Exhibit 10.33
 DYNEGY INC. 401(k) SAVINGS PLAN
 As Amended & Restated
Effective January 1, 2009




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DYNEGY INC. 401(k) SAVINGS PLAN
 W I T N E S S E T H :




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TABLE OF CONTENTS
 PAGEI. Definitions and Construction
    
    
    11.1 Definitions
    
    
    11.2 Number and Gender
    
    
    151.3 Headings
    
    
    161.4 Construction
    
    
    16II. Participation
    
    
    162.1 Eligibility
    
    
    162.2 Participation
    
    
    16III. Contributions
    
    
    173.1 Before-Tax Contributions
    
    
    173.2 After-Tax Contributions
    
    
    193.3 Employer Matching Contributions
    
    
    203.4 Employer Discretionary Contributions
    
    
    213.5 Employer Discretionary Qualified Matching Contributions
    
    
    213.6 Restrictions on Employer Matching Contributions and After-Tax Contributions
    
    
    223.7 Return of Contributions
    
    
    233.8 Disposition of Excess Deferrals and Excess Contributions
    
    
    233.9 Rollover Contributions
    
    
    25IV. Allocations and Limitations
    
    
    274.1 Allocation of Contributions
    
    
    274.2 Application of Forfeitures
    
    
    294.3 Valuation of Accounts
    
    
    294.4 Limit on Annual Additions Under Code Section 415
    
    
    294.5 Recharacterizations
    
    
    30V. Investment of Accounts
    
    
    305.1 Investment of Certain Employer Contributions
    
    
    305.2 Investment of Accounts
    
    
    305.3 VBO Investments
    
    
    315.4 Pass-Through Voting and Other Rights with Respect to Company Stock
    
    
    315.5 Stock Splits and Stock Dividends
    
    
    32VI. General Benefits and Determination of Vested Interest
    
    
    326.1 No Benefits Unless Herein Set Forth
    
    
    326.2 Retirement Benefits
    
    
    326.3 Pre-Retirement Severance from Employment Benefits
    
    
    326.4 Disability Benefits
    
    
    326.5 Determination of Vested Interest
    
    
    336.6 Crediting of Vesting Service
    
    
    34
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PAGE6.7 Forfeitures of Vesting Service
    
    
    346.8 Forfeitures of Nonvested Account Balance
    
    
    356.9 Restoration of Forfeited Account Balance
    
    
    356.10 Special Formula for Determining Vested Interest for Partial Accounts
    
    
    36VII. Death Benefits
    
    
    367.1 Death Benefits
    
    
    367.2 Designation of Beneficiaries
    
    
    37VIII. Payment of Benefits
    
    
    378.1 Determination of Benefit Commencement Date
    
    
    378.2 Minimum Distribution Requirements
    
    
    398.3 Form of Payment and Payee
    
    
    438.4 Direct Rollover Election
    
    
    438.5 Notice of Direct Rollover Distribution
    
    
    448.6 Unclaimed Benefits
    
    
    448.7 Claims Review
    
    
    45IX. In-Service Withdrawals
    
    
    499.1 In-Service Withdrawals
    
    
    499.2 Restriction on In-Service Withdrawals
    
    
    50X. Loans
    
    
    51XI. Administration of the Plan
    
    
    5211.1 General Administration of the Plan
    
    
    5211.2 Records and Procedures
    
    
    5211.3 Meetings
    
    
    5211.4 Self-Interest of Members
    
    
    5211.5 Compensation and Bonding
    
    
    5211.6 Committee Powers and Duties
    
    
    5311.7 Employer to Supply Information
    
    
    5411.8 Temporary Restrictions
    
    
    5411.9 Indemnification
    
    
    54XII. Trustee and Administration of Trust Fund
    
    
    5412.1 Trust Agreement
    
    
    5412.2 Payment of Expenses
    
    
    5512.3 Trust Fund Property
    
    
    5512.4 Distributions from Participants Accounts
    
    
    5512.5 Payments Solely from Trust Fund
    
    
    5512.6 No Benefits to the Employer
    
    
    55XIII. Fiduciary Provisions
    
    
    5613.1 Article Controls
    
    
    5613.2 General Allocation of Fiduciary Duties
    
    
    5613.3 Delegation and Allocation of Fiduciary Duties
    
    
    56
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PAGE13.4 Investment Manager
    
