Exhibit 10.14
 Execution Copy
 
 DISSOLUTION AGREEMENT
 
 By and Between
 Dynegy Inc.
  LS Power Associates, L.P.
 
 covering
 the Distribution of




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TABLE OF CONTENTS
 Page1. Definitions; Rules of Construction
    
    
    1(a) Definitions
    
    
    1(b) Rules of Construction
    
    
    52. Agreements
    
    
    6(a) Transactions
    
    
    6(b) Termination of Certain Arrangements
    
    
    6(c) Assumed Obligations
    
    
    7(d) Consent of Members
    
    
    83. Representations and Warranties
    
    
    8(a) Representations and Warranties of Dynegy
    
    
    8(b) Representations and Warranties of LS Power
    
    
    104. Post-Effective Date Covenants
    
    
    11(a) Transition Services
    
    
    11(b) Delivery and Retention of Records
    
    
    11(c) DLS Companies Termination and Dissolution Matters
    
    
    125. Remedies
    
    
    13(a) Survival of Representations and Warranties
    
    
    13(b) Indemnification Provisions for Benefit of the LS Power Group.
    
    
    13(c) Indemnification Provisions for Benefit of the Dynegy Group
    
    
    14(d) Procedure; Notice
    
    
    14(e) Determination of Amount of Loss
    
    
    166. Tax Matters
    
    
    16(a) Post-Dissolution Tax Returns
    
    
    16(b) Pre-Dissolution Tax Returns
    
    
    16(c) Cooperation on Tax Matters
    
    
    16(d) Certain Taxes
    
    
    17(e) Confidentiality
    
    
    17(f) Control of Proceedings
    
    
    17(g) Remittance of Refunds
    
    
    17(h) Characterization of Transactions
    
    
    17




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Page7. Miscellaneous
    
    
    17(a) Public Announcements
    
    
    17(b) Waiver of Compliance; Consents
    
    
    18(c) Assignment
    
    
    18(d) Specific Performance; No Punitive or Consequential Damages
    
    
    18(e) Professional Fees and Expenses
    
    
    18(f) Third Party Beneficiaries
    
    
    18(g) Time
    
    
    18(h) Counterparts; Electronic Transmission
    
    
    18(i) Headings
    
    
    18(j) Notices
    
    
    19(k) Governing Law
    
    
    19(l) Consent to Jurisdiction, Etc
    
    
    19(m) Amendment and Modification
    
    
    20(n) Severability
    
    
    20(o) Compliance With Laws
    
    
    20(p) Further Assurances
    
    
    21(q) Incorporation of Exhibits and Schedules
    
    
    21(r) Entire Agreement
    
    
    21(s) Limitations of Representations and Warranties
    
    
    21Exhibits and SchedulesSchedule 1(a): DLS Terminated AgreementsSchedule 1(b): Project Entities and Project AssetsSchedule 3(b)(iv): Project Obligations and Project Status
  ii




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DISSOLUTION AGREEMENT
 Agreement Dynegy LS Power Parties Party
 INTRODUCTION
 1.
    
    Dynegy and LS Power each own a 50% membership interest in each of DLS Power Holdings, LLC, a
Delaware limited liability company (DLS Holdings), and DLS Power Development Company, LLC, a
Delaware limited liability company (DLS Development and, together with DLS Holdings, the
DLS Companies).
 2.
    
    Dynegy and LS Power intend to wind up and dissolve the DLS Companies in accordance with
Delaware law.
 3.
    
    Subject to the terms and conditions of this Agreement, the DLS Companies will distribute all
of their respective assets and terminate all of the DLS Terminated Agreements (as defined
herein), and Dynegy and LS Power will agree to certain transition and support services
arrangements as further described herein.
  AGREEMENT
 Definitions; Rules of Construction
 Definitions
 Action
 Affiliate provided however Affiliate Affiliate
 Agreement
 Code
 Direct Claim Section 5(d)
 DLS Companies
 DLS Development




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DLS Development LLC Agreement
 DLS Holdings
 DLS Holdings LLC Agreement
 DLS Properties Section 3(b)(v)
 Dynegy
 Dynegy Assumed Obligations Section 2(c)(i)
 Dynegy Group provided Dynegy Group
 Dynegy Party
 Dynegy Project Assets Schedule 1(b)
 Dynegy Project Entities Schedule 1(b)
 Dynegy Project Entity Contracts Section 3(b)(iv)
 Dynegy Projects Assignment
 Dynegy Properties Section 3(a)(iv)
 Effective Date
 Exchange Act
 Governmental Authority
 Group
 Indemnitee
 Indemnifying Party
  2




