Document:

Fourth Supplemental Indenture dated May 24, 2007

 Exhibit 4.2 
 EXECUTION COPY 

 DYNEGY HOLDINGS INC. 
  

 FOURTH SUPPLEMENTAL INDENTURE

 Dated as of May 24, 2007 
  

 to the 
 INDENTURE 
 Originally dated as of September 26, 1996, 
 as amended and restated 
 on March 23, 1998 
 and March 14, 2001 
 between 
 DYNEGY HOLDINGS INC. 
 and 
 WILMINGTON TRUST COMPANY 
 (as successor to 
 JPMorgan Chase Bank, N.A., 
 successor to Bank One Trust Company, 
 National Association), 
 as Trustee 
  

 Table of Contents 
  

					
	 	 	 	  	Page
	ARTICLE I	  	
		
	Definitions	  	
		
	ARTICLE II	  	
		
	Designation and Terms of the Securities	  	
			
	 SECTION 2.01.
	 	 Title and Aggregate Principal Amount
	  	5
	 SECTION 2.02.
	 	 Execution and Authentication
	  	5
	 SECTION 2.03.
	 	 Other Terms and Form of the 7.75% Securities
	  	5
	 SECTION 2.04.
	 	 Further Issues
	  	5
	 SECTION 2.05.
	 	 Maturity, Interest and Principal
	  	6
	 SECTION 2.06.
	 	 Place and Method of Payment
	  	7
	 SECTION 2.07.
	 	 Security Registrar and Paying Agent
	  	7
	 SECTION 2.08.
	 	 Optional Redemption
	  	7
	 SECTION 2.09.
	 	 Redemption at the Option of Holder; Sinking Fund
	  	7
	 SECTION 2.10.
	 	 Depository
	  	7
	 SECTION 2.11.
	 	 The Securities
	  	7
	 SECTION 2.12.
	 	 Defeasance and Covenant Defeasance
	  	9
	 SECTION 2.13.
	 	 Additional Event of Default
	  	9
	 SECTION 2.14.
	 	 Applicability
	  	10
		
	ARTICLE III	  	
		
	Additional Covenants	  	
			
	 SECTION 3.01.
	 	 Rule 144A Information
	  	10
	 SECTION 3.02.
	 	 Applicability
	  	10
		
	ARTICLE IV	  	
		
	Transfer and Exchange	  	
			
	 SECTION 4.01.
	 	 Transfer and Exchange of Definitive Securities
	  	10
	 SECTION 4.02.
	 	 Restrictions on Transfer of a Definitive Security for a Beneficial Interest in a Global Security
	  	11
	 SECTION 4.03.
	 	 Transfer and Exchange of Global Securities
	  	12
	 SECTION 4.04.
	 	 Restrictions on Transfer of Temporary Regulation S Global Securities
	  	13
	 SECTION 4.05.
	 	 Legend
	  	13

  

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	 SECTION 4.06.
	 	 Cancellation or Adjustment of Global Security
	  	15
	 SECTION 4.07.
	 	 No Obligation of the Trustee
	  	16
	 SECTION 4.08.
	 	 Definitive Securities
	  	16
	 SECTION 4.09.
	 	 Obligation with Respect to Transfers and Exchanges of 7.75% Securities
	  	17
	 SECTION 4.10.
	 	 Applicability
	  	17
		
	ARTICLE V	  	
		
	Miscellaneous	  	
			
	 SECTION 5.01.
	 	 Ratification of Original Indenture; Fourth Supplemental Indenture Part of Original Indenture
	  	17
	 SECTION 5.02.
	 	 Concerning the Trustee
	  	17
	 SECTION 5.03.
	 	 Counterparts
	  	18
	 SECTION 5.04.
	 	 GOVERNING LAW
	  	18
	 SECTION 5.05.
	 	 Effect of Headings and Table of Contents
	  	18
	 SECTION 5.06.
	 	 Benefits under Fourth Supplemental Indenture, etc.
	  	18
			
	 Exhibit A
	 	Form of Security	  	

  

 ii 

 FOURTH SUPPLEMENTAL INDENTURE, dated as of May 24, 2007 (this “Fourth Supplemental
Indenture”), to the indenture dated September 26, 1996, as amended and restated as of March 23, 1998, as amended and restated as of March 14, 2001 (the “Amended and Restated Indenture”), as supplemented by a
first supplemental indenture dated as of July 25, 2003 (the “First Supplemental Indenture”), as supplemented by a second supplemental indenture dated as of April 12, 2006 (the “Second Supplemental
Indenture”), as supplemented by a third supplemental indenture dated as of May 24, 2007 (the “Third Supplemental Indenture” and, together with the Amended and Restated Indenture, the First Supplemental Indenture and
the Second Supplemental Indenture, the “Original Indenture”) between Dynegy Holdings Inc., a Delaware corporation (the “Company”), and Wilmington Trust Company (as successor to JP Morgan Chase Bank, N.A., successor
to Bank One Trust Company, National Association, the “Trustee”). 
 WHEREAS, the Company and the Trustee have heretofore
executed and delivered the Original Indenture to provide for the issuance from time to time of Securities (as defined in the Original Indenture) of the Company, to be issued in one or more series; 
 WHEREAS, Sections 3.01 and 9.01(2) and (7) of the Original Indenture provide that the Company and the Trustee may, without the consent of any
Holders (as defined in the Original Indenture) of Securities or coupons, enter into indentures supplemental to the Original Indenture for the purpose of establishing the designation, form, terms and conditions of Securities of any series permitted
by Sections 3.01 and 9.01(2) and (7) of the Original Indenture and adding to the covenants of the Company for the benefit of such series; 
 WHEREAS, the Company (i) desires the issuance of a series of Securities to be designated as hereinafter provided and (ii) has requested the Trustee to enter into this Fourth Supplemental Indenture for the purpose of establishing
the designation, form, terms and conditions of the Securities of such series and adding to the covenants of the Company for the benefit of such series; 
 WHEREAS, the Company has duly authorized the creation of the 7.75% Initial Securities, 7.75% Exchange Securities, and 7.75% Private Exchange Securities (each as defined below) of the tenor and amount hereinafter set
forth; and 

 NOW, THEREFORE, for and in consideration of the premises and the covenants and agreements contained
herein, and for other good and valuable consideration the receipt of which is hereby acknowledged, the parties hereto agree as follows: 
 ARTICLE I 
 Definitions 
 (a) Capitalized terms used herein and not otherwise defined herein shall have the respective meanings ascribed thereto in the Original Indenture. 
 (b) The rules of interpretation set forth in the Original Indenture shall be applied hereto as if set forth in full herein. 
 (c) For all purposes of this Fourth Supplemental Indenture, except as otherwise expressly provided or unless the context otherwise requires, the following terms shall have the following respective meanings (such
meanings shall apply equally to both the singular and plural forms of the respective terms): 
 “7.75% Additional
Securities” means, subject to Section 2.04 of this Fourth Supplemental Indenture, if and when issued, 7.75% Senior Unsecured Notes Due 2019 issued from time to time after May 24, 2007 under the terms of the Indenture (other than
7.75% Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other 7.75% Securities pursuant to Sections 304, 906 or 1107 (or similar provisions) of the Indenture and other than 7.75% Exchange
Securities or 7.75% Private Exchange Securities issued in exchange for 7.75% Original Initial Securities). 
 “7.75% Exchange
Securities” means (i) the 7.75% Senior Unsecured Notes Due 2019 issued pursuant to the Indenture (as defined below) in connection with a Registered Exchange Offer pursuant to a Registration Rights Agreement (as defined below) and
(ii) 7.75% Additional Securities, if any, issued pursuant to a registration statement filed under the Securities Act. 
 “7.75%
Initial Securities” means (i) the 7.75% Original Initial Securities and (ii) 7.75% Additional Securities, if any, issued in a transaction exempt from the registration requirements of the Securities Act. 
 “7.75% Original Initial Securities” means the $1.1 billion aggregate principal amount of 7.75% Senior Unsecured Notes Due 2019 issued on
May 24, 2007. 
 “7.75% Private Exchange Securities” means any 7.75% Securities issued in connection with a Private
Exchange. 
 “7.75% Securities” means the 7.75% Initial Securities, the 7.75% Exchange Securities, and the 7.75% Private
Exchange Securities, treated as a single class. 
 “Applicable Procedures” means, with respect to any transfer or
transaction involving a Temporary Regulation S Global Security or beneficial interest therein, the rules and procedures of the Depository for such a Temporary Regulation S Global Security, to the extent applicable to such transaction and as in
effect from time to time. 
  

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 “Corporate Trust Office” means the principal office of the Trustee at which at any
particular time its corporate trust business shall be administered. 
 “Definitive Security” means a 7.75% Initial Security
or 7.75% Exchange Security or 7.75% Private Exchange Security issued in the form of a certificated Registered Security, bearing, if required, the appropriate restricted securities legend set forth in Section 4.05 of this Fourth Supplemental
Indenture. 
 “Distribution Compliance Period”, with respect to any 7.75% Securities, means the period of 40 consecutive
days beginning on and including the later of (i) the day on which such 7.75% Securities are first offered to Persons other than distributors (as defined in Regulation S under the Securities Act) in reliance on Regulation S and (ii) the
issue date with respect to such 7.75% Securities. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended.

 “Indenture” means the Original Indenture as supplemented by this Fourth Supplemental Indenture. 
 “Initial Purchasers” (i) with respect to the 7.75% Original Initial Securities, has the meaning set forth in the applicable
Purchase Agreement and (ii) with respect to any other 7.75% Initial Securities, the Persons purchasing or underwriting such 7.75% Initial Securities under the related Purchase Agreement. 
 “Participant” means, with respect to the Depository, Euroclear or Clearstream, a Person who has an account with the Depository,
Euroclear or Clearstream, respectively (and, with respect to DTC, shall include Euroclear or Clearstream) as indirect participants. 
 “Private Exchange” means the offer by the Company, pursuant to a Registration Rights Agreement, to the Initial Purchasers to issue and deliver to each Initial Purchaser, in exchange for the 7.75% Initial Securities held by
the Initial Purchaser as part of its initial distribution, a like aggregate principal amount of 7.75% Private Exchange Securities. 
 “Purchase Agreement” means (i) with respect to the 7.75% Original Initial Securities, the Purchase Agreement, dated as of May 17, 2007, between the Company and J.P. Morgan Securities Inc., Credit Suisse Securities
(USA) LLC and Citigroup Global Markets Inc., as Representatives of the Initial Purchasers, and (ii) with respect to each issuance of 7.75% Additional Securities, the purchase agreement or underwriting agreement among the Company and the Persons
purchasing or underwriting such 7.75% Additional Securities. 
 “QIB” means any “qualified institutional buyer” as
defined in Rule 144A. 
 “Registered Exchange Offer” means the offer by the Company, pursuant to a Registration Rights
Agreement, to certain Holders of 7.75% Initial Securities, to issue and deliver to such Holders, in exchange for the 7.75% Initial Securities, a like aggregate principal amount of 7.75% Exchange Securities registered under the Securities Act.

  

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 “Registration Rights Agreement” means (i) with respect to the 7.75% Original
Initial Securities, the Registration Rights Agreement, dated as of May 24, 2007, between the Company and the Initial Purchasers, and (ii) with respect to each issuance of 7.75% Additional Securities issued in a transaction exempt from the
registration requirements of the Securities Act, the registration rights agreement, if any, among the Company and the Persons purchasing such 7.75% Additional Securities under the related Purchase Agreement, in each case as such agreement may be
amended, modified or supplemented from time to time. 
 “Rule 144” means Rule 144 under the Securities Act.

 “Securities Act” means the Securities Act of 1933, as amended. 
 “Securities Custodian” means the custodian with respect to a Global Security (as appointed by the Depository), or any successor Person
thereto and shall initially be the Trustee. 
 “Shelf Registration Statement” means the registration statement filed under
the Securities Act by the Company in connection with the offer and sale of 7.75% Initial Securities or 7.75% Private Exchange Securities pursuant to a Registration Rights Agreement. 
 “Transfer Restricted Securities” means 7.75% Securities that bear or are required to bear the legend relating to restrictions on
transfer relating to the Securities Act set forth in Section 4.05 of this Fourth Supplemental Indenture. 
 Other Definitions

  

			
	 Term
	  	Defined in Section
	 “Agent Members”
	  	2.11(b)
	 “DTC”
	  	2.10
	 “Global Securities”
	  	2.11(a)
	 “Interest Payment Date”
	  	2.05
	 “Permanent Regulation S Global Security”
	  	2.11(a)
	 “Regular Record Date”
	  	2.05
	 “Regulation S”
	  	2.11(a)
	 “Regulation S Global Security”
	  	2.11(a)
	 “Rule 144A”
	  	2.11(a)
	 “Rule 144A Global Security”
	  	2.11(a)
	 “Temporary Regulation S Global Security”
	  	2.11(a)

  

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 ARTICLE II 
 Designation and Terms of the Securities 
 SECTION 2.01. Title and Aggregate Principal Amount.
There is hereby created one series of securities designated as “7.75% Senior Unsecured Notes Due 2019”. 
 SECTION 2.02.
Execution and Authentication. (a) The 7.75% Initial Securities may forthwith be executed by the Company and delivered to the Trustee for authentication and delivery by the Trustee in accordance with the provisions of Section 3.03 of
the Original Indenture. An aggregate of $1.1 billion of 7.75% Securities shall initially be issued and authenticated in the form of Book Entry Securities (as more fully set forth in Section 2.11 of this Fourth Supplemental Indenture) as the
7.75% Original Initial Securities. 
 (b) At any time and from time to time after the issuance of the 7.75% Original Initial Securities, the
Trustee shall authenticate and deliver (i) any 7.75% Additional Securities for original issue in an aggregate principal amount determined at the time of issuance and specified in a Company Order; and (ii) 7.75% Exchange Securities or 7.75%
Private Exchange Securities for issue only in a Registered Exchange Offer or a Private Exchange, respectively, pursuant to a Registration Rights Agreement, for a like principal amount of 7.75% Initial Securities, in each case upon a Company Order.
Such Company Order shall specify the amount of the 7.75% Securities to be authenticated, the date on which the original issue of such 7.75% Securities is to be authenticated and whether the 7.75% Securities are to be 7.75% Additional Securities,
7.75% Exchange Securities or 7.75% Private Exchange Securities. 
 SECTION 2.03. Other Terms and Form of the 7.75% Securities. The
7.75% Securities shall have and be subject to such other terms as provided in the Original Indenture and this Fourth Supplemental Indenture. The 7.75% Securities and the Trustee’s certificate of authentication shall be substantially in the form
of Exhibit A hereto, which is hereby incorporated in and expressly made a part of this Fourth Supplemental Indenture. 
 SECTION 2.04.
Further Issues. (a) The aggregate principal amount of 7.75% Securities that may be issued is unlimited. The Company may, and shall be entitled to, from time to time, without notice to or the consent of the Holders of the 7.75%
Securities, increase the principal amount of the 7.75% Securities and issue such increased principal amount (or any portion thereof) as 7.75% Additional Securities under the Indenture, in which case any 7.75% Additional Securities so issued
will have the same form and terms (other than the date of issuance, issue price, and, under certain circumstances, the date from which interest thereon will begin to accrue, first interest payment date and legends, if any, thereon) as the 7.75%
Securities previously issued. 
 (b) With respect to any 7.75% Additional Securities, there shall be (a) established in or pursuant to a
Board Resolution and (b) (i) set forth or determined in the 

