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Exhibit 10.15
 
FIRST AMENDMENT TO THE
DYNEGY INC. EXECUTIVE SEVERANCE PAY PLAN

WHEREAS, Dynegy Inc. (the “Company”) has established and maintains the Dynegy
Inc. Executive Severance Pay Plan (As Amended and Restated Effective January 1,
2008) (the “Plan”) for the benefit of eligible employees of certain
participating employers;

WHEREAS, pursuant to Section VII of the Plan, the Company reserves the right to
amend, in whole or in part, any or all of the provisions of the Plan at any time
prospectively or retroactively; and

WHEREAS, the Company desires to amend the Plan to make certain clarifications
and to change the service crediting provisions;

NOW, THEREFORE, BE IT RESOLVED, that the Plan shall be and hereby is amended as
follows, effective as of January 1, 2010:

I.
   
The following new definition shall be added to the end of Section II of the
Plan:
   
“ ‘Year of Service’ means each complete year (365 days) of service, whether or
not such years are completed consecutively, as an employee with the Company, a
company affiliated with the Company, or a predecessor company of the Company for
which a Covered Employee is given credit by the Plan Administrator.”

II.

The following new sentence shall be added to the end of the first paragraph of
Section IV of the Plan:

“If a Covered Employee fails to return the Release, fails to return it timely
(based on the required timeframe specified by the Company), or revokes his or
her execution of the Release, the Covered Employee forfeits eligibility for and
all rights to benefits under the Executive Plan.”

III.

The second sentence of Section IV(A) of the Plan shall be deleted, and the
following new sentence shall be substituted therefor:

“Under the Executive Plan, an eligible Covered Employee will receive one (1)
Month of Base Pay for each full, completed Year of Service with the Company and
a pro-rated amount for each partial Year of Service, subject to certain minimum
and maximum payment requirements.”

 
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IV.

The eighth sentence of Section IV(A) of the Plan shall be deleted, and the
following new sentence shall be substituted therefor:

“The Plan Administrator shall determine a Covered Employee’s Months of Base Pay,
and the Covered Employee’s full and partial Years of Service, in its sole
discretion.”

V.

The following new paragraph shall be added to the end of Section IV(F) of the
Plan:

“If an employee of the Company is rehired by the Company as a Covered Employee,
his or her Years of Service prior to his or her employment termination will be
counted in determining the amount of benefits under the Executive Plan for which
such Covered Employee is eligible after being rehired.”

VI.

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

IN WITNESS WHEREOF, the undersigned has caused this First Amendment to the Plan
to be executed this 12th day of January, 2010, effective as hereinbefore
provided.

DYNEGY INC. BENEFIT PLANS COMMITTEE MEMBERS

  /s/ Julius Cox
 
Julius Cox, BPC Chairman
     
  /s/ Kevin Blodgett
 
Kevin Blodgett, BPC Member
     
  /s/ Holli Nichols
 
Holli Nichols, BPC Member
     
  /s/ Lynn Lednicky
 
Lynn Lednicky, BPC Member
 

 
 
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