Document:

EX-10.2

 Exhibit 10.2 

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 Brock
Morris (“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,
Engineering and Geology; 
 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 $709,590.16 (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 2,733 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) 37,972 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. 

  
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 (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) 19,369 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. 

  
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 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 

  
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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 

  
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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. 

  
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 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

  
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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, 

  
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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. 

  
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 (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] 

  
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 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/ Brock Morris

	Brock Morris
	
	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

 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 CEXHIBIT 4.1

  

  

  DESCRIPTION OF PREMIER COMMON STOCK

  The following summary of Premier Financial Bancorp, Inc.’s common stock is based on and
    qualified by the Company’s Amended Articles of Incorporation (the “Amended Articles of Incorporation”) and Bylaws (“Bylaws”).  For a complete description of the terms and provisions of the Company’s equity securities, including
    its common stock, refer to the Amended Articles of Incorporation and Bylaws, both of which are filed as exhibits to this Annual Report of Form 10-K.

  General

  The authorized capital stock of Premier consists of 30,000,000 shares of common stock, no par value per share, and
    1,000,000 preferred shares, no par value per share. There are no shares of preferred stock currently outstanding.  All outstanding shares of Premier common stock are fully paid and nonassessable. The unissued portion of Premier’s authorized common
    stock are available for issuance as the board of directors of Premier determines advisable.

  Common Stock

  Voting Rights. Premier has only one outstanding class of stock and all
    voting rights are vested in the holders of Premier’s common stock. On all matters subject to a vote of shareholders, the shareholders of Premier are entitled to one vote for each share of common stock owned. Shareholders of Premier have cumulative
    voting rights with regard to election of directors. The holders of preferred stock, if issued, will have the right to receive dividends prior to the payments of dividends on the common stock.  At the present time, no senior securities of Premier are
    outstanding and no shares of preferred stock are outstanding, nor does the board of directors presently contemplate issuing senior securities or preferred stock. However, incident to the 2016 acquisition of First National Bankshares, Inc., Premier has
    assumed First National’s outstanding Trust Preferred Securities.  If Premier fails to pay the scheduled installments on First National’s Trust Preferred Securities or if an event of default exists under those securities governing instruments, Premier’s
    ability to declare and pay dividends on its outstanding common stock may be affected.

  Dividend Rights. The shareholders of Premier are entitled to receive
    dividends when and as declared by its board of directors. Dividends have been paid quarterly since September 30, 2012. The payment of dividends is subject to the restrictions set forth in the Kentucky Business Corporation Act, Kentucky banking laws and
    the limitations imposed by federal banking regulators.

  

  

  Dividend Restrictions. Premier is dependent on dividends from the Premier Subsidiary Banks
    for its revenues. Various federal and state regulatory provisions limit the amount of dividends the Premier Financial Subsidiary Banks can pay to Premier Financial without regulatory approval.

  

  

  In addition, federal bank regulatory authorities have authority to prohibit the Premier Subsidiary Banks from engaging in an unsafe
    or unsound practice in conducting their business. The payment of dividends, depending upon the financial condition of the bank in question, could be deemed to constitute such an unsafe or unsound practice. The ability of the Premier Subsidiary Banks to
    pay dividends in the future is presently, and could be further, influenced by bank regulatory policies and capital guidelines as well as each of the Premier Subsidiary Bank's earnings and financial condition.

  Liquidation Rights. Upon any liquidation, dissolution or winding up of
    its affairs, the holders of Premier common stock are entitled to receive pro rata all of the assets of Premier available for distribution to shareholders. There are no redemption or sinking fund provisions applicable to the common stock.

  Assessment and Redemption. Shares of Premier common stock presently
    outstanding are validly issued, fully paid and nonassessable. There is no provision for any conversion rights or voluntary redemption of Premier common stock.

  Transfer Agent and Registrar. The transfer agent and registrar for
    Premier’s common stock is Computershare.

  Preemptive Rights

  No holder of any share of the capital stock of Premier has any preemptive right to subscribe to an additional
    issue of its capital stock or to any security convertible into such stock.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00306-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00306-of-00352.parquet"}]]