WHEREAS, Executive’s employment with the Company ended as of February 24, 2020 (the
“Separation Date”), and the Company and the General Partner wish to provide Executive with certain compensation and benefits, the receipt of which is dependent upon Executive’s timely entry into (and non-revocation in the time provided to do so of) this Agreement and compliance with the terms of Articles III, IV and V of the Severance Agreement between Executive and the Company dated May 6, 2015 (the
“Severance Agreement”), as such Severance Agreement may be amended pursuant to Section 2(f) and Section 2(g); and 

WHEREAS, for the purposes of avoiding the uncertainty, expense, and burden associated with any dispute, the Parties desire to settle
any potential disputes, including those that may arise by virtue of either the employment relationship between Executive and the Company or the end of such employment relationship. 

NOW, THEREFORE, in consideration of the promises and benefits set forth herein, and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged by the Parties, the Parties hereby agree as follows: 
 1. Separation
from Employment. Executive’s employment with the Company ended as of the Separation Date. As of the Separation Date, Executive was no longer employed by the Company or any other Released Party (as defined
below). As of the Separation Date, Executive is deemed to have automatically resigned (a) as an officer of the Company and each of its Affiliates (as defined in the Severance Agreement), as applicable, and (b) from the board of managers,
board of directors, or similar governing body of each of the Company’s Affiliates (as applicable) and any other corporation, limited liability company, or other entity in which the Company or any of its Affiliates holds an equity interest or
with respect to which board (or similar governing body) Executive serves as the designee or other representative of the Company or any of its Affiliates. 

 2. Separation Benefits. Provided that Executive
(x) executes this Agreement on or after the Separation Date and prior to April 9, 2020, returns a copy of this Agreement that has been executed by him to the Company so that it is received by Steve Putman, Senior Vice President and General
Counsel, 1001 Fannin Street, Suite 2020, Houston, Texas 77002 (email: sputman@blackstoneminerals.com) no later than 5:00 pm Houston, Texas time on April 9, 2020; (y) does not revoke his acceptance of this Agreement pursuant to
Section 9; and (z) remains in compliance with the other terms and conditions set forth in this Agreement, Executive shall receive the following consideration: 

(a) The Company shall pay Executive $752,595.63 (the “Severance Payment”) in a single lump sum cash payment after the date
that is 60 days after the Separation Date, but in no event later than the date that is 70 days after the Separation Date. 
 (b) If Executive
timely and properly elects to continue coverage for Executive and Executive’s spouse and eligible dependents, if any, under the Company’s group health plans pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985
(“COBRA”) similar in the amounts and types of coverage provided by the Company to Executive prior to the Separation Date, then for a period of 12 months following the Separation Date, the Company shall promptly reimburse Executive
on a monthly basis for the entire amount Executive pays to effect and continue such coverage; provided, however, that Executive’s rights to such reimbursements under this Section 2(b) shall terminate at the time
Executive becomes eligible to be covered under a group health plan sponsored by another employer (and Executive shall immediately notify the Company in the event that Executive becomes so eligible) and such coverage becomes effective (so long as
Executive elects such coverage upon his first opportunity to do so). Notwithstanding anything in the preceding provisions of this Section 2(b) to the contrary, the election of COBRA continuation coverage and the payment of
any premiums due with respect to such COBRA continuation coverage will remain Executive’s sole responsibility, and the Company will assume no obligation for payment of any such premiums relating to such COBRA continuation coverage. 

(c) Pursuant to the terms of Executive’s Restricted Unit Award Grant Notice and Restricted Unit Award Agreement dated February 20,
2018 and Restricted Unit Award Grant Notice and Restricted Unit Award Agreement dated February 7, 2019 (collectively, the Restricted Unit Agreements”), the Forfeiture Restrictions (as defined in the Restricted Unit Agreements) on
the Applicable Restricted Units (as defined in the Restricted Unit Agreements), which consist of 3,696 common units (“Common Units”) in Black Stone Minerals, L.P., a Delaware limited partnership (the “Partnership”),
shall automatically lapse as of the last day of the Release Revocation Period (as defined below) (such last day, the “Release Revocation Expiration Date”) and the Applicable Restricted Units shall immediately thereafter become
Earned Units (as defined in the Restricted Unit Agreements). 
 (d) Pursuant to the terms of Executive’s LTI Award Grant Notice and LTI
Award Agreement dated February 20, 2018 (the “2018 Performance Unit Agreement”), (i) 51,373 Performance Units (as defined in the 2018 Performance Unit Agreement) shall become earned and will be settled in Common Units and
(ii) in accordance with Section 4 of the 2018 Performance Unit Agreement, additional Common Units will be issued to Executive in settlement of the tandem DERs (as defined in the 2018 Performance Unit Agreement) relating to the Performance
Units that have become earned, in each case, as soon as administratively practicable following the Release Revocation Expiration Date but in any event within 60 days following the Release Revocation Expiration Date. 

  
 2 

 (e) Pursuant to the terms of Executive’s LTI Award Grant Notice and LTI Award Agreement
dated February 7, 2019 (the “2019 Performance Unit Agreement” and together with the Restricted Unit Agreements and the 2018 Performance Unit Agreement, the “LTI Award Agreements”), (i) 26,205 Performance Units
(as defined in the 2019 Performance Unit Agreement) shall become earned and will be settled in Common Units and (ii) in accordance with Section 4 of the 2019 Performance Unit Agreement, additional Common Units will be issued to Executive
in settlement of the tandem DERs (as defined in the 2019 Performance Unit Agreement) relating to the Performance Units that have become earned, in each case, as soon as administratively practicable following the Release Revocation Expiration Date
but in any event within 60 days following the Release Revocation Expiration Date. 
 (f) Effective as of the Release Revocation Expiration
Date, the definition of “Restricted Area” within the Severance Agreement shall be deemed modified so that, as of such date, the term “Restricted Area” within the Severance Agreement shall be interpreted and applied with respect
to Executive to mean only that geographic area within the red and blue dashed line boundaries labeled “Available Development Areas” and “XTO Development Area” on the map attached hereto as Exhibit A. For the avoidance of
doubt, if Executive fails to comply with the terms herein, including Section 3 below, this Section 2(f) shall be of no force or effect and the “Restricted Area” as defined in the
Severance Agreement shall again have the meaning as in effect as of the Separation Date. 
 (g) Executive may prepare and, beginning on the
Separation Date, share with third parties a summary “track record” reflecting the performance of acquisitions made during the term of Executive’s employment by the Company, substantially in the form of Exhibit C to this
Agreement (the “Form Track Record”) or otherwise consistent with the conditions in this Section 2(g). The track record (including the Form Track Record): 