  

 5 

 
manner provided in an Officers’ Certificate or (ii) established in one or more indentures supplemental to the Indenture, prior to the issuance of
such 7.75% Additional Securities: 
 (1) the aggregate principal amount of such 7.75% Additional Securities to be
authenticated and delivered pursuant to the Indenture; 
 (2) the issue price and the issue date of such 7.75% Additional
Securities, including the date from which interest shall accrue and the first interest payment date therefor; 
 (3) if
applicable, that such 7.75% Additional Securities shall be issuable in whole or in part in the form of one or more Global Securities and, in such case, the respective depositaries for such Global Securities, the form of any legend or legends which
shall be borne by such Global Securities in addition to or in lieu of those set forth in Exhibit A hereto and any circumstances in addition to or in lieu of those set forth in Exhibit A in which any such Global Securities may be exchanged in whole
or in part for 7.75% Additional Securities registered, or any transfer of such Global Security in whole or in part may be registered, in the name or names of Persons other than the depositary for such Global Security or a nominee thereof; and

 (4) whether such 7.75% Additional Securities shall be Transfer Restricted Securities. 
 (c) If any of the terms of any 7.75% Additional Securities are established by action taken pursuant to a Board Resolution, a copy thereof shall be
delivered to the Trustee at or prior to the delivery of the Officers’ Certificate or the indenture supplemental to the Indenture setting forth the terms of the 7.75% Additional Securities. 
 (d) The 7.75% Initial Securities, the 7.75% Private Exchange Securities and the 7.75% Exchange Securities shall be considered collectively as a single
class for all purposes of the Indenture. Holders of the 7.75% Initial Securities, the 7.75% Private Exchange Securities and the 7.75% Exchange Securities will vote and consent together on all matters to which such Holders are entitled to vote or
consent as one class, and none of the Holders of the 7.75% Initial Securities, the 7.75% Private Exchange Securities or the 7.75% Exchange Securities shall have the right to vote or consent as a separate class on any matter to which such Holders are
entitled to vote or consent. 
 SECTION 2.05. Maturity, Interest and Principal. The 7.75% Securities will mature on June 1, 2019
and will bear interest at the rate of 7.75% per annum. The Company will pay interest on the 7.75% Securities semi-annually in arrears on each June 1 and December 1 (each, an “Interest Payment Date”), beginning on
December 1, 2007 (except, in the case of 7.75% Additional Securities, as otherwise specified in the Company Order delivered pursuant to Section 2.04 of this Fourth Supplemental Indenture in respect thereof), to the Holders of record on the
immediately preceding May 15 or November 15 (whether or not a Business Day), respectively (each, a “Regular Record Date”). Interest on the 7.75% Securities shall accrue (except, in the case of 7.75% 
  

 6 

 
Additional Securities, as otherwise specified in the Company Order delivered pursuant to Section 2.04 of this Fourth Supplemental Indenture in respect
thereof) from the most recent date to which interest has been paid or, if no interest has been paid, from the date of issuance. Interest on the 7.75% Securities shall be computed on the basis of a 360-day year comprised of twelve 30-day months.
Payments of the principal of and interest on the 7.75% Securities shall be made in Dollars, and the 7.75% Securities shall be denominated in Dollars and in denominations of $2,000 and any integral multiple of $1,000 above that amount or no Dollars.

 SECTION 2.06. Place and Method of Payment. The Place of Payment where the 7.75% Securities may be presented or surrendered for
payment and where the principal of and interest and any other payments due on the 7.75% Securities are payable, and the place where the 7.75% Securities may be surrendered for registration of transfer or exchange and where notices and demands to and
upon the Company in respect of the 7.75% Securities and the Indenture may be served shall initially be the Corporate Trust Office of the Trustee, and, from and after such time, at such other office or agency of the Company as may be designated by it
for such purpose. All payments on 7.75% Securities issued in the form of Global Securities shall be made by wire transfer of immediately available funds to the Depository. At the option of the Company, payment of interest on any Registered Security
other than a Global Security may be made by check mailed on or before the due date to the address of the Person entitled thereto as such address shall appear in the Security Register. 
 SECTION 2.07. Security Registrar and Paying Agent. The Company initially appoints the Trustee to act as the Security Registrar and the Paying
Agent. 
 SECTION 2.08. Optional Redemption. The 7.75% Securities shall not be redeemable at the option of the Company prior to
maturity; provided, however, that the Company may, from time to time, purchase 7.75% Securities in the open market or otherwise from time to time. 
 SECTION 2.09. Redemption at the Option of Holder; Sinking Fund. The 7.75% Securities shall not be redeemable at the option of any Holder thereof. The 7.75% Securities shall not have the benefit of any sinking
fund. 
 SECTION 2.10. Depository. The Company initially appoints The Depository Trust Company (“DTC”) to act as
Depository with respect to the Global Securities. 
 SECTION 2.11. The Securities. 
 (a) Form and Dating. The 7.75% Initial Securities will be offered and sold by the Company pursuant to one or more Purchase Agreements. The 7.75%
Initial Securities will be resold initially only to (i) QIBs in reliance on Rule 144A under the Securities Act (“Rule 144A”) and (ii) Persons other than U.S. Persons (as defined in Regulation S) in reliance on
Regulation S under the Securities Act (“Regulation S”). 7.75% Initial Securities may thereafter be transferred to, among others, QIBs, and 

  

 7 

 
purchasers in reliance on Regulation S, subject to the restrictions on transfer set forth herein. 7.75% Initial Securities initially resold pursuant to Rule
144A shall be issued initially in the form of one or more permanent global Securities in the form of Book-Entry Securities (collectively, the “Rule 144A Global Security”), and Initial Securities initially resold pursuant to
Regulation S shall be issued initially in the form of one or more temporary global securities in the form of Book-Entry Securities (collectively, the “Temporary Regulation S Global Security”), in each case without interest coupons
and with the global securities legend and the applicable restricted securities legend set forth in Exhibit A hereto, which shall be deposited on behalf of the purchasers of the 7.75% Initial Securities represented thereby with the Securities
Custodian and registered in the name of the Depository or a nominee of the Depository, duly executed by the Company and authenticated by the Trustee as provided in the Indenture. Except as set forth in this Section 2.11(a), beneficial ownership
interests in the Temporary Regulation S Global Security will not be exchangeable for interests in the Rule 144A Global Security, a permanent global security (the “Permanent Regulation S Global Security”, and together with the
Temporary Regulation S Global Security, the “Regulation S Global Security”) or any other 7.75% Security prior to the expiration of the Distribution Compliance Period and then, after the expiration of the Distribution Compliance
Period, may be exchanged for interests in a Rule 144A Global Security or the Permanent Regulation S Global Security only upon certification in form reasonably satisfactory to the Trustee that beneficial ownership interests in such
Temporary Regulation S Global Security are owned either by non-U.S. persons or U.S. persons who purchased such interests in a transaction that did not require registration under the Securities Act. 
 Beneficial interests in Temporary Regulation S Global Securities may be exchanged for interests in Rule 144A Global Securities if (1) such
exchange occurs in connection with a transfer of 7.75% Securities in compliance with Rule 144A and (2) the transferor of the beneficial interest in the Temporary Regulation S Global Security first delivers to the Trustee a written certificate
(in a form satisfactory to the Trustee) to the effect that the beneficial interest in the Temporary Regulation S Global Security is being transferred to a Person (a) who the transferor reasonably believes to be a QIB, (b) purchasing for
its own account or the account of a QIB in a transaction meeting the requirements of Rule 144A, and (c) in accordance with all applicable securities laws of the States of the United States and other jurisdictions. 
 Beneficial interests in a Rule 144A Global Security may be transferred to a Person who takes delivery in the form of an interest in a
Regulation S Global Security, whether before or after the expiration of the Distribution Compliance Period, only if the transferor first delivers to the Trustee a written certificate (in the form provided in the Indenture) to the effect that
such transfer is being made in accordance with Rule 903 or 904 of Regulation S or Rule 144 (if applicable) and that, if such transfer occurs prior to the expiration of the Distribution Compliance Period, the interest transferred will
be held immediately thereafter through Euroclear or Clearstream. 
 The Rule 144A Global Security, the Temporary Regulation S Global Security
and the Permanent Regulation S Global Security are collectively referred to herein as “Global Securities”. The aggregate principal amount of the Global Securities 

  

 8 

 
may from time to time be increased or decreased by adjustments made on the records of the Trustee and the Depository or its nominee as hereinafter provided.

 (b) Book-Entry Provisions. This Section 2.11(b) shall apply only to a Global Security deposited with or on behalf of the
Depository. 
 The Company shall execute and the Trustee shall, in accordance with this Section 2.11(b), authenticate and deliver
initially one or more Global Securities that (a) shall be registered in the name of the Depository for such Global Security or Global Securities or the nominee of such Depository and (b) shall be delivered by the Trustee to such Depository
or pursuant to such Depository’s instructions or held by the Trustee as custodian for the Depository. 
 Members of, or Participants in,
the Depository (“Agent Members”) shall have no rights under the Indenture with respect to any Global Security held on their behalf by the Depository or by the Trustee as the custodian of the Depository or under such Global Security,
and the Company, the Trustee and any agent of the Company or the Trustee shall be entitled to treat the Depository as the absolute owner of such Global Security for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall prevent
the Company, the Trustee or any agent of the Company or the Trustee from giving effect to any written certification, proxy or other authorization furnished by the Depository or impair, as between the Depository and its Agent Members, the operation
of customary practices of such Depository governing the exercise of the rights of a holder of a beneficial interest in any Global Security. 
 (c) Definitive Securities. Except as provided in this Section 2.11 or Article IV, owners of beneficial interests in Global Securities shall not be entitled to receive physical delivery of Definitive Securities. 
 SECTION 2.12. Defeasance and Covenant Defeasance. For the avoidance of doubt, Article Thirteen of the Original Indenture shall be applicable to
the 7.75% Securities. 
 SECTION 2.13. Additional Event of Default. In addition to the Events of Default described in
Section 5.01 of the Original Indenture, the acceleration of the maturity of any indebtedness for borrowed money of the Company or any Subsidiary (other than the 7.75% Securities) having an aggregate principal amount outstanding in excess of an
amount equal to 5% of the Company’s Net Tangible Assets (if such acceleration is not rescinded or annulled, or such indebtedness shall not have been discharged, within 15 days after there has been given, by registered or certified mail, to
the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% in principal amount of the outstanding 7.75% Securities a written notice specifying such default or breach and requiring it to be remedied and stating that
such notice is a Notice of Default), shall also constitute an Event of Default with respect of the 7.75% Securities. 
  

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 SECTION 2.14. Applicability. The provisions of this Article II shall apply only to the 7.75%
Securities. 
 ARTICLE III 
 Additional Covenants 
 SECTION 3.01. Rule 144A Information. (a) Notwithstanding that the Company may not be
subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act, the Company shall file with the Commission and provide the Trustee and Holders with such annual reports and such information, documents and other reports as are
specified in Sections 13 and 15(d) of the Exchange Act and applicable to a registrant that is a U.S. corporation subject to such Sections, such information, documents and reports to be so filed and provided at the times specified for the filing
of such information, documents and reports under such Sections and post such information, documents and other reports on the Company’s website. 
 (b) The Company shall furnish to Holders of the 7.75% Securities and to prospective investors, upon request, any information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act so long
as the 7.75% Securities are not freely transferable under the Securities Act. 
 SECTION 3.02. Applicability. The covenants set forth
in Section 3.01 are being added to the Original Indenture and included herein solely for the benefit of the Holders of the 7.75% Securities. 
 ARTICLE IV 
 Transfer and Exchange 
 SECTION 4.01. Transfer and Exchange of Definitive Securities. When Definitive Securities are presented to the Security Registrar with a request: 
  

	 	(x)	to register the transfer of such Definitive Securities; or 

  

	 	(y)	to exchange such Definitive Securities for an equal principal amount of Definitive Securities of other authorized denominations, 

 the Security Registrar shall register the transfer or make the exchange as requested if its reasonable requirements for such transaction are met; provided,
however, that the Definitive Securities surrendered for transfer or exchange: 
 (i) shall be duly endorsed or
accompanied by a written instrument of transfer in form reasonably satisfactory to the Company and the Security Registrar, duly executed by the Holder thereof or its attorney duly authorized in writing; and 
  

 10 

 (ii) if such Definitive Securities are required to bear a restricted securities legend,
they are being transferred or exchanged pursuant to an effective registration statement under the Securities Act, pursuant to Section 4.02 of this Fourth Supplemental Indenture or pursuant to clause (A), (B) or (C) below, and are
accompanied by the following additional information and documents, as applicable: 
 (A) if such Definitive Securities are
being delivered to the Security Registrar by a Holder for registration in the name of such Holder, without transfer, a certification from such Holder to that effect; or 
 (B) if such Definitive Securities are being transferred to the Company, a certification to that effect; or 
 (C) if such Definitive Securities are being transferred (x) pursuant to an exemption from registration in accordance with
Rule 144A, Regulation S or Rule 144 under the Securities Act; or (y) in reliance upon another exemption from the requirements of the Securities Act: (i) a certification to that effect (in the form set forth on the reverse of the 7.75%
Security) and (ii) if the Company so requests, an opinion of counsel or other evidence reasonably satisfactory to it as to the compliance with the restrictions set forth in the legend set forth in Section 4.05(a) of this Fourth
Supplemental Indenture. 
 SECTION 4.02. Restrictions on Transfer of a Definitive Security for a Beneficial Interest in a Global
Security. A Definitive Security may not be exchanged for a beneficial interest in a Rule 144A Global Security or a Permanent Regulation S Global Security except upon satisfaction of the requirements set forth below. Upon receipt by the Trustee
of a Definitive Security, duly endorsed or accompanied by appropriate instruments of transfer, in form satisfactory to the Trustee, together with: 
 (i) certification, in the form set forth on the reverse of the 7.75% Security, that such Definitive Security is either (A) being transferred to a QIB in accordance with Rule 144A, or (B) being transferred
after expiration of the Distribution Compliance Period by a Person who initially purchased such 7.75% Security in reliance on Regulation S to a buyer who elects to hold its interest in such 7.75% Security in the form of a beneficial interest in the
Permanent Regulation S Global Security; and 
 (ii) written instructions directing the Trustee to make, or to direct the
Securities Custodian to make, an adjustment on its books and records with respect to such Rule 144A Global Security (in the case of a transfer pursuant to clause (i)(A)) or Permanent Regulation S Global Security (in the case of a transfer pursuant
to clause (i)(B)) to reflect an increase in the aggregate principal amount of the 7.75% Securities represented by the Rule 144A Global Security or Permanent Regulation S Global Security, as applicable, such instructions to contain information
regarding the Depository account to be credited with such increase, 
  

 11 

 then the Trustee shall cancel such Definitive Security and cause, or direct the Securities Custodian to cause, in
accordance with the standing instructions and procedures existing between the Depository and the Securities Custodian, the aggregate principal amount of 7.75% Securities represented by the Rule 144A Global Security or Permanent Regulation S Global
Security, as applicable, to be increased by the aggregate principal amount of the Definitive Security to be exchanged and shall credit or cause to be credited to the account of the Person specified in such instructions a beneficial interest in the
Rule 144A Global Security or Permanent Regulation S Global Security, as applicable, equal to the principal amount of the Definitive Security so canceled. If no Rule 144A Global Securities or Permanent Regulation S Global Securities, as applicable,
are then outstanding, the Company shall issue and the Trustee shall authenticate, upon written order of the Company in the form of an Officers’ Certificate of the Company, a new Rule 144A Global Security or Permanent Regulation S Global
Security, as applicable, in the appropriate principal amount. 
 SECTION 4.03. Transfer and Exchange of Global Securities.
(a) The transfer and exchange of Global Securities or beneficial interests therein shall be effected through the Depository, in accordance with the Indenture (including applicable restrictions on transfer set forth herein, if any) and the
procedures of the Depository therefor. A transferor of a beneficial interest in a Global Security shall deliver to the Security Registrar a written order given in accordance with the Depository’s procedures containing information regarding the
Participant account of the Depository to be credited with a beneficial interest in the Global Security. The Security Registrar shall, in accordance with such instructions, instruct the Depository to credit to the account of the Person specified in
such instructions a beneficial interest in the Global Security and to debit the account of the Person making the transfer the beneficial interest in the Global Security being transferred. 
 (b) If the proposed transfer is a transfer of a beneficial interest in one Global Security to a beneficial interest in another Global Security, the
Security Registrar shall reflect on its books and records the date and an increase in the principal amount of the Global Security to which such interest is being transferred in an amount equal to the principal amount of the interest to be so
transferred, and the Security Registrar shall reflect on its books and records the date and a corresponding decrease in the principal amount of the Global Security from which such interest is being transferred. 
 (c) Notwithstanding any other provisions of the Indenture (other than the provisions set forth in Section 4.08 of this Fourth Supplemental
Indenture), a Global Security may not be transferred as a whole except by the Depository to a nominee of the Depository or by a nominee of the Depository to the Depository or another nominee of the Depository or by the Depository or any such nominee
to a successor Depository or a nominee of such successor Depository. 
  