    
    5613.5 Independent Fiduciary
    
    
    57XIV. Amendments
    
    
    5814.1 Right to Amend
    
    
    5814.2 Limitation on Amendments
    
    
    58XV. Discontinuance of Contributions, Termination, Partial Termination, and Merger or Consolidation
    
    
    5815.1 Right to Discontinue Contributions, Terminate, or Partially Terminate
    
    
    5815.2 Procedure in the Event of Discontinuance of Contributions, Termination,
or Partial Termination
    
    
    5915.3 Merger, Consolidation, or Transfer
    
    
    60XVI. Participating Employers
    
    
    6016.1 Designation of Other Employers
    
    
    6016.2 Single Plan
    
    
    61XVII. Miscellaneous Provisions
    
    
    6117.1 Not Contract of Employment
    
    
    6117.2 Spendthrift Clause
    
    
    6117.3 Uniformed Services Employment and Reemployment Rights Act Requirements
    
    
    6317.4 Payments to Minors and Incompetents
    
    
    6317.5 Acquisition and Holding of Company Stock
    
    
    6317.6 Power of Attorney Designations
    
    
    6317.7 Participants and Beneficiarys Address
    
    
    6317.8 Incorrect Information, Fraud, Concealment, or Error
    
    
    6417.9 Severability
    
    
    6417.10 Jurisdiction
    
    
    64XVIII. Top-Heavy Status
    
    
    6418.1 Article Controls
    
    
    6418.2 Definitions
    
    
    6418.3 Top-Heavy Status
    
    
    6618.4 Top-Heavy Contribution
    
    
    6618.5 Termination of Top-Heavy Status
    
    
    6718.6 Effect of Article
    
    
    67
 
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I. DEFINITIONS AND CONSTRUCTION
 1.1 Definitions
 Account(s)
 Act
 After-Tax Account
 After-Tax Contributions
 Before-Tax Account
 Before-Tax Contributions
 Benefit Commencement Date
 Catch-Up Contribution Account
  1




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Catch-up Contributions
 Class Settlement Account I In re
Dynegy Inc. ERISA Litigation
    2




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Age of Participant or Former ParticipantFund Name
    
    on April 1, 2005Vanguard Target Retirement Income Fund
    
    Ages 65 or olderVanguard Target Retirement 2005 Fund
    
    Ages 60 to 64Vanguard Target Retirement 2015 Fund
    
    Ages 50 to 59Vanguard Target Retirement 2025 Fund
    
    Ages 40 to 49Vanguard Target Retirement 2035 Fund
    
    Ages 30 to 39Vanguard Target Retirement 2045 Fund
    
    Up to Age 29
 Class Settlement Account II In re Dynegy Inc. Securities
Litigation
  3




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Fund Name
    
    Age of Participant or Former ParticipantVanguard Target Retirement Income Fund
    
    Ages 65 or olderVanguard Target Retirement 2005 Fund
    
    Ages 60 to 64Vanguard Target Retirement 2015 Fund
    
    Ages 50 to 59Vanguard Target Retirement 2025 Fund
    
    Ages 40 to 49Vanguard Target Retirement 2035 Fund
    
    Ages 30 to 39Vanguard Target Retirement 2045 Fund
    
    Up to Age 29
 Code
 Committee
 Company.
 Company Stock
  4




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Company Stock Fund
 Compensation
       Compensation Committee
  5




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Controlled Entity
 Destec Account(s)
 Destec After-Tax Subaccount
 Destec Before-Tax Subaccount
 Destec Employer Contribution Subaccount
 Destec Rollover Contribution Subaccount
 Destec Plan
 Direct Rollover
 Directors
 Distributee
  6




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Dow ESOP Account
 Dow Transfer Account
 Effective Date
 Eligible Employee
  7




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Eligible Retirement Plan
  Eligible Rollover Distribution
   8




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Employee
 Employer
 Employer Contribution Account.
 Employer Contribution Account Subject to Vesting
 Employer Contributions
 Employer Discretionary Contributions
 Employer Discretionary Qualified Matching Contributions
 Employer Matching Contributions
 Employment Commencement Date
 Extant Account(s)
 415 Compensation
  9




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Highly Compensated Employee
      Hour of Service
 Independent Fiduciary
 Investment Fund
  10