(i) will not contain Company data (or be based on Company data) beyond that used to prepare the Form Track Record; 

(ii) will not contain any material nonpublic information relating to the Company; 

(iii) will be labeled to make clear that (A) it was prepared by the Executive and not the Company (B) the Company does not make any
representation as to the accuracy of the information presented. 
 Executive acknowledges and agrees that the consideration described in this
Section 2 represents the entirety of the amounts Executive is eligible to receive as separation pay and benefits from the Company and any other Released Party and that Executive was not entitled to such pay or benefits but
for his timely entry into (and non-revocation of his acceptance of) this Agreement and compliance with the terms herein. 

3. Post-Separation Consulting. Following the Separation Date, upon request from the Company or the General Partner,
Executive agrees to cooperate with and assist the Company, the General Partner and their respective designees in order to provide such information and assistance as the Company or the General Partner may reasonably request from time to time, which
cooperation and assistance may include providing consultation and advice with respect to the duties that Executive had performed for the Company and the General Partner and the transition of such duties. The Company agrees that it will promptly
reimburse Executive for all pre-approved expenses incurred in connection with such post-separation consulting. 

  
 3 

 4. Release of Liability for Claims. 

(a) For good and valuable consideration, including the consideration set forth in Section 2 (and any portion
thereof), Executive hereby forever releases, discharges and acquits the Company, the Partnership, the General Partner, each of the foregoing entities’ respective Affiliates (as defined in the Severance Agreement), predecessors, successors,
subsidiaries and benefit plans, and the foregoing entities’ respective equity-holders, officers, directors, managers, members, partners, employees, agents, representatives, and other affiliated persons, and the Company’s and its
Affiliates’ benefit plans (and the fiduciaries and trustees of such plans) (collectively, the “Released Parties”), from liability for, and Executive hereby waives, any and all claims, damages, or causes of action of any kind
related to Executive’s ownership of any interest in the Partnership or any other Released Party, his employment with any Released Party, the termination of such employment, and any other acts or omissions related to any matter occurring on or
prior to the date that Executive executes this Agreement, including (i) any alleged violation through such time of: (A) any federal, state or local anti-discrimination or anti-retaliation law, regulation or ordinance, including the Age
Discrimination in Employment Act of 1967 (including as amended by the Older Workers Benefit Protection Act), Title VII of the Civil Rights Act of 1964, the Civil Rights Act of 1991, Sections 1981 through 1988 of Title 42 of the United
States Code and the Americans with Disabilities Act of 1990, as amended; (B) the Employee Retirement Income Security Act of 1974 (“ERISA”); (C) the Immigration Reform Control Act; (D) the National Labor Relations Act;
(E) the Occupational Safety and Health Act; (F) the Family and Medical Leave Act of 1993; (G) the Texas Labor Code (including the Texas Payday law, the Texas Anti-Retaliation Act, Chapter 21 of the Texas Labor Code and the Texas
Whistleblower Act; (H) any federal, state or local wage and hour law; (I) any other local, state or federal law, regulation or ordinance; or (J) any public policy, contract, tort, or common law claim; (ii) any allegation for
costs, fees, or other expenses including attorneys’ fees incurred in or with respect to a Released Claim; (iii) any and all rights, benefits or claims Executive may have under any employment contract (including the Severance Agreement),
incentive compensation plan or equity-based plan with any Released Party (including the LTI Award Agreements) or to any ownership interest in any Released Party; and (iv) any claim for compensation or benefits of any kind not expressly set
forth in this Agreement (collectively, the “Released Claims”). This Agreement is not intended to indicate that any such claims exist or that, if they do exist, they are meritorious. Rather, Executive is simply agreeing that, in
exchange for any consideration received by Executive pursuant to Section 2, any and all potential claims of this nature that Executive may have against the Released Parties, regardless of whether they actually exist, are
expressly settled, compromised and waived. THIS RELEASE INCLUDES MATTERS ATTRIBUTABLE TO THE SOLE OR PARTIAL NEGLIGENCE (WHETHER GROSS OR SIMPLE) OR OTHER FAULT, INCLUDING STRICT LIABILITY, OF ANY OF THE RELEASED PARTIES. 

(b) For the avoidance of doubt, nothing in this Agreement releases Executive’s rights to receive payments or benefits pursuant to
Section 2 of this Agreement (including Executive’s right to the Severance Payment and the rights set forth in Section 2 with respect to the Restricted Unit Agreements, 2018 Performance Unit
Agreement and 2019 Performance Unit Agreement). Further, in no event shall the Released Claims include (i) any claim that arises after 

  
 4 

 
the date that Executive signs this Agreement; (ii) any claim to vested benefits under an employee benefit plan that is subject to ERISA; (iii) any claim relating to the settlement of
the performance units granted under Executive’s LTI Award Grant Notice and LTI Award Agreement dated February 15, 2017; (iv) any claim for the payment of Executive’s short-term incentive award for the 2019 calendar year; or
(v) any claim for breach of, or otherwise arising out of, this Agreement. Further notwithstanding this release of liability, nothing in this Agreement prevents Executive from filing any non-legally
waivable claim (including a challenge to the validity of this Agreement) with the Equal Employment Opportunity Commission (“EEOC”) or comparable state or local agency or participating in (or cooperating with) any
investigation or proceeding conducted by the EEOC or comparable state or local agency or cooperating in any such investigation or proceeding; however, Executive understands and agrees that Executive is waiving any and all rights to recover any
monetary or personal relief from a Released Party as a result of such EEOC or comparable state or local agency or proceeding or subsequent legal actions. Further, nothing in this Release or the Separation Agreement prohibits or restricts Executive
from filing a charge or complaint with, or cooperating in any investigation with, the Securities and Exchange Commission, the Financial Industry Regulatory Authority, or any other securities regulatory agency or authority (each, a
“Government Agency”). This Release does not limit Executive’s right to receive an award for information provided to a Government Agency. 