 12 

 (d) In the event that a Global Security is exchanged for Definitive Securities pursuant to
Section 4.08 of this Fourth Supplemental Indenture, prior to the consummation of a Registered Exchange Offer or the effectiveness of a Shelf Registration Statement with respect to such 7.75% Securities, such 7.75% Securities may be exchanged
only in accordance with such procedures as are substantially consistent with the provisions of this Section 4.03 (including the certification requirements set forth on the reverse of the 7.75% Initial Securities intended to ensure that such
transfers comply with Rule 144A, Regulation S or another applicable exemption under the Securities Act, as the case may be) and such other procedures as may from time to time be adopted by the Company. 
 SECTION 4.04. Restrictions on Transfer of Temporary Regulation S Global Securities. During the Distribution Compliance Period, beneficial
ownership interests in Temporary Regulation S Global Securities may only be sold, pledged or transferred in accordance with the Applicable Procedures and only (i) to the Company, (ii) in an offshore transaction in accordance with
Regulation S (other than a transaction resulting in an exchange for an interest in a Permanent Regulation S Global Security), or (iii) pursuant to an effective registration statement under the Securities Act, in each case in accordance with any
applicable securities laws of any State of the United States. 
 SECTION 4.05. Legend. 
 (a) Except as permitted by the following paragraphs (b), (c) and (d), each 7.75% Security certificate evidencing the Global Securities (and all
7.75% Securities issued in exchange therefor or in substitution thereof): 
 (i) in the case of 7.75% Securities offered
otherwise than in reliance on Regulation S, shall bear a legend in substantially the following form: 
 THIS NOTE (OR ITS PREDECESSOR) WAS
ORIGINALLY ISSUED IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND THIS NOTE MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH
REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM. EACH PURCHASER OF THIS NOTE IS HEREBY NOTIFIED THAT THE SELLER OF THIS NOTE MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS OF SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A
THEREUNDER. 
 THE HOLDER OF THIS NOTE AGREES FOR THE BENEFIT OF THE COMPANY THAT (A) THIS NOTE MAY BE OFFERED, RESOLD, PLEDGED OR
OTHERWISE TRANSFERRED, ONLY (I) TO THE COMPANY, (II) IN THE 

  

 13 

 
UNITED STATES TO A PERSON WHOM THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) IN A
TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (III) OUTSIDE THE UNITED STATES IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH RULE 904 UNDER THE SECURITIES ACT, (IV) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE
SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER (IF AVAILABLE) OR (V) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, IN EACH OF CASES (I) THROUGH (V) IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF
ANY STATE OF THE UNITED STATES, AND (B) THE HOLDER WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY ANY PURCHASER OF THIS NOTE FROM IT OF THE RESALE RESTRICTIONS REFERRED TO IN (A) ABOVE; and 
 (ii) in the case of 7.75% Securities offered in reliance on Regulation S, shall, in addition to the legends specified in clause
(i) above, bear a legend in substantially the following form: 
 THIS NOTE (OR ITS PREDECESSOR) WAS ORIGINALLY ISSUED IN A TRANSACTION
ORIGINALLY EXEMPT FROM REGISTRATION UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE TRANSFERRED IN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, ANY U.S. PERSON EXCEPT PURSUANT TO AN
AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND ALL APPLICABLE STATE SECURITIES LAWS. TERMS USED ABOVE HAVE THE MEANINGS GIVEN TO THEM IN REGULATION S UNDER THE SECURITIES ACT. 
 Each Definitive Security shall also bear the following additional legend: 
 IN CONNECTION WITH ANY TRANSFER, THE HOLDER WILL DELIVER TO THE SECURITY REGISTRAR AND TRANSFER AGENT SUCH CERTIFICATES AND OTHER INFORMATION AS SUCH TRANSFER AGENT MAY REASONABLY REQUIRE TO CONFIRM THAT THE TRANSFER
COMPLIES WITH THE FOREGOING RESTRICTIONS. 
  

 14 

 (b) Upon any sale or transfer of a Transfer Restricted Security (including any Transfer Restricted
Security represented by a Global Security) pursuant to Rule 144 under the Securities Act, the Security Registrar shall permit the transferee thereof to exchange such Transfer Restricted Security for a certificated 7.75% Security that does not bear
the legends set forth above and rescind any restriction on the transfer of such Transfer Restricted Security, if the transferor thereof certifies in writing to the Security Registrar that such sale or transfer was made in reliance on Rule 144
(such certification to be in the form set forth on the reverse of the 7.75% Security). 
 (c) After a transfer of any 7.75% Initial
Securities or 7.75% Private Exchange Securities pursuant to and during the period of the effectiveness of a Shelf Registration Statement with respect to such 7.75% Initial Securities or 7.75% Private Exchange Securities, as the case may be, all
requirements pertaining to legends on such 7.75% Initial Security or such 7.75% Private Exchange Security will cease to apply, the requirements requiring any such 7.75% Initial Security or such 7.75% Private Exchange Security issued to certain
Holders be issued in global form will cease to apply, and a certificated 7.75% Initial Security or 7.75% Private Exchange Security or an 7.75% Initial Security or 7.75% Private Exchange Security in global form, in each case without restrictive
transfer legends, will be available to the transferee of the Holder of such 7.75% Initial Securities or 7.75% Private Exchange Securities upon exchange of such transferring Holder’s certificated 7.75% Initial Security or 7.75% Private Exchange
Security or directions to transfer such Holder’s interest in the Global Security, as applicable. 
 (d) Upon the consummation of a
Registered Exchange Offer with respect to the 7.75% Initial Securities, all requirements pertaining to such 7.75% Initial Securities that 7.75% Initial Securities issued to certain Holders be issued in global form will still apply with respect to
Holders of such 7.75% Initial Securities that do not exchange their 7.75% Initial Securities, and 7.75% Exchange Securities in certificated or global form, in each case without the restricted securities legends set forth in Exhibit A hereto
will be available to Holders that exchange such 7.75% Initial Securities in such Registered Exchange Offer. 
 (e) Upon the consummation of a
Private Exchange with respect to the 7.75% Initial Securities, all requirements pertaining to such 7.75% Initial Securities that 7.75% Initial Securities issued to certain Holders be issued in global form will still apply with respect to Holders of
such 7.75% Initial Securities that do not exchange their 7.75% Initial Securities, and 7.75% Private Exchange Securities in global form with the global securities legend and the applicable restricted securities legend set forth in Exhibit A
hereto will be available to Holders that exchange such 7.75% Initial Securities in such Private Exchange. 
 SECTION 4.06. Cancellation or
Adjustment of Global Security. At such time as all beneficial interests in a Global Security have either been exchanged for Definitive Securities, purchased or canceled, such Global Security shall be returned to the Depository for cancellation
or retained and canceled by the Trustee. At any time prior to such cancellation, if any beneficial interest in a Global Security is exchanged for 
  

 15 

 
certificated 7.75% Securities, purchased or canceled, the principal amount of 7.75% Securities represented by such Global Security shall be reduced and an
adjustment shall be made on the books and records of the Trustee (if it is then the Securities Custodian for such Global Security) with respect to such Global Security, by the Trustee or the Securities Custodian, to reflect such reduction.

 SECTION 4.07. No Obligation of the Trustee. (a) The Trustee shall have no responsibility or obligation to any beneficial owner
of a Global Security, a member of, or a Participant in the Depository or other Person with respect to the accuracy of the records of the Depository or its nominee or of any Participant or member thereof, with respect to any ownership interest in the
7.75% Securities or with respect to the delivery to any Participant, member, beneficial owner or other Person (other than the Depository) of any notice (including any notice of redemption) or the payment of any amount, under or with respect to such
7.75% Securities. All notices and communications to be given to the Holders and all payments to be made to Holders under the 7.75% Securities shall be given or made only to or upon the order of the registered Holders (which shall be the Depository
or its nominee in the case of a Global Security). The rights of beneficial owners in any Global Security shall be exercised only through the Depository subject to the applicable rules and procedures of the Depository. The Trustee may rely and shall
be fully protected in relying upon information furnished by the Depository with respect to its members, Participants and any beneficial owners. 
 (b) The Trustee shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under the Indenture or under applicable law with respect to any transfer of any interest in any
7.75% Security (including any transfers between or among Participants of the Depository, members or beneficial owners in any Global Security) other than to require delivery of such certificates and other documentation or evidence as are expressly
required by, and to do so if and when expressly required by, the terms of the Indenture, and to examine the same to determine substantial compliance as to form with the express requirements hereof. 
 SECTION 4.08. Definitive Securities. (a) A Global Security is exchangeable for Definitive Securities only if (i) the Depository notifies
the Company that it is unwilling or unable to continue as Depository for such Global Security or if at any time such Depository ceases to be a clearing agency registered under the Exchange Act, (ii) the Company executes and delivers to the
Trustee a Company Order that such Global Security shall be so exchangeable and the transfer thereof so registrable or (iii) there shall have occurred and be continuing an “Event of Default” with respect to the 7.75% Securities.

 (b) Any Global Security that is exchangeable for Definitive Securities pursuant to Section 4.08(a) above will be exchanged for
Definitive Securities in authorized denominations and registered in such names as DTC or any successor depositary holding such Global Security may direct. Subject to the foregoing, a Global Security is not exchangeable, except for a Global Security
of like denomination to be registered in the name of DTC or any successor depositary or its nominee. In the event that a Global Security becomes exchangeable for Definitive Securities, (i) Definitive 

  

 16 

 
Securities will be issued only in fully registered form in denominations of $2,000 and any integral multiple of $1,000 above that amount; (ii) payment
of principal of, and premium, if any, and interest on, the Definitive Securities will be payable, and the transfer of the Definitive Securities will be registerable, at the office or agency of the Company maintained for such purposes; and
(iii) no service charge will be made for any registration of transfer or exchange of the Definitive Securities, although the Company may require payment of a sum sufficient to cover any tax or governmental charge imposed in connection
therewith. 
 SECTION 4.09. Obligation with Respect to Transfers and Exchanges of 7.75% Securities. To permit registrations of
transfers and exchanges, the Company shall execute and the Trustee shall authenticate Definitive Securities and Global Securities at the Security Registrar’s or co-registrar’s request. 
 SECTION 4.10. Applicability. The provisions of this Article IV shall apply only to the 7.75% Securities. 
 ARTICLE V 
 Miscellaneous 

SECTION 5.01. Ratification of Original Indenture; Fourth Supplemental Indenture Part of Original Indenture. Except as expressly amended hereby,
the Original Indenture is in all respects ratified and confirmed and all the terms, conditions and provisions thereof shall remain in full force and effect. This Fourth Supplemental Indenture shall form a part of the Original Indenture for all
purposes, and every Holder of 7.75% Securities shall be bound hereby. 
 For the avoidance of doubt, and notwithstanding anything in the
First Supplemental Indenture, the Second Supplemental Indenture or the Third Supplemental Indenture to the contrary, each of Sections 7.04, 10.05, 10.06 and 10.07 and those terms and their respective meanings assigned thereto that are referred
to solely in such Sections, in each case as set forth in the Original Indenture as in effect immediately prior to the “Acceptance” referred to in the First Supplemental Indenture, shall be covenants of the Company in the Original Indenture
solely for the benefit of Holders of 7.75% Securities and each other series of Securities otherwise benefited thereby immediately after such “Acceptance” so referred to, and shall for all purposes be deemed provisions of the Original
Indenture with respect to the 7.75% Securities. 
 SECTION 5.02. Concerning the Trustee. The recitals contained herein and in the
7.75% Securities, except with respect to the Trustee’s certificates of authentication, shall be taken as the statements of the Company, and the Trustee assumes no responsibility for the correctness of the same. The Trustee makes no
representations as to the validity or sufficiency of this Fourth Supplemental Indenture or of the 7.75% Securities. 
  

 17 

 SECTION 5.03 Counterparts. This Fourth Supplemental Indenture may be executed in any number of
counterparts, each of which when so executed shall be deemed to be an original, but all such counterparts shall together constitute one and the same instrument. 
 SECTION 5.04. GOVERNING LAW. THIS FOURTH SUPPLEMENTAL INDENTURE AND THE SECURITIES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO PRINCIPLES OF
CONFLICTS OF LAWS. 
 SECTION 5.05. Effect of Headings and Table of Contents. The Article and Section headings herein and the Table of
Contents are for convenience only and shall not affect the construction hereof. 
 SECTION 5.06. Benefits under Fourth Supplemental
Indenture, etc. Nothing in this Fourth Supplemental Indenture or the 7.75% Securities, express or implied, shall give to any Person, other than the parties hereto and thereto and their successors hereunder and thereunder and the Holders of the
7.75% Securities, any benefit of any legal or equitable right, remedy or claim under the Original Indenture, this Fourth Supplemental Indenture or the 7.75% Securities. 
 [Remainder of page intentionally left blank] 
  

 18 

 IN WITNESS WHEREOF, the parties have caused this Fourth Supplemental Indenture to be duly executed by
their respective officers thereunto duly authorized as of the date first above written. 
  

