Black Stone Minerals, L.P. — Director's Dealing 2018

Feb 23, 2018

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Black Stone Minerals, L.P. (BSM)
CIK: 0001621434
Period of Report: 2018-02-20

Reporting Person: Putman Luke Stevens (SVP, GC, and Secretary)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2018-02-20	Common units representing limited partner interests	A	39375	$0.00	Acquired	273346	Direct
2018-02-20	Common units representing limited partner interests	A	67247	$0.00	Acquired	340593	Direct
2018-02-20	Common units representing limited partner interests	F	23073	$17.95	Disposed	317520	Direct

Footnotes

F1: Common units subject to a restricted unit award issued pursuant to the Black Stone Minerals, L.P. Long-Term Incentive Plan (the "LTIP"). Except as otherwise provided in the LTIP or the award agreement governing the award, the common units will vest in three equal installments on each of January 7, 2019, January 7, 2020, and January 7, 2021, so long as the Reporting Person remains continuously employed by the Issuer, Black Stone Minerals GP, L.L.C. (the "General Partner"), or any of their respective affiliates through each such vesting date.

F2: Represents settlement of performance units awarded under the Issuer's Long-Term Incentive Plan. For tax withholding purposes, the value of the common units was deemed to be equal to the closing price of BSM common units on February 20, 2018.