5. Representations and Warranties Regarding Claims. Executive represents and warrants that, as of the time at which
he signs this Agreement, he has not filed or joined any claims, complaints, charges, or lawsuits against any of the Released Parties with any governmental agency or with any state or federal court or arbitrator for, or with respect to, a matter,
claim, or incident that occurred or arose out of one or more occurrences that took place on or prior to the time at which Executive signs this Agreement. Executive further represents and warrants that he has not made any assignment, sale, delivery,
transfer or conveyance of any rights Executive has asserted or may have against any of the Released Parties with respect to any Released Claim. 

6. Affirmation of Restrictive Covenants; Prohibited Period. 

(a) Executive acknowledges and agrees that in connection with Executive’s employment with the Company, Executive has obtained Confidential
Information (as defined in the Severance Agreement) and that Executive has continuing obligations to the Company and each of its Affiliates pursuant to pursuant to Articles III, IV and V of the Severance Agreement (as amended by
Section 2(f) and Section 2(g)). In entering into this Agreement, Executive acknowledges the validity, binding effect and enforceability of Articles III, IV and V of the Severance Agreement (as
amended by Section 2(f), Section 2(g) and Section 6(b)) and expressly reaffirms Executive’s commitment to abide by such provisions of the Severance Agreement.
Notwithstanding the foregoing or the provisions of Section 16, below, as further consideration for Executive’s entry into this Agreement, the Company agrees that: (i) Executive’s obligation to return to the Company documents and
other materials constituting or reflecting Confidential Information shall be limited to an obligation to return (and permanently delete from Executive’s personal computers, as applicable) such materials constituting or containing material, non-public information of or regarding the Company, the General Partner, or any of their respective Affiliates that Executive is able to locate or otherwise identify after a diligent search; (ii) in the event
that Executive wishes to use or otherwise disclose information or materials created by them in the course of their Company employment that constitutes Confidential Information (but does not 

  
 5 

 
constitute material, non-public information), then Executive may request permission to use or disclose such information from the General Counsel of the
General Partner, and which permission shall not be unreasonably withheld; and (iii) notwithstanding Section 5.2 of the Severance Agreement, Executive may pursue business opportunities that Executive became aware of in the course of
Executive’s employment or affiliation with the Company or the General Partners (the “Business Opportunities”) unless the Business Opportunities relates to (including if such Business Opportunity involves any acreage within) the
Restricted Area and arises or otherwise occurs during the Prohibited Period (a “Restricted Business Opportunity”). If Executive wishes to pursue a Restricted Business Opportunity, then Executive may request permission to pursue such
opportunity from the General Counsel of the General Partner, and which permission may be withheld, at the General Partner’s sole discretion, for any reason or no reason at all. 

(b) As a further incentive for the Company and the General Partner to enter into this Agreement, and to further protect the Company’s and
its Affiliates’ (as defined in the Severance Agreement) legitimate business interests, including the protection of Confidential Information and the preservation of their goodwill, Employee and the Company agree that, effective as of the Release
Revocation Expiration Date, the definition of the term “Prohibited Period” within the Severance Agreement shall be modified so that, as of the Release Revocation Expiration Date, the term “Prohibited Period” within the Severance
Agreement shall be interpreted and applied to mean the following: “the period during which Executive is employed by the Company or any of its Affiliates and continuing until the date that is 24 months following the Date of Termination.”

 (c) Notwithstanding the foregoing, nothing herein or in the Severance Agreement will prohibit or restrict Executive from lawfully:
(i) initiating communications directly with, cooperating with, providing information to, causing information to be provided to, or otherwise assisting in an investigation by, any governmental authority regarding a possible violation of any law;
(ii) responding to any inquiry or legal process directed to Executive from any such governmental authority; (iii) testifying, participating or otherwise assisting in any action or proceeding by any such governmental authority relating to a
possible violation of law; or (iv) making any other disclosures that are protected under the whistleblower provisions of any applicable law. Additionally, pursuant to the federal Defend Trade Secrets Act of 2016, an individual shall not be held
criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that: (A) is made (1) in confidence to a federal, state or local government official, either directly or indirectly, or to an
attorney and (2) solely for the purpose of reporting or investigating a suspected violation of law; (B) is made to the individual’s attorney in relation to a lawsuit for retaliation against the individual for reporting a suspected
violation of law; or (C) is made in a complaint or other document filed in a lawsuit or proceeding, if such filing is made under seal. 

7. Covenant to Cooperate in Legal Proceedings. Executive agrees to cooperate in good faith with and provide
reasonable assistance to the Company, upon its reasonable request, with respect to the defense or prosecution of any litigation, investigation or other legal proceeding involving the Company or any of its Affiliates. 