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Leased Employee
 Normal Retirement Date
 Participant
 Period of Service
 Period of Severance
 Plan.
 Plan Year
 Reemployment Commencement Date
  11




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Rollover Contribution Account
 Employee After-Tax Rollover Subaccount
 Employee Rollover Subaccount
 Employee Roth Rollover Subaccount
 Rollover Contributions
 Roth Account
 Roth Contributions
 Service
  12




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Severance from Employment
  13




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Severance from Service Date
 Single Plan Participant
 Total and Permanent Disability
 Trident Account(s)
 Trident Before-Tax Subaccount
  14




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Trident Matching Subaccount
 Trident Profit Sharing Stock Subaccount
 Trident Participant
 Trident Plan
 Trust
 Trust Agreement
 Trust Fund
 Trustee
 Vested Interest
 VBO
 Vesting Service
 1.2 Number and Gender
  15




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1.3 Headings
 1.4 Construction
 II. PARTICIPATION
 2.1 Eligibility
    2.2 Participation
  16




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III. CONTRIBUTIONS
 3.1 Before-Tax Contributions.
 1 2
     17




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18




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3.2 After-Tax Contributions
   19




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3.3 Employer Matching Contributions
   20




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3.4 Employer Discretionary Contributions
   3.5 Employer Discretionary Qualified Matching Contributions
  21




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3.6 Restrictions on Employer Matching Contributions and After-Tax Contributions
  22




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3.7 Return of Contributions
 3.8 Disposition of Excess Deferrals and Excess Contributions
    23




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24




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3.9 Rollover Contributions
    25




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26




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IV. ALLOCATIONS AND LIMITATIONS
 4.1 Allocation of Contributions.
         27




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28




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4.2 Application of Forfeitures
 4.3 Valuation of Accounts
 4.4 Limit on Annual Additions Under Code Section 415
          29




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4.5 Recharacterizations
  V. INVESTMENT OF ACCOUNTS
 5.1 Investment of Certain Employer Contributions
 5.2 Investment of Accounts
   30




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5.3 VBO Investments
 5.4 Pass-Through Voting and Other Rights with Respect to Company Stock
    31




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5.5 Stock Splits and Stock Dividends
 VI. GENERAL BENEFITS AND DETERMINATION OF VESTED INTEREST
 6.1 No Benefits Unless Herein Set Forth
 6.2 Retirement Benefits
 6.3 Pre-Retirement Severance from Employment Benefits
 6.4 Disability Benefits
  32




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6.5 Determination of Vested Interest
      Years of Vesting Service
    
    Vested InterestLess than 1 year
    
    
    0
    %1 year
    
    
    50
    %2 years
    
    
    100
    %
  Years of Vesting Service
    
    Vested InterestLess than 1 year
    
    
    0
    %1 year
    
    
    25
    %2 years
    
    
    50
    %3 years
    
    
    75
    %4 years or more
    
    
    100
    %
   33




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6.6 Crediting of Vesting Service
     6.7 Forfeitures of Vesting Service
   34




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6.8 Forfeitures of Nonvested Account Balance
   6.9 Restoration of Forfeited Account Balance
  35




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6.10 Special Formula for Determining Vested Interest for Partial Accounts
 X=P(AB + (R x D))  (R x D)
 X P AB R D
 VII. DEATH BENEFITS
 7.1 Death Benefits
  36




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7.2 Designation of Beneficiaries
      VIII. PAYMENT OF BENEFITS
 8.1 Determination of Benefit Commencement Date.
   37




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th
     38




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8.2 Minimum Distribution Requirements
 General Rules
 Requirements of Treasury Regulations Incorporated
 TEFRA Section 242(b)(2) Elections
 Time and Manner of Distribution
 Required Beginning Date
 Death of Participant Before Distributions Begin
 1 2
     39




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Forms of Distribution
 Required Minimum Distributions During Participants Lifetime
 Amount of Required Minimum Distribution For Each Distribution Calendar
Year
   Lifetime Required Minimum Distributions Continue Through Year of
Participants Death
  40




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Required Minimum Distributions After Participants Death
 Death On or After Date Distributions Begin
 Participant Survived by Designated Beneficiary
    No Designated Beneficiary
 Death Before Date Distributions Begin
 Participant Survived by Designated Beneficiary
  41




