Exhibit 10.1

 

[EXECUTION ORIGINAL]

 

FIRST AMENDMENT TO THE

DYNEGY INC. EXECUTIVE SEVERANCE PAY PLAN

 

WHEREAS, Dynegy Inc. (the “Company”) and certain subsidiaries and affiliated
entities have heretofore established the Dynegy Inc. Executive Severance Pay
Plan (the “Executive Plan”);

 

WHEREAS, the Company has heretofore amended and restated the Executive Plan
effective February 1, 2005 on behalf of itself and all of its subsidiaries and
affiliated entities that participate in the Executive Plan;

 

WHEREAS, the Company desires to amend the Executive Plan on behalf of itself and
its participating subsidiaries and affiliated entities;

 

WHEREAS, Article VI of the Executive Plan provides that the Company may amend
the Executive Plan at any time; and

 

WHEREAS, the Company’s Compensation Committee has authorized the amendment of
the Executive Plan in certain respects as set forth herein;

 

NOW THEREFORE, the Executive Plan is hereby amended as follows, effective as of
the date specified below:

 

1. The sixth and seventh sentences of the first paragraph of Subsection III(A)
of the Executive Plan are amended in their entirety to provide as follows:

 

“If, at the time an employee becomes eligible to receive severance benefits
under this Executive Plan, his or her title is Dynegy Inc.’s ‘Chief Executive
Officer’ or ‘Chief Operating Officer’ (or other comparable position as
designated by the Compensation Committee), the employee will be eligible to
receive twenty-four (24) months of base pay as severance pay. The maximum amount
of severance pay available to any employee, except for an employee with the
title of Dynegy Inc.’s ‘Chief Executive Officer’ or ‘Chief Operating Officer’
(or other comparable position as designated by the Compensation Committee),
under this Executive Plan is twelve (12) months of base pay.”

 

2. Except as modified herein, the Executive Plan shall remain in full force and
effect.

 

 

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EXECUTED and effective this 15th day of September, 2005.

 

DYNEGY INC. By:  

/s/ R. BLAKE YOUNG

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    R. Blake Young     Executive Vice President,     Administration and
Technology

 

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