  
 6 

 8. Executive’s Acknowledgments. By executing and delivering
this Agreement, Executive expressly acknowledges that: 
 (a) Executive has carefully read this Agreement; 

(b) Executive has been given at least 45 days to review and consider this Agreement. If Executive signs this Agreement before the expiration of
45 days after Executive’s receipt of this Agreement, Executive has knowingly and voluntarily waived any longer consideration period than the one provided to Employee. No changes (whether material or immaterial) to this Agreement shall restart
the running of this 45 day period. 
 (c) Executive is receiving, pursuant to this Agreement, consideration in addition to anything of value
to which he is already entitled; 
 (d) Executive has been advised, and hereby is advised in writing, to discuss this Agreement with an
attorney of Executive’s choice and that Executive has had an adequate opportunity to do so prior to executing this Agreement; 
 (e)
Executive fully understands the final and binding effect of this Agreement; the only promises made to Executive to sign this Agreement are those stated herein; and Executive is signing this Agreement knowingly, voluntarily and of his own free will,
and that Executive understands and agrees to each of the terms of this Agreement; 
 (f) The only matters relied upon by Executive and
causing Executive to sign this Agreement are the provisions set forth in writing within the four corners of this Agreement; 
 (g) No
Released Party has provided any tax or legal advice regarding this Agreement and he has had an adequate opportunity to receive sufficient tax and legal advice from advisors of his own choosing such that he enters into this Agreement with full
understanding of the tax and legal implications thereof; 
 (h) Executive has been provided with, and attached to this Agreement as
Exhibit B is a listing of: (A) the job titles and ages of all employees selected for participation in the exit incentive program or other employment termination program pursuant to which Executive is being offered this Agreement;
(B) the job titles and ages of all employees in the same job classification or organizational unit who were not selected for participation in the program; and (C) information about the unit affected by the program, including any
eligibility factors for such program and any time limits applicable to such program; and 
 (i) Executive has complied with all reporting
requirements under Sections 13 and 16 of the Securities Exchange Act of 1934 with respect to transactions in Company securities made on or before the Separation Date. 

9. Revocation Right. Notwithstanding the initial effectiveness of this Agreement, Executive may revoke the delivery
(and therefore the effectiveness) of this Agreement within the seven-day period beginning on the date Executive executes this Agreement (such seven-day period being
referred to herein as the “Release Revocation Period”). To be effective, such revocation must be in writing signed by Executive and must be delivered personally or by courier to the Company to the Company so that it is received
by Steve Putman, Senior Vice President and General Counsel, 1001 Fannin Street, Suite 2020, Houston, Texas 77002 (email: sputman@blackstoneminerals.com) by 11:59 p.m., Houston, Texas time, on the Release

  
 7 

 
Revocation Expiration Date. If an effective revocation is delivered in the foregoing manner and timeframe, the release of claims set forth in Section 4 will be of no
force or effect, Executive will not receive the payments, benefits or consideration set forth in Section 2, the provisions of Section 3 will be null and void, and the remainder of this Agreement
will remain in full force and effect. 
 10. Governing Law. This Agreement is entered into under, and
shall be governed for all purposes by, the laws of the State of Texas (other than Sections 2(c), 2(d) and 2(e), which shall be construed under and governed for all purposes by the laws of the State of Delaware) without regard to
the principles of conflicts of law thereof. 
 11. Counterparts. This Agreement may be executed in one or
more counterparts (including portable document format (.pdf) and facsimile counterparts), each of which shall be deemed to be an original, but all of which together will constitute one and the same Agreement. 

12. Amendment; Entire Agreement. This Agreement may not be changed orally but only by an
agreement in writing agreed to and signed by the Party to be charged. This Agreement, with respect to the covenants referenced in Section 6, the Severance Agreement, and with respect to Sections 2(c), 2(d) and
2(e), the LTI Award Agreements constitute the entire agreement of the Parties with regard to the subject matter hereof and supersede all prior and contemporaneous agreements and understandings, oral or written, between Executive and any
Released Party with regard to the subject matter hereof. 
 13. Dispute Resolution. Any dispute, controversy or
claim between Executive, on the one hand, and the Company, the General Partner or any of their Affiliates (as defined in the Severance Agreement), on the other hand, arising out of or relating to this Agreement shall be subject to the dispute
resolution provisions set forth in Article VI of the Severance Agreement, which provisions are hereby incorporated by reference. IN ENTERING INTO THIS AGREEMENT, THE PARTIES EXPRESSLY ACKNOWLEDGE AND AGREE THAT THEY ARE KNOWINGLY, VOLUNTARILY AND
INTENTIONALLY WAIVING THEIR RIGHTS TO JURY TRIAL. 
 14. Third-Party Beneficiaries. Executive expressly
acknowledges and agrees that each Released Party that is not a party to this Agreement shall be a third-party beneficiary of Sections 3, 4, 6, 7 and 16 (to the extent such Sections reference such Released Party),
and entitled to enforce such provisions as if it were a party hereto. 
 15. Further Assurances. Executive shall,
and shall cause his Affiliates, representatives and agents to, from time to time at the request of the Company and without any additional consideration, furnish the Company with such further information or assurances, execute and deliver such
additional documents, instruments and conveyances, and take such other actions and do such other things, as may be reasonably necessary or desirable, as determined in the sole discretion of the Company, to carry out the provisions of this Agreement.

 16. Return of Property. Executive represents and warrants that, except as previously approved by the Company
or otherwise stated herein (including, but not limited to, the provisions of Section 6(a), above), he has returned to the Company all property belonging to the Company or any other Released Party, including all computer files, electronically
stored information, 

  
 8 

 
computers and other materials and items provided to him by the Company or any other Released Party in the course of his employment and Executive further represents and warrants that he has not
maintained a copy of any such materials or items in any form. The Parties expressly agree that Executive may keep his Company-issued cellular phone. 

17. Severability. Any term or provision of this Agreement (or part thereof) that renders such term or provision (or
part thereof) or any other term or provision (or part thereof) hereof invalid or unenforceable in any respect shall be severable and shall be modified or severed to the extent necessary to avoid rendering such term or provision (or part thereof)
invalid or unenforceable, and such modification or severance shall be accomplished in the manner that most nearly preserves the benefit of the Parties’ bargain hereunder. 

18. Headings; References; Interpretation. The Section headings have been inserted for purposes of convenience and
shall not be used for interpretive purposes. The words “hereof,” “herein” and “hereunder” and other compounds of the word “here” shall refer to the entire Agreement and not to any particular provision hereof.
The use herein of the word “including” following any general statement, term or matter shall not be construed to limit such statement, term or matter to the specific items or matters set forth immediately following such word or to similar
items or matters, whether or not non-limiting language (such as “without limitation”, “but not limited to”, or words of similar import) is used with reference thereto, but rather shall be
deemed to refer to all other items or matters that could reasonably fall within the broadest possible scope of such general statement, term or matter. The word “or” as used herein is not exclusive and is deemed to have the meaning
“and/or.” Unless the context requires otherwise, all references herein to a law, agreement, instrument or other document shall be deemed to refer to such law, agreement, instrument or other document as amended, supplemented, modified and
restated from time to time to the extent permitted by the provisions thereof. Neither this Agreement nor any uncertainty or ambiguity herein shall be construed against any Party, whether under any rule of construction or otherwise. This Agreement
has been reviewed by each of the Parties and shall be construed and interpreted according to the ordinary meaning of the words used so as to fairly accomplish the purposes and intentions of the Parties. 