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Knowledge Knowledge Knowledge
 Law Laws
 Losses
 LS Power
 LS Power Assumed Obligation Section 2(c)(ii)
 LS Power Group LS Power Group
 LS Power Party
 LS Project Assets Schedule 1(b)
 LS Project Entities Schedule 1(b)
 LS Projects Assignment
 LS Power Properties Section 3(b)(v)
 Obligations
 Organizational Documents
  3




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Party Parties
 Person
 Plum Point DRTA
 Post-Dissolution Tax Period
 Post-Dissolution Tax Return
 Pre-Dissolution Tax Period
 Project Assets Schedule 1(b)
 Project Entities Schedule 1(b)
 Real Estate Rights Agreement
 Securities Act
 Services Agreements
 Tax Taxes
 Tax Records
  4




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Tax Return
 Terminated Agreements Schedule 1(a) Schedule 1(a)
 Third Party Claim Section 5(d)
 Transaction Agreements
 Rules of Construction includes include including hereof hereto hereby herein hereunder
  5




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Agreements
 Transactions
      Termination of Certain Arrangements
   6




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Assumed Obligations Section
4(c)(vi)
 Dynegy Assumed Obligations Section 2(c)(i)
  7




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LS Power Assumed
Obligations Section 2(c)(ii)
 Consent of Members
  Section
2(a)(ii)
   , provided
 Representations and Warranties
 Representations and Warranties of Dynegy
 Organization and Good Standing
  8




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Authorization of Transaction
 Noncontravention
 Acknowledgement of Risks; Due Diligence Dynegy Properties
  9




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Representations and Warranties of LS Power
 Organization of LS Power
 Authorization of Transaction
 Noncontravention
 Dynegy Project Entities; Obligations Schedule 3(b)(iv) Dynegy Project Entity
Contracts Schedule 3(b)(iv))
  10




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Acknowledgment of Risks; Due Diligence LS Power Properties DLS
Properties
 Post-Effective Date Covenants
 Transition Services provided however
 Delivery and Retention of Records provided provided provided further
  11




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DLS Companies Termination and Dissolution Matters
 Release; Dissolution Section 2(d)
 Amendment to LLC Agreements Sections 4(c)(iii) and (iv)
 Amendment
 Outside Activities
   12




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Further Action
 Additional Information Section 2(a)(ii)
 No Further Use of DLS Name
 Remedies
 Survival of Representations and Warranties provided Section 3(b)(iv) Section 3(b)(iv)
 Indemnification Provisions for Benefit of the LS Power Group.
 Dynegy Assumed Obligations
 Covenants and Obligations
  13




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Indemnification Provisions for Benefit of the Dynegy Group
 LS Power Assumed Obligations
 Covenants and Obligations Subject to Section 5(a)
 Procedure; Notice
 Section
4(c)(vi)
 Except with respect to Third Party Claims made against any
Indemnitee, no Party shall have any indemnification obligation under this Section
4(c)(vi) to any other Person with respect to any Losses consisting of incidental,
indirect, consequential or punitive damages or lost profits.
 Third Party Claim provided
  14




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Section 5(d)(iii) provided however provided, further,
  Section 4(c)(vi) Direct Claim
 Section 4(c)(vi)
  15




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Section 5(d) Section 5(d)
 Determination of Amount of Loss Section 5(e)
 Tax Matters
 Post-Dissolution Tax Returns
 Pre-Dissolution Tax Returns
 Cooperation on Tax Matters
 Section 6(c)
   16




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Certain Taxes
 Confidentiality
 Control of Proceedings
 Remittance of Refunds Section 6(g)
 Characterization of Transactions
 Miscellaneous
 Public Announcements
  17




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Waiver of Compliance; Consents
 Assignment
 Specific Performance; No Punitive or Consequential Damages
 Professional Fees and Expenses
 Third Party Beneficiaries Section 4(c)(vi)
 Time
 Counterparts; Electronic Transmission
 Headings
  18




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Notices
 If to Dynegy:
    
    Dynegy Inc.Attn: General Counsel1000 Louisiana StreetHouston, Texas 77002Facsimile: 713-356-2185If to LS Power:
    
    LS Power Associates, L.P.Attn: General Counsel1700 Broadway35th FloorNew York, NY 10019Facsimile: 212-615-3440
  Governing Law
 Consent to Jurisdiction, Etc
   19




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Amendment and Modification
 Severability
 Compliance With Laws
  20




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Further Assurances
 Incorporation of Exhibits and Schedules
 Entire Agreement
 Limitations of Representations and Warranties
   21




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DYNEGY INC.By:
    /s/ Lynn A. LednickyName:
    Lynn A. LednickyTitle:
    PresidentLS POWER ASSOCIATES, L.P.By:
    /s/ John T. KingName:
    John T. KingTitle:
    Vice President