					
	DYNEGY HOLDINGS INC.
		
	by	 	/s/ Charles C. Cook
		 	Name:	 	Charles C. Cook
		 	Title:	 	Senior Vice President and Treasurer
	
	WILMINGTON TRUST COMPANY, as Trustee
		
	by	 	/s/ James J. McGinley
		 	Name:	 	James J. McGinley
		 	Title:	 	Authorized Signer

  

 19 

 EXHIBIT A 
 [Face of 7.75% Security] 
 DYNEGY HOLDINGS INC. 
 7.75% Senior Unsecured Notes Due 2019 
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN
AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), NEW YORK, NEW YORK, TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC) ANY TRANSFER,
PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 TRANSFERS OF THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL NOTE SHALL
BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF. 
 THIS
SECURITY IS A BOOK-ENTRY SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF DTC (OR A NOMINEE OF DTC). THIS SECURITY IS EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN DTC
OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND NO TRANSFER OF THIS SECURITY (OTHER THAN A TRANSFER OF THIS SECURITY AS A WHOLE BY DTC TO A NOMINEE OF DTC OR BY A NOMINEE OF DTC TO DTC OR ANOTHER NOMINEE OF DTC) MAY
BE REGISTERED EXCEPT IN SUCH LIMITED CIRCUMSTANCES. 
 [[FOR REGULATION S GLOBAL NOTE ONLY] UNTIL 40 DAYS AFTER THE LATER OF COMMENCEMENT OR
COMPLETION OF THE OFFERING, AN OFFER OR SALE OF SECURITIES WITHIN THE UNITED STATES BY A DEALER (AS DEFINED IN THE SECURITIES ACT) MAY VIOLATE THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT IF SUCH OFFER OR SALE IS MADE OTHERWISE THAN IN
ACCORDANCE WITH RULE 144A THEREUNDER.] 
 [Restricted Securities Legend for 7.75% Securities offered otherwise than in reliance on Regulation
S] 
  

 A-1 

 [THIS NOTE (OR ITS PREDECESSOR) WAS ORIGINALLY ISSUED IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER THE
UNITED STATES SECURITIES ACT OF 1933 (THE “SECURITIES ACT”), AND THIS NOTE MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM. EACH PURCHASER OF THIS NOTE IS HEREBY
NOTIFIED THAT THE SELLER OF THIS NOTE MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS OF SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A THEREUNDER. 
 THE HOLDER OF THIS NOTE AGREES FOR THE BENEFIT OF THE COMPANY THAT (A) THIS NOTE MAY BE OFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED, ONLY (I) TO THE COMPANY, (II) IN THE UNITED STATES TO A PERSON
WHOM THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (III) OUTSIDE THE UNITED STATES IN AN OFFSHORE
TRANSACTION IN ACCORDANCE WITH RULE 904 UNDER THE SECURITIES ACT, (IV) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER (IF AVAILABLE) OR (V) PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT UNDER THE SECURITIES ACT, IN EACH OF CASES (I) THROUGH (V) IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES, AND (B) THE HOLDER WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED TO,
NOTIFY ANY PURCHASER OF THIS NOTE FROM IT OF THE RESALE RESTRICTIONS REFERRED TO IN (A) ABOVE.] 
 [Restricted Securities Legend for
7.75% Securities offered in reliance on Regulation S.] 
 [THIS NOTE (OR ITS PREDECESSOR) WAS ORIGINALLY ISSUED IN A TRANSACTION
ORIGINALLY EXEMPT FROM REGISTRATION UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE TRANSFERRED IN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, ANY U.S. PERSON EXCEPT PURSUANT TO AN
AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND ALL APPLICABLE STATE SECURITIES LAWS. TERMS USED ABOVE HAVE THE MEANINGS GIVEN TO THEM IN REGULATION S UNDER THE SECURITIES ACT.] 
 [Temporary Regulation S Global Security Legend] 
 EXCEPT AS SET FORTH BELOW, BENEFICIAL OWNERSHIP INTERESTS IN THIS TEMPORARY REGULATION S GLOBAL NOTE WILL NOT BE EXCHANGEABLE FOR INTERESTS IN THE PERMANENT REGULATION S GLOBAL NOTE OR ANY OTHER NOTE
REPRESENTING AN INTEREST IN THE SECURITIES REPRESENTED HEREBY WHICH DO NOT CONTAIN A LEGEND 

  

 A-2 

 
CONTAINING RESTRICTIONS ON TRANSFER, UNTIL THE EXPIRATION OF THE “40-DAY DISTRIBUTION COMPLIANCE PERIOD” (WITHIN THE MEANING OF RULE 903(b)(2)
OF REGULATION S UNDER THE SECURITIES ACT) AND THEN ONLY UPON CERTIFICATION IN FORM REASONABLY SATISFACTORY TO THE TRUSTEE THAT SUCH BENEFICIAL INTERESTS ARE OWNED EITHER BY NON-U.S. PERSONS OR U.S. PERSONS WHO PURCHASED SUCH INTERESTS IN A
TRANSACTION THAT DID NOT REQUIRE REGISTRATION UNDER THE SECURITIES ACT. DURING SUCH 40-DAY DISTRIBUTION COMPLIANCE PERIOD, BENEFICIAL OWNERSHIP INTERESTS IN THIS TEMPORARY REGULATION S GLOBAL NOTE MAY ONLY BE SOLD, PLEDGED OR TRANSFERRED
(I) TO THE COMPANY, (II) OUTSIDE THE UNITED STATES IN A TRANSACTION IN ACCORDANCE WITH RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, (III) IN ACCORDANCE WITH RULE 144A UNDER THE SECURITIES ACT, OR (IV) PURSUANT TO AN
EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, IN EACH OF CASES (I) THROUGH (III) IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES. HOLDERS OF INTERESTS IN THIS TEMPORARY REGULATION S GLOBAL
NOTE WILL NOTIFY ANY PURCHASER OF THIS NOTE OF THE RESALE RESTRICTIONS REFERRED TO ABOVE, IF THEN APPLICABLE. 
 BENEFICIAL INTERESTS IN THIS
TEMPORARY REGULATION S GLOBAL NOTE MAY BE EXCHANGED FOR INTERESTS IN A RULE 144A GLOBAL NOTE, WHETHER BEFORE OR AFTER THE EXPIRATION OF THE 40-DAY DISTRIBUTION COMPLIANCE PERIOD, ONLY IF (1) SUCH EXCHANGE OCCURS IN CONNECTION WITH A TRANSFER OF
THE SECURITIES IN COMPLIANCE WITH RULE 144A AND (2) THE TRANSFEROR OF THE REGULATION S GLOBAL NOTE FIRST DELIVERS TO THE TRUSTEE A WRITTEN CERTIFICATE (IN THE FORM ATTACHED TO THIS CERTIFICATE) TO THE EFFECT THAT THE REGULATION S GLOBAL NOTE IS
BEING TRANSFERRED (A) TO A PERSON WHO THE TRANSFEROR REASONABLY BELIEVES TO BE A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A, (B) TO A PERSON WHO IS PURCHASING FOR ITS OWN ACCOUNT OR THE ACCOUNT OF A QUALIFIED
INSTITUTIONAL BUYER IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, AND (C) IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF THE STATES OF THE UNITED STATES AND OTHER JURISDICTIONS. 
 BENEFICIAL INTERESTS IN A RULE 144A GLOBAL NOTE MAY BE TRANSFERRED TO A PERSON WHO TAKES DELIVERY IN THE FORM OF AN INTEREST IN THE REGULATION S GLOBAL
NOTE, WHETHER BEFORE OR AFTER THE EXPIRATION OF THE 40-DAY DISTRIBUTION COMPLIANCE PERIOD, ONLY IF THE TRANSFEROR FIRST DELIVERS TO THE TRUSTEE A WRITTEN CERTIFICATE (IN THE FORM ATTACHED TO THIS CERTIFICATE) TO THE EFFECT THAT SUCH TRANSFER IS
BEING MADE IN ACCORDANCE WITH RULE 903 OR 904 OF REGULATION S OR RULE 144 (IF AVAILABLE). 
  

 A-3 

 [Definitive Securities Legend] 
 IN CONNECTION WITH ANY TRANSFER, THE HOLDER WILL DELIVER TO THE SECURITY REGISTRAR AND TRANSFER AGENT SUCH CERTIFICATES AND OTHER INFORMATION AS SUCH
TRANSFER AGENT MAY REASONABLY REQUIRE TO CONFIRM THAT THE TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS. 
  

 A-4 

 DYNEGY HOLDINGS INC. 
 7.75% Senior Unsecured Notes Due 2019 
  

			
	No. ____________	 	 [144A CUSIP: 26816LAU6]
 [REGS CUSIP: U2676AAG8]

 Dynegy Holdings Inc., a corporation duly organized and existing under the laws of the State of
Delaware (herein called the “Company”, which term includes any successor Person under the Indenture referred to on the reverse hereof), for value received, hereby promises to pay to
             or registered assigns, the principal sum of
                                        
     DOLLARS ($            ) on June 1, 2019 and to pay interest thereon from May 24, 2007 or from the most recent Interest Payment Date to
which interest has been paid or duly provided for, semi-annually in arrears on June 1 and December 1 in each year, commencing December 1, 2007, at the rate of 7.75% per annum, until the principal hereof is paid or made available
for payment. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered
at the close of business on the Regular Record Date for such interest, which shall be the May 15 or November 15 (whether or not a Business Day), as the case may be, next preceding such Interest Payment Date. Except as otherwise provided in
the Indenture, any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Security (or one or more Predecessor
Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Securities of this series not less than 10 days prior to
such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Securities of this series may be listed, and upon such notice as may be required by such
exchange, all as more fully provided in the Indenture. All payments of the principal of and interest on Securities of this series issued in the form of Global Securities shall be made by wire transfer of immediately available funds to the
Depository. All payments of the principal of and interest on Securities of this series issued in the form of Definitive Securities will initially be made at the Corporate Trust Office of the Trustee, or, from and after such time, such other office
or agency of the Company as may be designated by it for such purpose; provided, however, that at the option of the Company payment of interest may be made by check mailed to the address of the Person entitled thereto as such address shall appear in
the Security Register. All payments of principal or interest shall be made in such coin or currency of the United States of America as at the time of payment shall be legal tender for the payment of public and private debts. 
 Reference is hereby made to the further provisions of this Security set forth on the reverse hereof, which further provisions shall for all purposes have
the same effect as if set forth at this place. 
  

 A-5 

 Unless the certificate of authentication hereon has been executed by the Trustee referred to on the
reverse hereof, directly or through an Authenticating Agent, by manual signature of an authorized signatory, this Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 
  

 A-6 

 IN WITNESS WHEREOF, the Company has caused this instrument to be signed in its name by its Chairman of
the Board, President, Treasurer or Chief Financial Officer, manually or by a facsimile of his signature, and its corporate seal (or a facsimile thereof) to be hereunto affixed and the same to be attested by its Secretary or an Assistant Secretary,
all either manually or in facsimile. 
 Dated: 
  

			
	DYNEGY HOLDINGS INC.
		
	By:	 	  
	Name:	 	  
	Title:	 	  

  

			
	Attest:
		
	By:	 	  
	Name:	 	  
	Title:	 	  

  

 A-7 

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 
 This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture. 
  

			
	 WILMINGTON TRUST COMPANY,
 as
Trustee

		
	By	 	  
		 	AUTHORIZED OFFICER

  

 A-8 

 Reverse of 7.75% Senior Unsecured Note 
 This Senior Unsecured Note is one of a duly authorized issue of securities of the Company (herein called the “Securities”), issued and
to be issued in one or more series under an Indenture, dated as of September 26, 1996, and as amended and restated on March 23, 1998, and as further amended and restated on March 14, 2001, and as supplemented by the First Supplemental
Indenture dated as of July 25, 2003, the Second Supplemental Indenture dated as of April 12, 2006, the Third Supplemental Indenture, dated as of May 24, 2007, and the Fourth Supplemental Indenture, dated as of May 24, 2007 (as so
amended, restated and supplemented, the “Indenture”), between the Company and Wilmington Trust Company (as successor to JPMorgan Chase Bank, N.A.), as Trustee (herein called the “Trustee,” which term includes any
successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee
and the Holders of the Securities and of the terms upon which the Securities are, and are to be, authenticated and delivered. This Security is one of the series designated on the face hereof, unlimited as to principal amount. 
 The Holder of this Security is entitled to the benefits of a Registration Rights Agreement, dated as of May 24, 2007, between the Company and the
initial purchasers named therein (the “Registration Rights Agreement”). Capitalized terms used in this paragraph but not defined herein have the meanings assigned to them in the Registration Rights Agreement. In the event that
(i) the Company fails to file an Exchange Offer Registration Statement with the Commission on or prior to the 90th day after the Issue Date, (ii) if the Exchange Offer Registration Statement is not declared effective by the SEC on or prior
to the 180th day after the Issue Date, (iii) if obligated to file a Shelf Registration Statement because applicable interpretations of the staff of the SEC do not permit the Company to effect a Registered Exchange Offer, a Shelf Registration
Statement is not declared effective by the SEC on or prior to the 180th day after the Issue Date, (iv) if the Exchange Offer is not consummated on or before the 40th day after the Exchange Offer Registration Statement is declared effective,
(v) if obligated to file the Shelf Registration Statement because of circumstances described in Section 2(a), 2(a)(iii), 2(a)(iv) of the Registration Rights Agreement, the Company fails to file the Shelf Registration Statement with the SEC
on or prior to the 30th day (the “Shelf Filing Date”) after the date on which the obligation to file a Shelf Registration Statement arises, or (vi) after the Exchange Offer Registration Statement or the Shelf Registration
Statement, as the case may be, is declared effective, such Registration Statement thereafter ceases to be effective or usable (subject to certain exceptions) (each such event referred to in the preceding clauses (i) through (vi) a
“Registration Default”), interest (the “Additional Interest”) shall accrue (in addition to stated interest on the Securities of this series) from and including the date on which the first such Registration Default
shall occur to but excluding the date on which all Registration Defaults have been cured, at a rate per annum equal to 0.25% of the principal amount of the Securities of this series; provided, however, that such rate per annum shall
increase by 0.25% per annum from and including the 90th day after the first such Registration Default (and each successive 90th day thereafter) unless and until all Registration Defaults have been cured; provided further, 

  

 A-9 

 
however, that in no event shall the Additional Interest accrue at a rate in excess of 1.0% per annum. The Additional Interest will be payable in
cash semiannually in arrears each June 1 and December 1. 
 The Securities of this series are not subject to any sinking fund. The
Securities shall not be redeemable at the option of any Holders thereof. 
 The Securities shall not be redeemable at the option of the
Company prior to maturity; provided, however, that the Company may, from time to time, purchase the Securities in the open market or otherwise from time to time. 
 The Indenture contains provisions for defeasance of (a) the entire indebtedness of the Company on this Security and (b) certain restrictive
covenants upon compliance by the Company with certain conditions set forth therein which provisions apply to this Security. 
 If an Event of
Default with respect to the Securities of this series shall occur and be continuing, the principal hereof may be declared due and payable in the manner and with the effect provided in the Indenture. 
 The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the
Company and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of a majority in principal amount of the Securities at the time
Outstanding of each series to be affected. The Indenture also contains provisions permitting the Holders of specified percentages in aggregate principal amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all
Securities of such series, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Security shall be
conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is
made upon this Security. 
 As set forth in, and subject to, the provisions of the Indenture, no Holder of any Security of this series will
have any right to institute any proceeding with respect to the Indenture or for any remedy thereunder, unless such Holder shall have previously given to the Trustee written notice of a continuing Event of Default with respect to this series, the
Holders of not less than 25% in principal amount of the Outstanding Securities of this series shall have made written request, and offered reasonable indemnity, to the Trustee to institute such proceeding as trustee, and the Trustee shall not have
received from the Holders of a majority in principal amount of the Outstanding Securities of this series a direction inconsistent with such request and shall have failed to institute such proceeding within 60 days; provided, however,
that such limitations do not apply to a suit instituted by the Holder hereof for the enforcement of payment of the principal of or interest on this Security on or after the respective due dates expressed herein. 
  