19. Withholdings; Deductions. The Company may withhold and deduct from any benefits and payments and issuances of
Common Units made or to be made pursuant to this Agreement (a) all federal, state, local and other taxes as may be required pursuant to any law or governmental regulation or ruling and (b) any deductions consented to in writing by
Executive, including in accordance with the terms of the LTI Award Agreements. 
 20. Section 409A. 

(a) This Agreement and the benefits provided hereunder are intended be exempt from, or compliant with, the requirements of Section 409A of
the Internal Revenue Code of 1986 and the Treasury regulations and other guidance issued thereunder (collectively, “Section 409A”) and shall be construed and administered in accordance with such intent. Each
installment payment under this Agreement shall be deemed and treated as a separate payment for purposes of Section 409A. Notwithstanding the foregoing, the Company makes no representations that the benefits provided under this Agreement are
exempt from the requirements of Section 409A and in no event shall the Company or any of its Affiliates be liable for all or any portion of any taxes, penalties, interest or other expenses that may be incurred by Executive on account of non-compliance with Section 409A. 

  
 9 

 (b) To the extent that any right to reimbursement of expenses or payment of any benefit in-kind under this Agreement constitutes nonqualified deferred compensation (within the meaning of Section 409A), (i) any such expense reimbursement shall be made by the Company no later than the last day of
Employee’s taxable year following the taxable year in which such expense was incurred by Employee, (ii) the right to reimbursement or in-kind benefits shall not be subject to liquidation or exchange
for another benefit, and (iii) the amount of expenses eligible for reimbursement or in-kind benefits provided during any taxable year shall not affect the expenses eligible for reimbursement or in-kind benefits to be provided in any other taxable year; provided, that the foregoing clause shall not be violated with regard to expenses reimbursed under any arrangement covered by Section 105(b) of the
Code solely because such expenses are subject to a limit related to the period in which the arrangement is in effect. 
 [Remainder of Page
Intentionally Blank; 
 Signature Page Follows] 

  
 10 

 IN WITNESS WHEREOF, Executive has executed this Agreement and the Company, the
Partnership and the General Partner have caused this Agreement to be executed by their duly authorized officer as of the dates set forth below, effective for all purposes as provided above. 

 

			
	EXECUTIVE
	
	 /s/ Holbrook F. Dorn

	Holbrook F. Dorn
	
	Date: March 6, 2020
	
	BLACK STONE NATURAL RESOURCES MANAGEMENT COMPANY
		
	By:	 	 /s/ Steve Putman

	Steve Putman, Senior Vice President, General Counsel and Secretary
	
	Date: March 6, 2020
	
	For the limited purpose of agreeing to Sections 2, 3 and 13:
	
	BLACK STONE MINERALS GP, L.L.C.
		
	By:	 	 /s/ Steve Putman

	Steve Putman, Senior Vice President, General Counsel and Secretary
	
	Date: March 6, 2020

  
 SIGNATURE
PAGE TO 
 SEPARATION AGREEMENT 

AND GENERAL RELEASE OF CLAIMS 

 EXHIBIT A 

 
 

 

  
 EXHIBIT A

 EXHIBIT B 

The following information concerning involuntary terminations accompanies the Company’s Separation and Release Agreement (“Agreement”) and is
provided to you consistent with the federal Older Workers Benefit Protection Act. 
 Decisional Unit: The decisional unit is all Company employees;
in other words, all employees were eligible to be selected for this program. 
 Time Limits: You have 45 calendar days in which to sign and return
the Agreement to the Company, and may take as much or as little of that time as you wish. Once the Agreement is signed and returned, you have seven (7) days to revoke the Agreement as more fully described in the Agreement. 

Set forth below are the job titles and ages (as of February 24, 2020) of all individuals in the decisional unit who were selected for termination and
offered an Agreement: 

 

					
	 Job Titles
	  	Age	 
	 Senior VP, Business Development
	  	 	43	 
	 Senior VP, Engineering & Geology
	  	 	56	 
	 File Room Coordinator
	  	 	57	 
	 Senior Treasury Analyst
	  	 	46	 
	 Manager, Joint Interest Accounting
	  	 	50	 
	 Assistant Controller
	  	 	42	 
	 Team Lead, Financial Accounting
	  	 	57	 
	 Senior Accountant
	  	 	53	 
	 Scanner
	  	 	65	 
	 Lease Analyst
	  	 	66	 
	 Senior Reservoir Engineer
	  	 	38	 
	 Manager, GIS
	  	 	57	 

					
	 Job Titles
	  	Age	 
	 Manager, Reserves
	  	 	38	 
	 Senior Reservoir Engineer
	  	 	65	 
	 Senior Landman
	  	 	62	 
	 Senior Land Tech
	  	 	67	 
	 Senior Landman
	  	 	51	 
	 VP, Land and Legal
	  	 	67	 
	 Senior Geological Tech
	  	 	62	 
	 Director, Exploration
	  	 	59	 
	 Executive Assistant
	  	 	68	 
	 Vice President, Business Development
	  	 	38	 
	 VP, Investor Relations
	  	 	44	 

 
 

  
 Set forth below are the ages (as of
February 24, 2020) of all individuals in the decisional unit who were not selected for termination, and thus did not receive an Agreement: 

 

