Exhibit 10.22

 

AMENDMENT TO THE
BPZ ENERGY, INC. (n/k/a BPZ RESOURCES, INC.)
2007 LONG-TERM INCENTIVE COMPENSATION PLAN

 

WHEREAS, BPZ Resources, Inc. (the “Company”) adopted and maintains the BPZ
Energy, Inc. 2007 Long-Term Incentive Compensation Plan (the “Plan”), effective
as of June 4, 2007, to provide an opportunity for its eligible employees and
certain independent contractors to earn long term incentive awards in
consideration for their services;

 

WHEREAS, the Company now desires to amend the Plan to reserve additional shares
for issuance under the Plan.

 

NOW THEREFORE, effective as of August 13th, the Plan is hereby amended by
replacing Section 7(a) with the following new Section 7(a) that shall read as
follows:

 

“(a)  Maximum Shares.  Subject to adjustment as provided in this Section 7,
there is hereby reserved for issuance under the Plan up to 8,000,000 shares of
Stock of the Company.”

 

*              *              *

 

IN WITNESS WHEREOF, BPZ Resources, Inc. has caused this Amendment to be executed
by its duly authorized representatives on this 13th day of August, 2010.

 

 

By:

/s/ Manuel Pablo Zúñiga-Pflücker

 

By:

 /s/ Edward G. Caminos

 

Manuel Pablo Zúñiga-Pflücker

 

 

Edward G. Caminos

 

President and Chief Executive Officer

 

 

Chief Financial Officer

 

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