 A-10 

 No reference herein to the Indenture and no provision of this Security or of the Indenture shall alter or
impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and interest on this Security at the times, place and rate, and in the coin or currency herein, prescribed. 
 As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Security is registrable in the Security Register,
upon surrender of this Security for registration of transfer at the office or agency of the Company in any place where the principal of and interest on this Security are payable, duly endorsed by, or accompanied by a written instrument of transfer
in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Securities of this series and of like tenor, of authorized denominations and
for the same aggregate principal amount, will be issued to the designated transferee or transferees. 
 The Securities of this series are
issuable only in registered form, without coupons, in denominations of $2,000 and any integral multiple of $1,000 above that amount. As provided in the Indenture and subject to certain limitations therein set forth, Securities of this series are
exchangeable for a like aggregate principal amount of Securities of this series and of like tenor of a different authorized denomination, as requested by the Holder surrendering the same. 
 No service charge shall be made for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any
tax or other governmental charge payable in connection therewith. 
 Prior to due presentment of this Security for registration of transfer,
the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security is overdue, and none of the Company, the Trustee
or any agent shall be affected by notice to the contrary. 
 Each Holder of this Security, by acceptance hereof, acknowledges and agrees to
the provisions of the Registration Rights Agreement, including the obligations of the Holders with respect to a registration and the indemnification of the Company to the extent provided therein. 
 The Indenture and this Security shall be governed by and construed in accordance with the laws of the State of New York, without regard to principles of
conflicts of laws. 
 Except as set forth in the second paragraph of this Reverse of 7.75% Senior Unsecured Notes, all terms used in this
Security which are defined in the Indenture shall have the same meanings assigned to them in the Indenture. 
  

 A-11 

 ASSIGNMENT FORM 
 To assign this 7.75% Senior Unsecured Note Due 2019 (this “7.75% Security”), fill in the form below: 
 I or we assign and transfer
this 7.75% Security to 
 (Print or type assignee’s name, address and zip code) 
 (Insert assignee’s soc. sec. or tax I.D. No.) 
 and
irrevocably appoint                                 agent to transfer this 7.75%
Security on the books of the Company. The agent may substitute another to act for him. 
  
  

  

									
					
	Date:	 	________________________________________________	 		 	Your Signature:	 	  
	  

 Sign exactly as your name appears on the other side of this 7.75% Security. 
 In connection with any transfer of any of the 7.75% Securities evidenced by this certificate occurring prior to the expiration of the period referred to in
Rule 144(k) under the Securities Act after the later of the date of original issuance of such 7.75% Securities and the last date, if any, on which such 7.75% Securities were owned by the Company or any Affiliate of the Company, the
undersigned confirms that such 7.75% Securities are being transferred in accordance with its terms: 
 CHECK ONE BOX BELOW 
 to the Company; or 
  

	 	1.	pursuant to an effective registration statement under the Securities Act of 1933; or 

  

	 	2.	inside the United States to a “qualified institutional buyer” (as defined in Rule 144A under the Securities Act of 1933) that purchases for its own account or for the
account of a qualified institutional buyer to whom notice is given that such transfer is being made in reliance on Rule 144A, in each case pursuant to and in compliance with Rule 144A under the Securities Act of 1933; or

  

 A-12 

	 	3.	outside the United States in an offshore transaction within the meaning of Regulation S under the Securities Act in compliance with Rule 904 under the Securities Act of 1933;
or 

  

	 	4.	pursuant to the exemption from registration provided by Rule 144 under the Securities Act of 1933; or 

 Unless one of the boxes is checked, the Trustee will refuse to register any of the 7.75% Securities evidenced by this certificate in the name of any
person other than the registered holder thereof; provided, however, that if box (4) is checked, the Trustee shall be entitled to require, prior to registering any such transfer of the 7.75% Securities, such legal opinions,
certifications and other information as the Company has reasonably requested to confirm that such transfer is being made pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933,
such as the exemption provided by Rule 144 under such Act. 
  

	
	
	
	   
	Signature

 Signature Guarantee: 
  

					
		 		 	
			
	   	 		 	   
	Signature must be guaranteed	 		 	Signature

 Signatures must be guaranteed by an “eligible guarantor institution” meeting the
requirements of the Security Registrar, which requirements include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by
the Security Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended. 
  
  

 TO BE COMPLETED BY PURCHASER IF
(2) ABOVE IS CHECKED. 
 The undersigned represents and warrants that it is purchasing this 7.75% Security for its own account or an
account with respect to which it exercises sole investment discretion and that it and any such account is a “qualified institutional buyer” within the meaning of Rule 144A under the Securities Act of 1933, and is aware that the sale
to it is being made in reliance on Rule 144A and acknowledges that it has received such information regarding the Company as the undersigned has requested pursuant to 

  

 A-13 

 
Rule 144A or has determined not to request such information and that it is aware that the transferor is relying upon the undersigned’s foregoing
representations in order to claim the exemption from registration provided by Rule 144A. 
  

									
					
	Dated:	 	  	 		 	  	 	  
		 		 		 	Notice:	 	To be executed by an executive officer

  

 A-14 

 SCHEDULE OF INCREASES OR DECREASES IN GLOBAL SECURITY 
 The initial principal amount of this Global Security is $[    ]. The following increases or decreases in this Global Security have
been made: 
  

									
	 Date of Increase or
 Decrease
	 	 Amount of Decrease in
Principal Amount of this
Global
Security
	 	 Amount of Increase in
Principal Amount of this
Global
Security
	 	 Remaining Principal Amount
of this Global Security
Following such
Decrease or
Increase
	 	 Signature of Authorized
Signatory of Trustee
or
Custodian

		 		 		 		 	
		 		 		 		 	
		 		 		 		 	
		 		 		 		 	
		 		 		 		 	
		 		 		 		 	

  

 A-15Registration Rights Agreement dated May 24, 2007

 Exhibit 4.3 
 EXECUTION COPY 
 $1,650,000,000 Principal Amount 
 DYNEGY HOLDINGS INC. 
 7.5% Senior
Unsecured Notes due 2015 
 7.75% Senior Unsecured Notes due 2019 
 REGISTRATION RIGHTS AGREEMENT 
 May 24, 2007 
 J.P. Morgan Securities Inc. 
 Credit Suisse Securities (USA) LLC 

Citigroup Global Markets Inc., 
 as Representatives of the

 Several Initial Purchasers 
 c/o J.P. Morgan Securities Inc. 
 270 Park Avenue, 5th Floor 
 New York, N.Y. 10017 
 Dear Sirs: 
 Dynegy Holdings Inc., a Delaware corporation (the “Company”), proposes to issue and sell to the several initial purchasers named in
Schedule A (collectively, the “Initial Purchasers”) to the purchase agreement dated May 17, 2007 (the “Purchase Agreement”), subject to the terms and conditions stated therein, $550,000,000 aggregate
principal amount of its 7.5% Senior Unsecured Notes due 2015 and $1,100,000,000 aggregate principal amount of its 7.75% Senior Unsecured Notes due 2019 (collectively, the “Initial Securities”). The Initial Securities will be issued
under a third and fourth supplemental indenture, respectively, each dated as of or about May 24, 2007 to the indenture dated September 26, 1996, as amended and restated as of March 23, 1998, amended and restated again as of
March 14, 2001, supplemented by a first supplemental indenture dated as of July 25, 2003 and supplemented by a second supplemental indenture dated as of April 12, 2006 (collectively, the “Indenture”), between the
Company and Wilmington Trust Company (as successor to JPMorgan Chase Bank, N.A., the “Trustee”). As an inducement to the Initial Purchasers, the Company agrees with the Initial Purchasers, for the benefit of the holders of the
Initial Securities (including, without limitation, the Initial Purchasers), the Exchange Securities (as defined below) and the Private Exchange Securities (as defined below) (collectively the “Holders”), as follows: 
 1. Registered Exchange Offer. (a) The Company shall, at its own cost, prepare and, not later than 90 days after (or if the 90th day is
not a business day, the first 

 
business day thereafter) the date of original issue of the Initial Securities (the “Issue Date”), file with the Securities and Exchange
Commission (the “Commission”) a registration statement (the “Exchange Offer Registration Statement”) on an appropriate form under the Securities Act of 1933, as amended (the “Securities Act”), with
respect to a proposed offer (the “Registered Exchange Offer”) to the Holders of Transfer Restricted Securities (as defined in Section 6 hereof), who are not prohibited by any law or policy of the Commission from participating
in the Registered Exchange Offer, to issue and deliver to such Holders, in exchange for the Initial Securities, a like aggregate principal amount of debt securities (the “Exchange Securities”) of the Company issued under the
Indenture and identical in all material respects to the applicable series of Initial Securities (except for the transfer restrictions relating to the Initial Securities and the provisions relating to the matters described in Section 6 hereof)
that would be registered under the Securities Act. The Company shall use its reasonable best efforts to cause such Exchange Offer Registration Statement to become effective under the Securities Act within 180 days (or if the 180th day is not a
business day, the first business day thereafter) after the Issue Date of the Initial Securities and shall keep the Exchange Offer Registration Statement effective for not less than 30 days (or longer, if required by applicable law) after the
date notice of the Registered Exchange Offer is mailed to the Holders (such period being called the “Exchange Offer Registration Period”). 
 (b) If the Company effects the Registered Exchange Offer, the Company will be entitled to close the Registered Exchange Offer 30 days after the commencement thereof; provided that the Company has accepted all
the Initial Securities theretofore validly tendered in accordance with the terms of the Registered Exchange Offer. 
 (c) Following the
declaration of the effectiveness of the Exchange Offer Registration Statement, the Company shall as soon as practicable commence the Registered Exchange Offer, it being the objective of such Registered Exchange Offer to enable each Holder of
Transfer Restricted Securities (as defined in Section 6 hereof) electing to exchange the Initial Securities for Exchange Securities (assuming that such Holder is not an affiliate of the Company within the meaning of the Securities Act, acquires
the Exchange Securities in the ordinary course of such Holder’s business and has no arrangements with any person to participate in the distribution (within the meaning of the Securities Act) of the Exchange Securities and is not prohibited by
any law or policy of the Commission from participating in the Registered Exchange Offer) to trade such Exchange Securities from and after their receipt without any limitations or restrictions under the Securities Act and without material
restrictions under the securities laws of the several states of the United States. 
 (d) The Company acknowledges that, pursuant to current
interpretations by the Commission’s staff of Section 5 of the Securities Act, in the absence of an applicable exemption therefrom, (i) each Holder which is a broker-dealer electing to exchange Securities, acquired for its own account
as a result of market making activities or other trading activities, for Exchange Securities (an “Exchanging Dealer”), is required to deliver a prospectus containing the information set forth in (a) Annex A hereto on the cover,
(b) Annex B hereto in the “Exchange Offer Procedures” section or corresponding 

  

 2 

 
section and the “Purpose of the Exchange Offer” section or corresponding section, and (c) Annex C hereto in the “Plan of
Distribution” section or corresponding section of such prospectus in connection with a sale of any such Exchange Securities received by such Exchanging Dealer pursuant to the Registered Exchange Offer and (ii) an Initial Purchaser that
elects to sell Exchange Securities acquired in exchange for Initial Securities constituting any portion of an unsold allotment is required to deliver a prospectus containing the information required by Items 507 or 508 of Regulation S-K under the
Securities Act, as applicable, in connection with such sale. 
 (e) The Company shall use its reasonable best efforts to keep the Exchange
Offer Registration Statement effective and to amend and supplement the prospectus contained therein, in order to permit such prospectus to be lawfully delivered by all persons subject to the prospectus delivery requirements of the Securities Act for
such period of time as such persons must comply with such requirements in order to resell the Exchange Securities; provided, however, that (i) in the case where such prospectus and any amendment or supplement thereto must be
delivered by an Exchanging Dealer or an Initial Purchaser, such period shall be the lesser of 180 days following the effective date of the Exchange Offer Registration Statement and the date on which all Exchanging Dealers and the Initial Purchasers
have sold all Exchange Securities held by them (unless such period is extended pursuant to Section 3(j) below) and (ii) the Company shall make such prospectus and any amendment or supplement thereto available to any broker-dealer for use
in connection with any resale of any Exchange Securities for a period of not less than 90 days after the consummation of the Registered Exchange Offer. 
 (f) If, upon consummation of the Registered Exchange Offer, any Initial Purchaser holds Initial Securities acquired by it as part of its initial distribution, the Company, simultaneously with the delivery of the
Exchange Securities pursuant to the Registered Exchange Offer, shall issue and deliver to such Initial Purchaser upon the written request of such Initial Purchaser, in exchange (the “Private Exchange”) for the Initial Securities
held by such Initial Purchaser, a like principal amount of debt securities of the Company issued under the Indenture and identical in all material respects (including the existence of restrictions on transfer under the Securities Act and the
securities laws of the several states of the United States, but excluding provisions relating to the matters described in Section 6 hereof) to the Initial Securities (the “Private Exchange Securities”). The Initial Securities,
the Exchange Securities and the Private Exchange Securities are herein collectively called the “Securities”. 
 (g) In connection
with the Registered Exchange Offer, the Company shall: 
 (i) mail to each Holder a copy of the prospectus forming part of the
Exchange Offer Registration Statement, together with an appropriate letter of transmittal and related documents; 
 (ii) keep
the Registered Exchange Offer open for not less than 30 days (or longer, if required by applicable law) after the date notice thereof is mailed to the Holders; 
  

 3 

 (iii) utilize the services of a depositary for the Registered Exchange Offer, which may
be the Trustee or an affiliate of the Trustee; 
 (iv) permit Holders to withdraw tendered Securities at any time prior to the
close of business, New York time, on the last business day on which the Registered Exchange Offer shall remain open; and 
 (v) otherwise comply with all applicable laws. 
 (h) As soon as practicable after the close of the Registered Exchange Offer or the
Private Exchange, as the case may be, the Company shall: 
 (i) accept for exchange all the Initial Securities validly
tendered and not withdrawn pursuant to the Registered Exchange Offer or the Private Exchange; 
 (ii) deliver to the Trustee
for cancellation all the Initial Securities so accepted for exchange; and 
 (iii) cause the Trustee to authenticate and
deliver promptly to each Holder of the Initial Securities Exchange Securities or Private Exchange Securities, as the case may be, equal in principal amount to the Initial Securities of such Holder so accepted or tendered for exchange. 
 (i) The Indenture will provide that the Exchange Securities will not be subject to the transfer restrictions set forth in the Indenture and that all the
Securities of a series will vote and consent together on all matters as one class and that none of the Securities will have the right to vote or consent as a class separate from one another on any matter. 
 (j) Interest on each Exchange Security and Private Exchange Security issued pursuant to the Registered Exchange Offer and in the Private Exchange will
accrue from the last interest payment date on which interest was paid on the Initial Securities surrendered in exchange therefor or, if no interest has been paid on the Initial Securities, from the date of original issue of the Initial Securities.