					
	 Job Titles
	  	Age	 
	 CEO President Chairman
	  	 	68	 
	 Senior VP, General Counsel & Secretary
	  	 	44	 
	 President & Chief Financial Officer
	  	 	49	 
	 Senior JIB Accountant
	  	 	45	 
	 Manager, Treasury
	  	 	46	 
	 Supervisor, Joint Interest Acct.
	  	 	60	 
	 Senior Revenue Accountant
	  	 	57	 
	 Senior JIB Accountant
	  	 	60	 
	 Accounting Manager
	  	 	62	 
	 JIB Accountant
	  	 	63	 

					
	 Job Titles
	  	Age	 
	 Senior Revenue Accountant
	  	 	32	 
	 Vice President & Chief Accounting Officer
	  	 	49	 
	 Senior Accountant
	  	 	31	 
	 Senior Accounting Systems Analyst
	  	 	27	 
	 Senior Revenue Accountant
	  	 	52	 
	 Senior Revenue Accountant
	  	 	48	 
	 Senior Revenue Accountant
	  	 	50	 
	 Executive Assistant
	  	 	45	 
	 Revenue Accountant II
	  	 	34	 
	 Revenue Accountant II
	  	 	52	 

 
 

  
 EXHIBIT B

					
	 Property Accountant
	  	 	32	 
	 BA Analyst
	  	 	40	 
	 Supervisor, Revenue Accounting
	  	 	50	 
	 Revenue Accountant II
	  	 	67	 
	 Revenue Accountant I
	  	 	29	 
	 Senior JIB Accountant
	  	 	60	 
	 Senior JIB Accountant
	  	 	35	 
	 Senior Revenue Accountant
	  	 	41	 
	 Senior Accountant
	  	 	34	 
	 Revenue Accountant II
	  	 	43	 
	 SEC Manager
	  	 	30	 
	 Senior Systems Analyst
	  	 	29	 
	 Revenue Accountant I
	  	 	42	 
	 Supervisor, Revenue Accounting
	  	 	56	 
	 Senior Revenue Accountant
	  	 	50	 
	 Revenue Accountant I
	  	 	34	 
	 Senior JIB Accountant
	  	 	51	 
	 Revenue Accountant II
	  	 	63	 
	 File Room Manager
	  	 	42	 
	 Supervisor, Lease Records
	  	 	38	 
	 Acquisitions Landman
	  	 	36	 
	 Property/AFE Administrator
	  	 	36	 
	 Lease Analyst
	  	 	58	 
	 Administrative Assistant
	  	 	51	 
	 Manager, Land Administration
	  	 	41	 
	 Scanner
	  	 	61	 
	 Senior Lease Analyst
	  	 	36	 
	 Supervisor, Division Orders
	  	 	31	 
	 Division Order Analyst
	  	 	42	 
	 Senior Division Order Analyst
	  	 	30	 
	 Division Order Analyst
	  	 	38	 
	 Receptionist
	  	 	64	 
	 Human Resources Specialist
	  	 	53	 
	 Vice President, Human Resources
	  	 	42	 
	 Director, Finance
	  	 	32	 

					
	 Revenue Accountant I
	  	 	50	 
	 Division Order Analyst
	  	 	33	 
	 Division Order Analyst
	  	 	29	 
	 Division Order Analyst
	  	 	49	 
	 Division Order Analyst
	  	 	43	 
	 Director Engineering
	  	 	39	 
	 Senior Engineering Technologist
	  	 	47	 
	 Senior Engineering Technologist
	  	 	42	 
	 Senior Reservoir Engineer
	  	 	38	 
	 Drilling Production Tech
	  	 	58	 
	 Engineering Technologist
	  	 	37	 
	 Senior Land Tech
	  	 	49	 
	 Senior Landman
	  	 	36	 
	 Land Tech
	  	 	33	 
	 Senior Landman
	  	 	37	 
	 Senior Landman & Legal
	  	 	39	 
	 Landman
	  	 	35	 
	 Land Tech
	  	 	33	 
	 Administrative Assistant
	  	 	62	 
	 Senior Geologist
	  	 	37	 
	 Director, New Ventures
	  	 	40	 
	 Business Development Analyst
	  	 	32	 
	 Senior Business Development Analyst
	  	 	29	 
	 Manager, Database Administration
	  	 	48	 
	 Infrastructure Support Analyst
	  	 	38	 
	 Manager, Infrastructure
	  	 	44	 
	 IT Infrastructure Engineer
	  	 	39	 
	 Senior Systems Analyst
	  	 	33	 
	 Director, Information Technology
	  	 	49	 
	 Senior Systems Analyst
	  	 	35	 
	 Executive Assistant/Office Manager
	  	 	62	 
	 Senior Financial Analyst
	  	 	34	 
	 Financial Analyst
	  	 	24	 
	 Senior GIS Analyst
	  	 	32	 
	 Senior GIS Analyst
	  	 	30	 

 
 

  
 EXHIBIT B

 Form Track Record 

 

																																									
	 	 	WA Inv Date	 	 	Init Inv	 	 	Realized CF	 	 	Fut Proj CF	 	 	Total Rev	 	 	IRR	 	 	DPI	 	 	MOIC	 	 	NTM CF	 	 	NTM Yield	 
	 All Transactions
	 	 	May-14	 	 	 	(1,367,778	) 	 	 	1,808,491	 	 	 	4,020,407	 	 	 	5,828,898		 	 	15.6	% 	 	 	1.3x	 	 	 	4.3x	 	 	 	200,243	 	 	 	14.6	% 
	 2010-2018 Incl ST
	 	 	Feb-16	 	 	 	(1,060,459	) 	 	 	604,094	 	 	 	2,325,638	 	 	 	2,929,732		 	 	13.6	% 	 	 	0.6x	 	 	 	2.8x	 	 	 	137,166	 	 	 	12.9	% 
	 2004
	 				 				 				 				 				 				 				 				 				 			