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No Designated Beneficiary
 Death of Surviving Spouse Before Distributions to Surviving
Spouse Are Required to Begin
 Definitions
 Designated beneficiary
 Distribution calendar year
 Life expectancy
 Participants account balance
  42




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Required beginning date
  8.3 Form of Payment and Payee
   8.4 Direct Rollover Election
  43




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8.5 Notice of Direct Rollover Distribution
     8.6 Unclaimed Benefits
  44




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8.7 Claims Review
 Definitions
 Adverse Benefit Determination
 Benefits Administrator
 Claimant
 Filing of Benefit Claim
 Processing of Benefit Claim
    45




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Notification of Adverse Benefit Determination
      46




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Review of Adverse Benefit Determination
      Notification of Benefit Determination on Review
      47




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Exhaustion of Administrative Remedies
 Payment of Benefits
 Authorized Representatives
  48




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IX. IN-SERVICE WITHDRAWALS
 9.1 In-Service Withdrawals.
         49




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9.2 Restriction on In-Service Withdrawals
    50




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X. LOANS
    51




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XI. ADMINISTRATION OF THE PLAN
 11.1 General Administration of the Plan
 11.2 Records and Procedures
 11.3 Meetings
 11.4 Self-Interest of Members
 11.5 Compensation and Bonding
  52




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11.6 Committee Powers and Duties
                53




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11.7 Employer to Supply Information
 11.8 Temporary Restrictions
 11.9 Indemnification
 XII. TRUSTEE AND ADMINISTRATION OF TRUST FUND
 12.1 Trust Agreement
  54




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12.2 Payment of Expenses
 12.3 Trust Fund Property
 12.4 Distributions from Participants Accounts
 12.5 Payments Solely from Trust Fund
 12.6 No Benefits to the Employer
  55




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XIII. FIDUCIARY PROVISIONS
 13.1 Article Controls
 13.2 General Allocation of Fiduciary Duties
 13.3 Delegation and Allocation of Fiduciary Duties
 13.4 Investment Manager
     56




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13.5 Independent Fiduciary
          57




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XIV. AMENDMENTS
 14.1 Right to Amend
 14.2 Limitation on Amendments
  XV. DISCONTINUANCE OF CONTRIBUTIONS, TERMINATION,  PARTIAL TERMINATION, AND MERGER OR CONSOLIDATION
 15.1 Right to Discontinue Contributions, Terminate, or Partially Terminate
  58




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15.2 Procedure in the Event of Discontinuance of Contributions, Termination, or Partial
Termination
      59




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15.3 Merger, Consolidation, or Transfer
 XVI. PARTICIPATING EMPLOYERS
 16.1 Designation of Other Employers.
      60




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16.2 Single Plan
 XVII. MISCELLANEOUS PROVISIONS
 17.1 Not Contract of Employment
 17.2 Spendthrift Clause .
 Distributions Pursuant to Qualified Domestic Relations Orders
   61




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Distributions Pursuant to Certain Judgments or Orders
         62




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17.3 Uniformed Services Employment and Reemployment Rights Act Requirements
 17.4 Payments to Minors and Incompetents
 17.5 Acquisition and Holding of Company Stock
 17.6 Power of Attorney Designations
 17.7 Participants and Beneficiarys Address
  63




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17.8 Incorrect Information, Fraud, Concealment, or Error
 17.9 Severability
 17.10 Jurisdiction
 XVIII. TOP-HEAVY STATUS
 18.1 Article Controls
 18.2 Definitions For
 Account Balance
  64




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Accrued Benefit
 Aggregation Group
 Assumptions
 Determination Date for
 Key Employee
 Plan Year reporting
 Remuneration
 Valuation Date benefit
  65




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18.3 Top-Heavy Status
  18.4 Top-Heavy Contribution
      66




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18.5 Termination of Top-Heavy Status
 18.6 Effect of Article
  DYNEGY INC.By:Name:Title:  67




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Appendix A:   PARTICIPATING EMPLOYERS
         1




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Appendix B:   LOAN POLICY
 Eligibility for Loan.
 Maximum Loan.
     Minimum Loan
 Interest and Security
   1




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Repayment Terms of Loan
   2




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Operation of Article
  4




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Appendix C:   WITHDRAWALS FROM TRIDENT ACCOUNTS
  1 2
    1




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Appendix D:   WITHDRAWALS FROM DESTEC ACCOUNTS
     1