 (k) Each Holder participating in the Registered Exchange Offer shall be required to represent to the Company that at the time of the
consummation of the Registered Exchange Offer (i) any Exchange Securities received by such Holder will be acquired in the ordinary course of business, (ii) such Holder will have no arrangements or understanding with any person to
participate in the distribution of the Exchange Securities within the meaning of the Securities Act, (iii) such Holder is not an “affiliate,” as defined in Rule 405 of the Securities Act, of the Company or if it is an affiliate, such
Holder will comply with the registration and prospectus delivery requirements of the Securities Act to the extent applicable, (iv) if such Holder is not a broker-dealer, that it is not engaged in, and does not intend to engage in, the
distribution of the Exchange Securities and (v) if such Holder is a broker-dealer, that it will receive Exchange Securities for its own account in exchange for Initial Securities that were acquired as a 

  

 4 

 
result of market-making activities or other trading activities and that it will be required to acknowledge that it will deliver a prospectus in connection
with any resale of such Exchange Securities. 
 (l) Notwithstanding any other provisions hereof, the Company will ensure that (i) any
Exchange Offer Registration Statement and any amendment thereto and any prospectus forming part thereof and any supplement thereto complies in all material respects with the Securities Act and the rules and regulations thereunder, (ii) any
Exchange Offer Registration Statement and any amendment thereto does not, when it becomes effective, contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements
therein not misleading and (iii) any prospectus forming part of any Exchange Offer Registration Statement, and any supplement to such prospectus, does not include an untrue statement of a material fact or omit to state a material fact required
to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. 
 2. Shelf Registration. (a) If, (i) because of any change in law or in applicable interpretations thereof by the staff of the Commission, the Company is not permitted to effect a Registered Exchange
Offer, as contemplated by Section 1 hereof, (ii) the Registered Exchange Offer is not consummated within 210 days of the Issue Date, (iii) any Initial Purchaser so requests with respect to the Initial Securities (or the Private
Exchange Securities) not eligible to be exchanged for Exchange Securities in the Registered Exchange Offer and held by it following consummation of the Registered Exchange Offer or (iv) any Holder (other than an Exchanging Dealer) is not
eligible to participate in the Registered Exchange Offer or, in the case of any Holder (other than an Exchanging Dealer) that participates in the Registered Exchange Offer, such Holder does not receive freely tradeable Exchange Securities on the
date of the exchange, the Company shall take the following actions: 
 (A) The Company shall, at its cost, as promptly as
practicable (but in no event more than 30 days after so required or requested pursuant to this Section 2) file with the Commission a registration statement (the “Shelf Registration Statement” and, together with the Exchange
Offer Registration Statement, a “Registration Statement”) on an appropriate form under the Securities Act relating to the offer and sale of the Transfer Restricted Securities (as defined in Section 6 hereof) by the Holders
thereof from time to time in accordance with the methods of distribution set forth in the Shelf Registration Statement and Rule 415 under the Securities Act (hereinafter, the “Shelf Registration”); provided, however,
that (1) in the case contemplated by clause (a)(i) of this Section, the Company shall use its reasonable best efforts to cause the Shelf Registration Statement to be declared effective on or prior the 180th day of the Issue Date (unless it
becomes effective automatically upon filing), and (2) in the cases contemplated by clauses (a)(ii), (a)(iii) and (a)(iv) of this Section 2, the Company shall use its reasonable best efforts to cause the Shelf Registration Statement to
be declared effective on or prior the 90th date after the date on which the Shelf 

  

 5 

 
Registration Statement is required to be filed (unless it becomes effective automatically upon filing), provided, further, that no Holder
(other than an Initial Purchaser) shall be entitled to have the Securities held by it covered by such Shelf Registration Statement unless such Holder agrees in writing to be bound by all the provisions of this Agreement applicable to such Holder.

 (B) The Company shall use its reasonable best efforts to keep the Shelf Registration Statement continuously effective in
order to permit the prospectus included therein to be lawfully delivered by the Holders of the relevant Securities, for a period of two years (or for such longer period if extended pursuant to Section 3(j) below) from the Issue Date or such
shorter period that will terminate when all the Securities covered by the Shelf Registration Statement (i) have been sold pursuant thereto or (ii) are no longer restricted securities (as defined in Rule 144 under the Securities Act, or any
successor rule thereof). 
 (C) Notwithstanding any other provisions of this Agreement to the contrary, the Company shall
cause the Shelf Registration Statement and the related prospectus and any amendment or supplement thereto, as of its respective effective date, (i) to comply in all material respects with the applicable requirements of the Securities Act and
the rules and regulations of the Commission and (ii) not to contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein, in light of the
circumstances under which they were made, not misleading. 
 3. Registration Procedures. In connection with any Shelf Registration
contemplated by Section 2 hereof and, to the extent applicable, any Registered Exchange Offer contemplated by Section 1 hereof, the following provisions shall apply: 
 (a) The Company shall (i) furnish to each Initial Purchaser, prior to the filing thereof with the Commission, a copy of the
Registration Statement and each amendment thereof and each supplement, if any, to the prospectus included therein and, in the event that an Initial Purchaser (with respect to any portion of an unsold allotment from the original offering) is
participating in the Registered Exchange Offer or the Shelf Registration Statement, the Company shall use its reasonable best efforts to reflect in each such document, when so filed with the Commission, such comments as such Initial Purchaser
reasonably may propose; (ii) include the information set forth in Annex A hereto on the cover, in Annex B hereto in the “Exchange Offer Procedures” section or corresponding section and the “Purpose of the Exchange Offer”
section or corresponding section and in Annex C hereto in the “Plan of Distribution” section or corresponding section of the prospectus forming a part of the Exchange Offer Registration Statement and include the information set forth in
Annex D hereto in the Letter of Transmittal delivered pursuant to the Registered Exchange Offer; (iii) if requested by an Initial Purchaser, include the information required by Items 507 or 508 of Regulation S-K under the Securities Act, as
applicable, in the prospectus forming a part of the 

  

 6 

 
Exchange Offer Registration Statement; (iv) include within the prospectus contained in the Exchange Offer Registration Statement a section entitled
“Plan of Distribution,” reasonably acceptable to the Initial Purchasers, which shall contain a summary statement of the positions taken or policies made by the staff of the Commission with respect to the potential “underwriter”
status of any broker-dealer that is the beneficial owner (as defined in Rule 13d-3 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) of Exchange Securities received by such broker-dealer in the Registered
Exchange Offer (a “Participating Broker-Dealer”), whether such positions or policies have been publicly disseminated by the staff of the Commission or such positions or policies, in the reasonable judgment of the Initial Purchasers
based upon advice of counsel (which may be in-house counsel), represent the prevailing views of the staff of the Commission; and (v) in the case of a Shelf Registration Statement, include in the prospectus included in the Shelf Registration
Statement (or, if permitted by Commission Rule 430B(b), in a prospectus supplement that becomes a part thereof pursuant to Commission Rule 430B(f)) that is delivered to any Holder pursuant to Section 3(d) and (f), the names of
the Holders who propose to sell Securities pursuant to the Shelf Registration Statement, as selling securityholders. 
 (b)
The Company shall give written notice to the Initial Purchasers, the Holders of the Securities and any Participating Broker-Dealer from whom the Company has received prior written notice that it will be a Participating Broker-Dealer in the
Registered Exchange Offer (which notice pursuant to clauses (ii)-(v) hereof shall be accompanied by an instruction to suspend the use of the prospectus until the requisite changes have been made): 
 (i) when the Registration Statement or any amendment thereto has been filed with the Commission and when the Registration Statement or any
post-effective amendment thereto has become effective; 
 (ii) of any request by the Commission for amendments or supplements
to the Registration Statement or the prospectus included therein or for additional information; 
 (iii) of the issuance by
the Commission of any stop order suspending the effectiveness of the Registration Statement or the initiation of any proceedings for that purpose, of the issuance by the Commission of a notification of objection to the use of the form on which the
Registration Statement has been filed, and of the happening of any event that causes the Company to become an “ineligible issuer,” as defined in Commission Rule 405; 
 (iv) of the receipt by the Company or its legal counsel of any notification with respect to the suspension of the qualification of the

  

 7 

 
Securities for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose; and 
 (v) of the happening of any event that requires the Company to make changes in the Registration Statement or the prospectus in order that
the Registration Statement or the prospectus do not contain an untrue statement of a material fact nor omit to state a material fact required to be stated therein or necessary to make the statements therein (in the case of the prospectus, in light
of the circumstances under which they were made) not misleading. 
 (c) The Company shall make every reasonable effort to
obtain the withdrawal at the earliest possible time, of any order suspending the effectiveness of the Registration Statement. 
 (d) The Company shall furnish to each Holder of Securities included within the coverage of the Shelf Registration who so requests in writing, without charge, at least one copy of the Shelf Registration Statement and any post-effective
amendment or supplement thereto, including financial statements and schedules, and, if the Holder so requests in writing, all exhibits thereto (including those, if any, incorporated by reference). The Company shall not, without the prior consent of
the Initial Purchasers, make any offer relating to the Securities that would constitute a “free writing prospectus,” as defined in Commission Rule 405. 
 (e) The Company shall deliver to each Exchanging Dealer, each Initial Purchaser and to any other Holder who so requests in writing,
without charge, at least one copy of the Exchange Offer Registration Statement and any post-effective amendment thereto, including financial statements and schedules, and, if any Initial Purchaser or any such Holder requests in writing, all exhibits
thereto (including those incorporated by reference). 
 (f) The Company shall, during the Shelf Registration Period, deliver
to each Holder of Securities included within the coverage of the Shelf Registration, without charge, as many copies of the prospectus (including each preliminary prospectus) included in the Shelf Registration Statement and any amendment or
supplement thereto as such person may reasonably request. The Company consents, subject to the provisions of this Agreement, to the use of the prospectus or any amendment or supplement thereto by each of the selling Holders of the Securities in
connection with the offering and sale of the Securities covered by the prospectus, or any amendment or supplement thereto, included in the Shelf Registration Statement. 
 (g) The Company shall deliver to each Initial Purchaser, any Exchanging Dealer, any Participating Broker-Dealer and such other persons
required to deliver a prospectus following the Registered Exchange Offer, without 

  

 8 

 
charge, as many copies of the final prospectus included in the Exchange Offer Registration Statement and any amendment or supplement thereto as such persons
may reasonably request. The Company consents, subject to the provisions of this Agreement, to the use of the prospectus or any amendment or supplement thereto by any Initial Purchaser, if necessary, any Participating Broker-Dealer and such other
persons required to deliver a prospectus following the Registered Exchange Offer in connection with the offering and sale of the Exchange Securities covered by the prospectus, or any amendment or supplement thereto, included in such Exchange Offer
Registration Statement. 
 (h) Prior to any public offering of the Securities, pursuant to any Registration Statement, the
Company shall register or qualify or cooperate with the Holders of the Securities included therein and their respective counsel in connection with the registration or qualification of the Securities for offer and sale under the securities or
“blue sky” laws of such states of the United States as any Holder of the Securities reasonably requests in writing and do any and all other acts or things necessary or advisable to enable the offer and sale in such jurisdictions of the
Securities covered by such Registration Statement; provided, however, that the Company shall not be required to (i) qualify generally to do business in any jurisdiction where it is not then so qualified or (ii) take any
action which would subject it to general service of process or to taxation in any jurisdiction where it is not then so subject. 
 (i) The Company shall cooperate with the Holders of the Securities to facilitate the timely preparation and delivery of certificates representing the Securities to be sold pursuant to any Registration Statement free of any restrictive
legends and in such denominations and registered in such names as the Holders may request a reasonable period of time prior to sales of the Securities pursuant to such Registration Statement. 
 (j) Upon the occurrence of any event contemplated by paragraphs (ii) through (v) of Section 3(b) above during the period
for which the Company is required to maintain an effective Registration Statement, the Company shall promptly prepare and file a post-effective amendment to the Registration Statement or a supplement to the related prospectus and any other required
document so that, as thereafter delivered to Holders of the Securities or purchasers of the Securities, the prospectus will not contain an untrue statement of a material fact or omit to state any material fact required to be stated therein or
necessary to make the statements therein, in light of the circumstances under which they were made, not misleading. If the Company notifies the Initial Purchasers, the Holders of the Securities and any known Participating Broker-Dealer in accordance
with paragraphs (ii) through (v) of Section 3(b) above to suspend the use of the prospectus until the requisite changes to the prospectus have been made, then the Initial Purchasers, the Holders of the Securities and any such
Participating Broker-Dealers shall suspend use of such prospectus, and the period of effectiveness of the Shelf Registration Statement provided for in Section 2 above and the 

  

 9 

 
Exchange Offer Registration Statement provided for in Section 1 above shall each be extended by the number of days from and including the date of the
giving of such notice to and including the date when the Initial Purchasers, the Holders of the Securities and any known Participating Broker-Dealer shall have received such amended or supplemented prospectus pursuant to this Section 3(j).
During the period during which the Company is required to maintain an effective Shelf Registration Statement pursuant to this Agreement, the Company will prior to the three-year expiration of that Shelf Registration Statement file, and use its
reasonable best efforts to cause to be declared effective (unless it becomes effective automatically upon filing) within a period that avoids any interruption in the ability of Holders of Securities covered by the expiring Shelf Registration
Statement to make registered dispositions, a new registration statement relating to the Securities, which shall be deemed the “Shelf Registration Statement” for purposes of this Agreement. 
 (k) Not later than the effective date of the applicable Registration Statement, the Company will provide a CUSIP number for the Initial
Securities of each series, the Exchange Securities of each series or the Private Exchange Securities of each series, as the case may be, and provide the applicable trustee with printed certificates for the Initial Securities of each series, the
Exchange Securities of each series or the Private Exchange Securities of each series, as the case may be, in a form eligible for deposit with The Depository Trust Company. 
 (l) The Company will comply with all rules and regulations of the Commission to the extent and so long as they are applicable to the
Registered Exchange Offer or the Shelf Registration and will make generally available to its security holders (or otherwise provide in accordance with Section 11(a) of the Securities Act) an earnings statement satisfying the provisions of
Section 11(a) of the Securities Act, no later than 45 days after the end of a 12-month period (or 90 days, if such period is a fiscal year) beginning with the first month of the Company’s first fiscal quarter commencing after the effective
date of the Registration Statement, which statement shall cover such 12-month period. 
 (m) The Company shall cause the
Indenture to be qualified under the Trust Indenture Act of 1939, as amended, in a timely manner and containing such changes, if any, as shall be necessary for such qualification. In the event that such qualification would require the appointment of
a new trustee under the Indenture, the Company shall appoint a new trustee thereunder pursuant to the applicable provisions of the Indenture. 
 (n) The Company may require each Holder of Securities to be sold pursuant to the Shelf Registration Statement to furnish to the Company such information regarding the Holder and the distribution of the Securities as
the Company may from time to time reasonably require for inclusion in the Shelf Registration Statement, and the Company may exclude from such registration the 

  