	 Diversified M&R Portfolio
	 	 	Jan-04	 	 	 	(45,900	) 	 	 	161,485	 	 	 	98,953	 	 	 	260,438		 	 	17.7	% 	 	 	3.5x	 	 	 	5.7x	 	 	 	6,452		 	 	14.1	% 
	 Diversified M&R Portfolio
	 	 	Jun-04	 	 	 	(176,395	) 	 	 	1,042,912	 	 	 	1,595,816	 	 	 	2,638,728		 	 	28.8	% 	 	 	5.9x	 	 	 	15.0x	 	 	 	56,626		 	 	32.1	% 
		 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 
	 Total/Summary
	 	 	Apr-04	 	 	 	(222,295	) 	 	 	1,204,397	 	 	 	1,694,769	 	 	 	2,899,166		 	 	26.5	% 	 	 	5.4x	 	 	 	13.0x	 	 	 	63,078		 	 	28.4	% 
	 2010-2014
	 				 				 				 				 				 				 				 				 				 			
	 Diversified M&R Portfolio
	 	 	May-10	 	 	 	(62,624	) 	 	 	73,635	 	 	 	69,647	 	 	 	143,282		 	 	11.4	% 	 	 	1.2x	 	 	 	2.3x	 	 	 	3,742		 	 	6.0	% 
	 Diversified M&R w Permain component
	 	 	Nov-10	 	 	 	(9,261	) 	 	 	27,989	 	 	 	16,795	 	 	 	44,784		 	 	38.3	% 	 	 	3.0x	 	 	 	4.8x	 	 	 	1,447		 	 	15.6	% 
	 Karnes / DeWitt EFS
	 	 	Jun-11	 	 	 	(31,000	) 	 	 	65,124	 	 	 	20,327	 	 	 	85,451		 	 	24.1	% 	 	 	2.1x	 	 	 	2.8x	 	 	 	2,713		 	 	8.8	% 
	 Dimmit County EFS
	 	 	Oct-11	 	 	 	(5,094	) 	 	 	5,961		 	 	6,556		 	 	12,517		 	 	12.6	% 	 	 	1.2x	 	 	 	2.5x	 	 	 	165		 	 	3.2	% 
	 Karnes / DeWitt EFS
	 	 	Dec-11	 	 	 	(26,206	) 	 	 	62,708	 	 	 	56,188	 	 	 	118,896		 	 	28.1	% 	 	 	2.4x	 	 	 	4.5x	 	 	 	7,484		 	 	28.6	% 
	 La Salle County EFS
	 	 	Apr-13	 	 	 	(72,000	) 	 	 	62,177	 	 	 	60,440	 	 	 	122,617		 	 	9.0	% 	 	 	0.9x	 	 	 	1.7x	 	 	 	4,602		 	 	6.4	% 
	 Dimmit County EFS
	 	 	Jun-13	 	 	 	(10,477	) 	 	 	7,544		 	 	4,590		 	 	12,134		 	 	2.5	% 	 	 	0.7x	 	 	 	1.2x	 	 	 	481		 	 	4.6	% 
	 McMullen County EFS
	 	 	Sep-13	 	 	 	(30,621	) 	 	 	11,583	 	 	 	19,434	 	 	 	31,016		 	 	0.1	% 	 	 	0.4x	 	 	 	1.0x	 	 	 	1,365		 	 	4.5	% 
	 McMullen County EFS
	 	 	Oct-13	 	 	 	(12,263	) 	 	 	5,863		 	 	11,764	 	 	 	17,626		 	 	4.5	% 	 	 	0.5x	 	 	 	1.4x	 	 	 	687		 	 	5.6	% 
	 McMullen / Atascosa County EFS
	 	 	Jan-14	 	 	 	(11,850	) 	 	 	5,881		 	 	11,247	 	 	 	17,128		 	 	4.8	% 	 	 	0.5x	 	 	 	1.4x	 	 	 	530		 	 	4.5	% 
	 Misc M&R
	 	 	Mar-14	 	 	 	(2,258	) 	 	 	1,825		 	 	2,085		 	 	3,910		 	 	8.5	% 	 	 	0.8x	 	 	 	1.7x	 	 	 	229		 	 	10.1	% 
	 Reagan County Midland
	 	 	Jul-14	 	 	 	(16,000	) 	 	 	3,178		 	 	23,944	 	 	 	27,122		 	 	3.9	% 	 	 	0.2x	 	 	 	1.7x	 	 	 	366		 	 	2.3	% 
		 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 
	 Total/Summary
	 	 	May-12	 	 	 	(289,655	) 	 	 	333,467	 	 	 	303,017	 	 	 	636,484		 	 	12.1	% 	 	 	1.2x	 	 	 	2.2x	 	 	 	23,811		 	 	8.2	% 
	 2015-2018
	 				 				 				 				 				 				 				 				 				 			