 10 

 
Securities of any Holder that unreasonably fails to furnish such information within a reasonable time after receiving such request. 
 (o) The Company shall enter into such customary agreements (including, if requested, an underwriting agreement in customary form) and take
all such other action, if any, as any Holder of the Securities shall reasonably request in order to facilitate the disposition of the Securities pursuant to any Shelf Registration. 
 (p) In the case of any Shelf Registration, the Company shall (i) make reasonably available for inspection by the Holders of the
Securities, any underwriter participating in any disposition pursuant to the Shelf Registration Statement and any attorney, accountant or other agent retained by the Holders of the Securities or any such underwriter all relevant financial and other
records, pertinent corporate documents and properties of the Company and (ii) cause the Company’s officers, directors, employees, accountants and auditors to supply all material relevant information reasonably requested by the Holders of
the Securities or any such underwriter, attorney, accountant or agent in connection with the Shelf Registration Statement, in each case, as shall be reasonably necessary to enable such persons to conduct a reasonable investigation within the meaning
of Section 11 of the Securities Act; provided, however, that the foregoing inspection and information gathering shall be coordinated on behalf of the Initial Purchasers by you and, on behalf of the other parties, by one counsel
designated by and on behalf of such other parties as described in Section 4 hereof, and the Company shall have no obligation to pay the fees and expenses of such persons or entities other than as contemplated by Section 4. 
 (q) In the case of any Shelf Registration, the Company, if requested by any Holder of Securities covered thereby, shall cause (i) its
counsel to deliver an opinion and updates thereof relating to the Securities in customary form addressed to the managing underwriters, if any, thereof and dated, in the case of the initial opinion, the effective date of such Shelf Registration
Statement (it being agreed that the matters to be covered by such opinion shall include, without limitation, the valid existence and good standing of the Company and its subsidiaries; the due authorization, execution and delivery of the relevant
agreement of the type referred to in Section 3(o) hereof; the due authorization, execution, authentication and issuance, and the validity and enforceability, of the applicable Securities; the absence of material legal or governmental
proceedings involving the Company and its subsidiaries; the absence of governmental approvals required to be obtained in connection with the Shelf Registration Statement, the offering and sale of the applicable Securities, or any agreement of the
type referred to in Section 3(o) hereof; the compliance as to form of such Shelf Registration Statement and any documents incorporated by reference therein and of the Indenture with the requirements of the Securities Act and the Trust Indenture
Act, respectively; as of the date of the opinion and as of the effective date of the Shelf Registration Statement or most recent post-effective amendment thereto or most 

  

 11 

 
recent prospectus supplement thereto that is deemed to establish a new effective date, as the case may be, the absence from such Shelf Registration Statement
and the prospectus and any prospectus supplement included therein, as then amended or supplemented and including any documents incorporated by reference therein, of an untrue statement of a material fact or the omission to state therein a material
fact required to be stated therein or necessary to make the statements therein not misleading; and as of an applicable time identified by such Holders or managing underwriters, the absence from the prospectus included in the Registration Statement,
as amended or supplemented at such applicable time and including any documents incorporated by reference therein, taken together with any other documents identified by such Holders or managing underwriters and the Company and referenced in such
opinion, of an untrue statement of a material fact or the omission to state therein a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not
misleading; (ii) its officers to execute and deliver all customary documents and certificates and updates thereof requested by any underwriters of the applicable Securities and (iii) its independent public accountants and the independent
public accountants with respect to any other entity for which financial information is provided in the Shelf Registration Statement to provide to any underwriter therefor a comfort letter in customary form and covering matters of the type
customarily covered in comfort letters in connection with primary underwritten offerings, subject to receipt of appropriate documentation as contemplated, and only if permitted, by AU sec. 634. 
 (r) In the case of the Registered Exchange Offer, if requested by any Initial Purchaser or any known Participating Broker-Dealer, the
Company shall cause (i) its outside and internal counsel to deliver to such Initial Purchaser or such Participating Broker-Dealer the opinions of such counsel in the form set forth in Sections 7(c) and (d) of the Purchase Agreement with
such changes as are customary in connection with the preparation of a Registration Statement and (ii) its independent public accountants to deliver to such Initial Purchaser or such Participating Broker-Dealer a comfort letter, in customary
form, meeting the requirements as to the substance thereof as set forth in Sections 7(a) and (g) of the Purchase Agreement, with appropriate date changes, subject to receipt of appropriate documentation as contemplated, and only if
permitted, by AU sec. 634. 
 (s) If a Registered Exchange Offer or a Private Exchange is to be consummated, upon delivery of
the Initial Securities by Holders to the Company (or to such other Person as directed by the Company) in exchange for the Exchange Securities or the Private Exchange Securities, as the case may be, the Company shall mark, or caused to be marked, on
the Initial Securities so exchanged that such Initial Securities are being canceled in exchange for the Exchange Securities or the Private Exchange Securities, as the case may be; in no event shall the Initial Securities be marked as paid or
otherwise satisfied. 
  

 12 

 (t) The Company will use its reasonable best efforts to (a) if the Initial
Securities have been rated prior to the initial sale of such Initial Securities, confirm such ratings will apply to the Securities covered by a Registration Statement, or (b) if the Initial Securities were not previously rated, cause the
Securities covered by a Registration Statement to be rated with the appropriate rating agencies, if so requested by Holders of a majority in aggregate principal amount of Securities covered by such Registration Statement, or by the managing
underwriters, if any. 
 (u) In the event that any broker-dealer registered under the Exchange Act shall underwrite any
Securities or participate as a member of an underwriting syndicate or selling group or “assist in the distribution” (within the meaning of the Conduct Rules (the “Rules”) of the National Association of Securities Dealers,
Inc. (“NASD”)) thereof, whether as a Holder of such Securities or as an underwriter, a placement or sales agent or a broker or dealer in respect thereof, or otherwise, the Company will assist such broker-dealer in complying with the
requirements of such Rules, including, without limitation, by (i) if such Rules, including Rule 2720, shall so require, engaging a “qualified independent underwriter” (as defined in Rule 2720) to participate in the preparation of the
Registration Statement relating to such Securities, to exercise usual standards of due diligence in respect thereto and, if any portion of the offering contemplated by such Registration Statement is an underwritten offering or is made through a
placement or sales agent, to recommend the yield of such Securities, (ii) indemnifying any such qualified independent underwriter to the extent of the indemnification of underwriters provided in Section 5 hereof and (iii) providing
such information to such broker-dealer as may be required in order for such broker-dealer to comply with the requirements of the Rules; provided that the Company shall have no obligation to pay such qualified independent underwriter’s fees and
expenses. 
 (v) The Company shall use its reasonable best efforts to take all other steps necessary to effect the
registration of the Securities covered by a Registration Statement contemplated hereby. 
  

 13 

 4. Registration Expenses. The Company shall bear all fees and expenses incurred in connection with
the performance of its obligations under Sections 1 through 3 hereof (including the reasonable fees and expenses, if any, of Cravath, Swaine & Moore, LLP, counsel for the Initial Purchasers, incurred in connection with the Registered
Exchange Offer), whether or not the Registered Exchange Offer or a Shelf Registration is filed or becomes effective, and, in the event of a Shelf Registration, shall bear or reimburse the Holders of the Securities covered thereby for the reasonable
fees and disbursements of one firm of counsel designated by the Holders of a majority in principal amount of the Initial Securities covered thereby to act as counsel for the Holders of the Initial Securities in connection therewith. 
 5. Indemnification. (i) The Company agrees to indemnify and hold harmless each Holder of the Securities, any Participating Broker-Dealer and
each person, if any, who controls such Holder or such Participating Broker-Dealer within the meaning of the Securities Act or the Exchange Act (each Holder, any Participating Broker-Dealer and such controlling persons are referred to collectively as
the “Indemnified Parties”) from and against any losses, claims, damages or liabilities, joint or several, or any actions in respect thereof (including, but not limited to, any losses, claims, damages, liabilities or actions relating
to purchases and sales of the Securities) to which each indemnified party may become subject under the Securities Act, the Exchange Act or otherwise, insofar as such losses, claims, damages, liabilities or actions arise out of or are based upon any
untrue statement or alleged untrue statement of a material fact contained in a Registration Statement or prospectus or in any amendment or supplement thereto or in any preliminary prospectus or “issuer free writing prospectus,” as defined
in Commission Rule 433 (“Issuer FWP”), relating to a Shelf Registration, or arise out of, or are based upon, the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the
statements therein not misleading, and shall reimburse, as incurred, the Indemnified Parties for any legal or other expenses reasonably incurred by them in connection with investigating or defending any such loss, claim, damage, liability or action
in respect thereof; provided, however, that the Company shall not be liable in any such case to the extent that such loss, claim, damage or liability arises out of or is based upon any untrue statement or alleged untrue statement or
omission or alleged omission made in a Registration Statement or prospectus or in any amendment or supplement thereto or in any preliminary prospectus or Issuer FWP relating to a Shelf Registration in reliance upon and in conformity with written
information pertaining to such Holder and furnished to the Company by or on behalf of such Holder specifically for inclusion therein. 
 (b)
Each Holder of the Securities, severally and not jointly, will indemnify and hold harmless the Company and each person, if any, who controls the Company within the meaning of the Securities Act or the Exchange Act from and against any losses,
claims, damages or liabilities or any actions in respect thereof, to which the Company or any such controlling person may become subject under the Securities Act, the Exchange Act or otherwise, insofar as such losses, claims, damages, liabilities or
actions arise out of or are based upon any untrue statement or alleged untrue statement of a material fact contained in a Registration Statement or prospectus or in any amendment or supplement 

  

 14 

 
thereto or in any preliminary prospectus or Issuer FWP relating to a Shelf Registration, or arise out of or are based upon the omission or alleged omission
to state therein a material fact necessary to make the statements therein not misleading, but in each case only to the extent that the untrue statement or omission or alleged untrue statement or omission was made in reliance upon and in conformity
with written information pertaining to such Holder and furnished to the Company by or on behalf of such Holder specifically for inclusion therein; and, subject to the limitation set forth immediately preceding this clause, shall reimburse, as
incurred, the Company for any legal or other expenses reasonably incurred by the Company or any such controlling person in connection with investigating or defending any loss, claim, damage, liability or action in respect thereof. This indemnity
agreement will be in addition to any liability which such Holder may otherwise have to the Company or any of its controlling persons. 
 (c)
Promptly after receipt by an indemnified party under this Section 5 of notice of the commencement of any action or proceeding (including a governmental investigation), such indemnified party will, if a claim in respect thereof is to be made
against the indemnifying party under this Section 5, notify the indemnifying party of the commencement thereof; but the failure to notify the indemnifying party shall not relieve the indemnifying party from any liability that it may have under
subsection (a) or (b) above except to the extent that it has been materially prejudiced (through the forfeiture of substantive rights or defenses) by such failure; and provided further that the failure to notify the indemnifying
party shall not relieve it from any liability that it may have to an indemnified party otherwise than under subsection (a) or (b) above. In case any such action is brought against any indemnified party, and it notifies the indemnifying
party of the commencement thereof, the indemnifying party will be entitled to participate therein and, to the extent that it may wish, jointly with any other indemnifying party similarly notified, to assume the defense thereof, with counsel
reasonably satisfactory to such indemnified party (who shall not, except with the consent of the indemnified party, be counsel to the indemnifying party), and after notice from the indemnifying party to such indemnified party of its election so to
assume the defense thereof the indemnifying party will not be liable to such indemnified party under this Section 5 for any legal or other expenses, other than reasonable costs of investigation, subsequently incurred by such indemnified party
in connection with the defense thereof. If the Company has assumed the defense in any such proceedings, any indemnified party shall have the right to retain its own counsel, but the fees and expenses of such counsel shall be at the expense of such
indemnified party unless (i) the Company and the indemnified party shall have mutually agreed to the contrary; (ii) the Company has failed within a reasonable time to retain counsel reasonably satisfactory to the Indemnified Party;
(iii) the Indemnified Party shall have reasonably concluded that there may be legal defenses available to it that are different from or in addition to those available to the Company; or (iv) the named parties in any such proceeding
(including any impleaded parties) include both the Company and the indemnified party and representation of both parties by the same counsel would be inappropriate due to actual or potential differing interests between them. It is understood and
agreed that the Company shall not, in connection with any proceeding or related proceeding in the same jurisdiction, be liable for the fees and expenses of more than one separate firm (in addition to any local counsel) for all Indemnified Parties,
and that all 

  

 15 

 
such fees and expenses shall be reimbursed as they are incurred. Any such separate firm for any indemnified party, its affiliates, directors and officers and
any control persons of such indemnified party shall be designated in writing by J. P. Morgan Securities Inc. No indemnifying party shall, without the prior written consent of the indemnified party, effect any settlement of any pending or threatened
action in respect of which any indemnified party is or could have been a party and indemnity could have been sought hereunder by such indemnified party unless such settlement (i) includes an unconditional release of such indemnified party from
all liability on any claims that are the subject matter of such action, and (ii) does not include a statement as to or an admission of fault, culpability or a failure to act by or on behalf of any indemnified party. 
 (d) If the indemnification provided for in this Section 5 is unavailable or insufficient to hold harmless an indemnified party under subsections
(a) or (b) above, then each indemnifying party shall contribute to the amount paid or payable by such indemnified party as a result of the losses, claims, damages or liabilities (or actions in respect thereof) referred to in subsection
(a) or (b) above (i) in such proportion as is appropriate to reflect the relative benefits received by the indemnifying party or parties on the one hand and the indemnified party on the other from the exchange of the Securities,
pursuant to the Registered Exchange Offer, or (ii) if the allocation provided by the foregoing clause (i) is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in
clause (i) above but also the relative fault of the indemnifying party or parties on the one hand and the indemnified party on the other in connection with the statements or omissions that resulted in such losses, claims, damages or liabilities
(or actions in respect thereof) as well as any other relevant equitable considerations. The relative fault of the parties shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or
the omission or alleged omission to state a material fact relates to information supplied by the Company on the one hand or such Holder or such other indemnified party, as the case may be, on the other, and the parties’ relative intent,
knowledge, access to information and opportunity to correct or prevent such statement or omission. The amount paid by an indemnified party as a result of the losses, claims, damages or liabilities referred to in the first sentence of this subsection
(d) shall be deemed to include any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending any action or claim which is the subject of this subsection (d). Notwithstanding any other
provision of this Section 5(d), no Holder of the Securities shall be required to contribute any amount in excess of the amount by which the net proceeds received by such Holder from the sale of the Securities pursuant to a Registration
Statement exceeds the amount of damages which such Holder has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No person guilty of fraudulent misrepresentation (within the meaning
of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. For purposes of this paragraph (d), each person, if any, who controls such indemnified party
within the meaning of the Securities Act or the Exchange Act shall have the same rights to contribution as such indemnified party and each person, if any, who controls the Company within the meaning of the Securities Act or the Exchange Act shall
have the 

  

 16 

 
same rights to contribution as the Company. The Holders’ obligations to contribute pursuant to this Section 5(d) are several and not joint.

 (e) The agreements contained in this Section 5 shall survive the sale of the Securities pursuant to a Registration Statement and
shall remain in full force and effect, regardless of any termination or cancellation of this Agreement or any investigation made by or on behalf of any indemnified party. 
 6. Additional Interest Under Certain Circumstances. (a) Additional interest (the “Additional Interest”) with respect to the Initial Securities of a series shall be assessed as follows if
any of the following events occur (each such event in clauses (i) through (vi) below a “Registration Default”): 
 (i) if the Company fails to file an Exchange Offer Registration Statement with respect to such series with the Commission on or prior to the 90th day after the Issue Date, or 
 (ii) if the Exchange Offer Registration Statement with respect to such series is not declared effective by the Commission on or prior to
the 180th day after the Issue Date or, if obligated to file a Shelf Registration with respect to such series Statement because of the circumstances described in Section 2(a)(i) above, a Shelf Registration Statement with respect to such series
has not become effective on or prior to the 180th day after the Issue Date, or 
 (iii) if the Exchange Offer with respect to
such series is not consummated on or before the 40th day after the Exchange Offer Registration Statement with respect to such series is declared effective, or 
 (iv) if obligated to file a Shelf Registration Statement because of circumstances described in Section 2(a)(ii), 2(a)(iii), or
2(a)(iv) above, the Company fails to file the Shelf Registration Statement with respect to such series with the Commission on or prior to the 30th day (the “Shelf Filing Date”) after the date on which the obligation to file a Shelf
Registration Statement with respect to such series arises, or 
 (v) if obligated to file a Shelf Registration Statement
because of circumstances described in Section 2(a)(ii), 2(a)(iii), or 2(a)(iv) above, the Shelf Registration Statement with respect to such series has not become effective on or prior to the 90th day of the Shelf Filing Date, or 
 (vi) if after either the Exchange Offer Registration Statement with respect to such series or the Shelf Registration Statement with
respect to such series becomes effective (A) such Registration Statement thereafter ceases to be effective; or (B) such Registration Statement or the related prospectus ceases to be usable (except as permitted in paragraph (b)) in
connection with resales of Transfer Restricted Securities of such series during the periods specified herein because either (1) any event occurs as a result of which the related prospectus 

  

 17 

 
forming part of such Registration Statement would include any untrue statement of a material fact or omit to state any material fact necessary to make the
statements therein in the light of the circumstances under which they were made not misleading, (2) it shall be necessary to amend such Registration Statement or supplement the related prospectus to comply with the Securities Act or the
Exchange Act or the respective rules thereunder, or (3) such Registration Statement is a Shelf Registration Statement that has expired before a replacement Shelf Registration Statement has become effective. 
 Additional Interest shall accrue on the Initial Securities of the applicable series over and above the interest set forth in the title of the Securities of such series
from and including the date on which any such Registration Default with respect to such series shall occur to but excluding the date on which all such Registration Defaults with respect to such series have been cured. The rate of the Additional
Interest will be 0.25% per annum for the first 90-day period immediately following the occurrence of a Registration Default with respect to such series, and such rate will increase by an additional 0.25% per annum with respect to each
subsequent 90-day period until all Registration Defaults with respect to such series have been cured, up to a maximum additional interest rate of 1.0% per annum. 
 (b) A Registration Default referred to in Section 6(a)(vi)(B) hereof shall be deemed not to have occurred and be continuing in relation to a Shelf Registration Statement or the related prospectus if (i) such
Registration Default has occurred solely as a result of (x) the filing of a post-effective amendment to such Shelf Registration Statement to incorporate annual audited financial information with respect to the Company where such post-effective
amendment is not yet effective and needs to be declared effective to permit Holders to use the related prospectus or (y) other material events, with respect to the Company that would need to be described in such Shelf Registration Statement or
the related prospectus and (ii) in the case of clause (y), the Company is proceeding promptly and in good faith to amend or supplement such Shelf Registration Statement and related prospectus to describe such events; provided,
however, that, in any case, if such Registration Default occurs for a continuous period in excess of 30 days, Additional Interest shall be payable in accordance with the above paragraph from the day such Registration Default occurs until such
Registration Default is cured. 
 (c) Any amounts of Additional Interest due pursuant to clause (i), (ii) or (iii) of
Section 6(a) above will be payable in cash on the regular interest payment dates with respect to the Initial Securities of the applicable series. The amount of Additional Interest will be determined by multiplying the applicable Additional
Interest rate by the principal amount of the Initial Securities of such series, multiplied by a fraction, the numerator of which is the number of days such Additional Interest rate was applicable during such period (determined on the basis of a
360-day year comprised of twelve 30-day months), and the denominator of which is 360. 
 (d) “Transfer Restricted
Securities” means each Security until (i) the date on which such Transfer Restricted Security has been exchanged by a person other than a 

  

 18 

 
broker-dealer for a freely transferable Exchange Security in the Registered Exchange Offer, (ii) following the exchange by a broker-dealer in the
Registered Exchange Offer of a Initial Security for an Exchange Note, the date on which such Exchange Note is sold to a purchaser who receives from such broker-dealer on or prior to the date of such sale a copy of the prospectus contained in the
Exchange Offer Registration Statement, (iii) the date on which such Initial Security has been effectively registered under the Securities Act and disposed of in accordance with the Shelf Registration Statement or (iv) the date on which
such Initial Security is distributed to the public pursuant to Rule 144 under the Securities Act or is saleable pursuant to Rule 144(k) under the Securities Act. 
 7. Rules 144 and 144A. The Company shall use its reasonable best efforts to file the reports required to be filed by it under the Securities Act and the Exchange Act in a timely manner and, if at any time
the Company is not required to file such reports, it will, upon the request of any Holder of Initial Securities, make publicly available other information so long as necessary to permit sales of their securities pursuant to Rules 144 and 144A.
The Company covenants that it will take such further action as any Holder of Initial Securities may reasonably request, all to the extent required from time to time to enable such Holder to sell Initial Securities without registration under the
Securities Act within the limitation of the exemptions provided by Rules 144 and 144A (including the requirements of Rule 144A(d)(4)). To the extent not available on the Commission’s EDGAR system, the Company will provide a copy of
this Agreement to prospective purchasers of Initial Securities identified to the Company by the Initial Purchasers upon request. Upon the request of any Holder of Initial Securities, the Company shall deliver to such Holder a written statement as to
whether it has complied with such requirements. Notwithstanding the foregoing, nothing in this Section 7 shall be deemed to require the Company to register any of its securities pursuant to the Exchange Act. 
 8. Underwritten Registrations. If any of the Transfer Restricted Securities covered by any Shelf Registration are to be sold in an
underwritten offering, the investment banker or investment bankers and manager or managers that will administer the offering (“Managing Underwriters”) will be selected by the Holders of a majority in aggregate principal amount of
such Transfer Restricted Securities to be included in such offering. 
 No person may participate in any underwritten registration hereunder
unless such person (i) agrees to sell such person’s Transfer Restricted Securities on the basis reasonably provided in any underwriting arrangements approved by the persons entitled hereunder to approve such arrangements and
(ii) completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents reasonably required under the terms of such underwriting arrangements. 
 9. Miscellaneous. 
 (a) Amendments
and Waivers. The provisions of this Agreement may not be amended, modified or supplemented, and waivers or consents to departures from the provisions hereof may not be given, except by the Company and the written consent of 

  

 19 

 
the Holders of a majority in principal amount of the Securities affected by such amendment, modification, supplement, waiver or consents. 
 (b) Notices. All notices and other communications provided for or permitted hereunder shall be made in writing by hand delivery, first-class
mail, facsimile transmission, or air courier which guarantees overnight delivery: 
 (1) if to a Holder of the Securities, at
the most current address given by such Holder to the Company. 
 (2) if to the Initial Purchasers; 
 J.P. Morgan Securities Inc. 
 270 Park
Avenue 
 New York, NY 10172 
 Fax No.: (212) 270-1063 
 Attention: Lawrence Landry 
 with a copy (which shall not constitute notice) to: 
 Cravath, Swaine & Moore LLP 
 Worldwide Plaza 
 825 Eighth Avenue 
 New York, NY 10019

 Fax No.: (212) 474-3700 
 Attention: Andrew J. Pitts 
 (3) if to the Company, at its address as follows: 
 Dynegy Holdings Inc. 
 1000 Louisiana
Street, Suite 5800, 
 Houston, Texas 77002 
 Fax No.: (713) 507-6808 
 Attention: General Counsel 
 with a copy (which shall not constitute notice) to: 
 Akin Gump Strauss Hauer & Feld LLP 
 1111 Louisiana Street 
 Suite 4400 
 Houston, TX 77002 

Fax No.: (713) 236-0822 
 Attention:
John Goodgame 
 All such notices and communications shall be deemed to have been duly given: at the time delivered by hand, if personally
delivered; three business days after being deposited in the mail, postage prepaid, if mailed; when receipt is acknowledged by 

  

 20 

 
recipient’s facsimile machine operator, if sent by facsimile transmission; and on the day delivered, if sent by overnight air courier guaranteeing next
day delivery. 
 (c) No Inconsistent Agreements. The Company has not, as of the date hereof, entered into, nor shall it, on or
after the date hereof, enter into, any agreement with respect to its securities that is inconsistent with the rights granted to the Holders herein or otherwise conflicts with the provisions hereof. 
 (d) Successors and Assigns. This Agreement shall be binding upon the Company and its successors and assigns. 
 (e) Counterparts. This Agreement may be executed in any number of counterparts and by the parties hereto in separate counterparts, each of
which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. 
 (f)
Headings. The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning hereof. 
 (g) Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAWS. 
 (h) Severability. If any one or more of the provisions contained herein, or the application thereof in any circumstance, is held invalid,
illegal or unenforceable, the validity, legality and enforceability of any such provision in every other respect and of the remaining provisions contained herein shall not be affected or impaired thereby. 
 (i) Securities Held by the Company. Whenever the consent or approval of Holders of a specified percentage of principal amount of Securities
is required hereunder, Securities held by the Company or its affiliates (other than subsequent Holders of Securities if such subsequent Holders are deemed to be affiliates solely by reason of their holdings of such Securities) shall not be counted
in determining whether such consent or approval was given by the Holders of such required percentage. 
  

 21 

 If the foregoing is in accordance with your understanding of our agreement, please sign and return to the Company a
counterpart hereof, whereupon this instrument, along with all counterparts, will become a binding agreement among the several Initial Purchasers and the Company in accordance with its terms. 
  

							
	Very truly yours,
	
	DYNEGY HOLDINGS INC.,
			
		 	by	 	 /s/ Charles C. Cook

		 		 	Name:	 	Charles C. Cook
		 		 	Title:	 	Senior Vice President and Treasurer

 The foregoing Registration 
 Rights Agreement is hereby confirmed 
 and accepted as of the date first 
 above written. 
 J.P. Morgan Securities Inc. 
 Credit Suisse Securities (USA) LLC 
 Citigroup Global Markets Inc. 

 

							
	by J.P. MORGAN SECURITIES INC.,
			
		 	by	 	 /s/ Mark H. Radin

		 		 	Name:	 	Mark H. Radin
		 		 	Title:	 	Executive Director

  

 22 

 ANNEX A 
 Each broker-dealer that receives Exchange Securities for its own account pursuant to the Exchange Offer must acknowledge that it will deliver a prospectus in connection with any resale of such Exchange Securities. The
Letter of Transmittal states that by so acknowledging and by delivering a prospectus, a broker-dealer will not be deemed to admit that it is an “underwriter” within the meaning of the Securities Act. This Prospectus, as it may be amended
or supplemented from time to time, may be used by a broker-dealer in connection with resales of Exchange Securities received in exchange for Initial Securities where such Initial Securities were acquired by such broker-dealer as a result of
market-making activities or other trading activities. The Company has agreed that, for a period of 180 days after the Expiration Date (as defined herein), it will make this Prospectus available to any broker-dealer for use in connection with any
such resale. See “Plan of Distribution.” 

 ANNEX B 
 Each broker-dealer that receives Exchange Securities for its own account in exchange for Securities, where such Initial Securities were acquired by such broker-dealer as a result of market-making activities or other
trading activities, must acknowledge that it will deliver a prospectus in connection with any resale of such Exchange Securities. See “Plan of Distribution.” 

 ANNEX C 
 PLAN OF DISTRIBUTION 
 Each broker-dealer that
receives Exchange Securities for its own account pursuant to the Exchange Offer must acknowledge that it will deliver a prospectus in connection with any resale of such Exchange Securities. This Prospectus, as it may be amended or supplemented from
time to time, may be used by a broker-dealer in connection with resales of Exchange Securities received in exchange for Initial Securities where such Initial Securities were acquired as a result of market-making activities or other trading
activities. The Company has agreed that, for a period of 180 days after the Expiration Date, it will make this prospectus, as amended or supplemented, available to any broker-dealer for use in connection with any such resale. In addition, until
[·], all dealers effecting transactions in the Exchange Securities may be required to deliver a prospectus.(1) 
 The Company will
not receive any proceeds from any sale of Exchange Securities by broker-dealers. Exchange Securities received by broker-dealers for their own account pursuant to the Exchange Offer may be sold from time to time in one or more transactions in the
over-the-counter market, in negotiated transactions, through the writing of options on the Exchange Securities or a combination of such methods of resale, at market prices prevailing at the time of resale, at prices related to such prevailing market
prices or negotiated prices. Any such resale may be made directly to purchasers or to or through brokers or dealers who may receive compensation in the form of commissions or concessions from any such broker-dealer or the purchasers of any such
Exchange Securities. Any broker-dealer that resells Exchange Securities that were received by it for its own account pursuant to the Exchange Offer and any broker or dealer that participates in a distribution of such Exchange Securities may be
deemed to be an “underwriter” within the meaning of the Securities Act and any profit on any such resale of Exchange Securities and any commission or concessions received by any such persons may be deemed to be underwriting compensation
under the Securities Act. The Letter of Transmittal states that, by acknowledging that it will deliver and by delivering a prospectus, a broker-dealer will not be deemed to admit that it is an “underwriter” within the meaning of the
Securities Act. 
 For a period of 180 days after the Expiration Date the Company will promptly send additional copies of this Prospectus and
any amendment or supplement to this Prospectus to any broker-dealer that requests such documents in the Letter of Transmittal. The Company has agreed to pay all expenses incident to the Exchange Offer (including the expenses of one counsel for the
Holders of the Securities) other than commissions or concessions of any brokers or dealers and will indemnify the Holders of the Securities (including any broker-dealers) against certain liabilities, including liabilities under the Securities Act.

  

	 (1)
	 In addition, the legend required by Item 502(e) of Regulation S-K will appear on the back
cover page of the Exchange Offer prospectus. 

 ANNEX D 
  

	 ̈	CHECK HERE IF YOU ARE A BROKER-DEALER AND WISH TO RECEIVE 10 ADDITIONAL COPIES OF THE PROSPECTUS AND 10 COPIES OF ANY AMENDMENTS OR SUPPLEMENTS THERETO. 

  

			
	Name:	  	  
	Address:    	  	  
		  	  

 If the undersigned is not a broker-dealer, the undersigned represents that it is not engaged in, and does not
intend to engage in, a distribution of Exchange Securities. If the undersigned is a broker-dealer that will receive Exchange Securities for its own account in exchange for Initial Securities that were acquired as a result of market-making activities
or other trading activities, it acknowledges that it will deliver a prospectus in connection with any resale of such Exchange Securities; however, by so acknowledging and by delivering a prospectus, the undersigned will not be deemed to admit that
it is an “underwriter” within the meaning of the Securities Act.

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