	 Marcellus/Utica
	 	 	Jun-15	 	 	 	(1,771	) 	 	 	333		 	 	4,908		 	 	5,241		 	 	12.2	% 	 	 	0.2x	 	 	 	3.0x	 	 	 	208		 	 	11.7	% 
	 Midland Basin Various
	 	 	Jun-15	 	 	 	(14,656	) 	 	 	3,640		 	 	70,353	 	 	 	73,993		 	 	14.2	% 	 	 	0.2x	 	 	 	5.0x	 	 	 	1,447		 	 	9.9	% 
	 Midland County Midland Basin
	 	 	Jul-15	 	 	 	(7,767	) 	 	 	1,377		 	 	12,387	 	 	 	13,763		 	 	4.6	% 	 	 	0.2x	 	 	 	1.8x	 	 	 	183		 	 	2.4	% 
	 Midland County Midland Basin
	 	 	Aug-15	 	 	 	(5,733	) 	 	 	449		 	 	21,315	 	 	 	21,763		 	 	11.0	% 	 	 	0.1x	 	 	 	3.8x	 	 	 	90		 	 	1.6	% 
	 Midland County Midland Basin
	 	 	Sep-15	 	 	 	(3,386	) 	 	 	1,240		 	 	13,479	 	 	 	14,719		 	 	21.5	% 	 	 	0.4x	 	 	 	4.3x	 	 	 	1,989		 	 	58.7	% 
	 LaSalle EFS
	 	 	Sep-15	 	 	 	(9,187	) 	 	 	9,742		 	 	24,134	 	 	 	33,876		 	 	27.6	% 	 	 	1.1x	 	 	 	3.7x	 	 	 	2,360		 	 	25.7	% 
	 Midland Basin Various
	 	 	Sep-15	 	 	 	(20,009	) 	 	 	7,644		 	 	44,868	 	 	 	52,513		 	 	10.5	% 	 	 	0.4x	 	 	 	2.6x	 	 	 	2,847		 	 	14.2	% 
	 Northern Midland Basin ORRI
	 	 	Jan-16	 	 	 	(10,000	) 	 	 	2,469		 	 	37,864	 	 	 	40,333		 	 	12.9	% 	 	 	0.2x	 	 	 	4.0x	 	 	 	880		 	 	8.8	% 
	 Weld County DJ Basin
	 	 	Jun-16	 	 	 	(34,018	) 	 	 	14,652	 	 	 	44,212	 	 	 	58,864		 	 	7.0	% 	 	 	0.4x	 	 	 	1.7x	 	 	 	4,084		 	 	12.0	% 
	 Diversified M&R Portfolio
	 	 	Jun-16	 	 	 	(88,233	) 	 	 	51,422	 	 	 	307,974	 	 	 	359,396		 	 	18.5	% 	 	 	0.6x	 	 	 	4.1x	 	 	 	13,596		 	 	15.4	% 
	 Midland County Midland Basin
	 	 	Aug-16	 	 	 	(8,312	) 	 	 	10,061	 	 	 	22,335	 	 	 	32,396		 	 	44.5	% 	 	 	1.2x	 	 	 	3.9x	 	 	 	5,960		 	 	71.7	% 
	 Loving County Delaware
	 	 	Jan-17	 	 	 	(23,513	) 	 	 	15,759	 	 	 	79,692	 	 	 	95,451		 	 	20.5	% 	 	 	0.7x	 	 	 	4.1x	 	 	 	3,575		 	 	15.2	% 
	 Loving County Delaware
	 	 	Jan-17	 	 	 	(17,069	) 	 	 	4,540		 	 	91,109	 	 	 	95,649		 	 	19.6	% 	 	 	0.3x	 	 	 	5.6x	 	 	 	2,707		 	 	15.9	% 
	 Diversified M&R Portfolio
	 	 	Nov-17	 	 	 	(334,543	) 	 	 	111,287	 	 	 	811,042	 	 	 	922,329		 	 	14.5	% 	 	 	0.3x	 	 	 	2.8x	 	 	 	52,535		 	 	15.7	% 
	 Midland County Midland Basin
	 	 	Mar-18	 	 	 	(22,569	) 	 	 	1,774		 	 	81,254	 	 	 	83,028		 	 	15.5	% 	 	 	0.1x	 	 	 	3.7x	 	 	 	2,211		 	 	9.8	% 
		 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 
	 Total/Summary
	 	 	Apr-17	 	 	 	(600,765	) 	 	 	236,389	 	 	 	1,666,925	 	 	 	1,903,313		 	 	15.4	% 	 	 	0.4x	 	 	 	3.2x	 	 	 	94,671		 	 	15.8	% 
	 Last 24 Months
	 				 				 				 				 				 				 				 				 				 			
	 Ward County Delaware
	 	 	Jun-18	 	 	 	(14,579	) 	 	 	N/A	 	 	 	41,735	 	 	 	41,735		 	 	10.2	% 	 	 	N/A	 	 	 	2.9x	 	 	 	N/A	 	 	 	N/A	 
	 Various Midland and Delaware Basins
	 	 	Jul-18	 	 	 	(10,803	) 	 	 	N/A	 	 	 	29,784	 	 	 	29,784		 	 	14.5	% 	 	 	N/A	 	 	 	2.8x	 	 	 	N/A	 	 	 	N/A	 
	 Midland County Midland Basin
	 	 	Aug-18	 	 	 	(39,747	) 	 	 	N/A	 	 	 	124,300	 	 	 	124,300		 	 	11.6	% 	 	 	N/A	 	 	 	3.1x	 	 	 	N/A	 	 	 	N/A	 
	 Reeves County Delaware Basin
	 	 	Aug-18	 	 	 	(7,200	) 	 	 	N/A	 	 	 	19,334	 	 	 	19,334		 	 	16.3	% 	 	 	N/A	 	 	 	2.7x	 	 	 	N/A	 	 	 	N/A	 
	 Culberson County Delaware
	 	 	Feb-19	 	 	 	(8,611	) 	 	 	N/A	 	 	 	29,392	 	 	 	29,392		 	 	13.3	% 	 	 	N/A	 	 	 	3.4x	 	 	 	N/A	 	 	 	N/A	 
	 Midland County Midland Basin
	 	 	May-19	 	 	 	(4,084	) 	 	 	N/A	 	 	 	13,362	 	 	 	13,362		 	 	12.8	% 	 	 	N/A	 	 	 	3.3x	 	 	 	N/A	 	 	 	N/A	 
		 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 
	 Total/Summary
	 	 	Aug-18	 	 	 	(85,024	) 	 	 	N/A	 	 	 	257,906	 	 	 	257,906		 	 	12.3	% 	 	 	N/A	 	 	 	3.0x	 	 	 	N/A	 	 	 	N/A	 
	 Shelby Trough Core
	 	 	Jan-17	 	 	 	(63,728	) 	 	 	29,826	 	 	 	155,955	 	 	 	185,780		 	 	23.2	% 	 	 	0.5x	 	 	 	2.9x	 	 	 	18,683		 	 	29.3	% 
	 Shelby Trough Expansion
	 	 	Jun-18	 	 	 	(170,039	) 	 	 	34,238	 	 	 	355,697	 	 	 	389,935		 	 	9.9	% 	 	 	0.2x	 	 	 	2.3x	 	 	 	18,683		 	 	11.0	% 

 Note: The track-record information provided here was not prepared by Black Stone Minerals, L.P., and Black Stone Minerals,
L.P. makes no representations as to the accuracy of the information presented. 

  
 EXHIBIT C

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