Document:

DYN-2015.6.30-EX4.4

EXHIBIT 4.4

FOURTH SUPPLEMENTAL INDENTURE 
FOURTH SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”), dated as of May 11, 2015, among Dynegy Resource Holdings, LLC, a Delaware limited liability company (the “Guaranteeing Subsidiary”) and a wholly-owned domestic subsidiary of Dynegy Inc. (or its permitted successor), a Delaware corporation (the “Company”), the Company, the other Subsidiary Guarantors (as defined in the Indenture referred to herein) and Wilmington Trust, National Association, as trustee under the Indenture referred to herein (the “Trustee”).
W I T N E S S E T H
WHEREAS, the Company has heretofore executed and delivered to the Trustee an indenture (as supplemented, the “Indenture”), dated as of May 20, 2013, among the Company, the Subsidiary Guarantors named therein and the Trustee, providing for the original issuance of an aggregate principal amount of $500,000,000 of 5.875% Senior Notes due 2023 (the “Initial Notes”), and, subject to the terms of the Indenture, future unlimited issuances of 5.875% Senior Notes due 2023 (the “Additional Notes” and, together with the Initial Notes, the “Notes”);
WHEREAS, the Indenture provides that under certain circumstances the Guaranteeing Subsidiary shall execute and deliver to the Trustee a supplemental indenture pursuant to which the Guaranteeing Subsidiary shall unconditionally guarantee all of the Company’s Obligations under the Notes and the Indenture (the “Subsidiary Guarantee”); and
WHEREAS, pursuant to Section 4.07 of the Indenture, the Trustee, the Company and the other Subsidiary Guarantors are authorized and required to execute and deliver this Supplemental Indenture.
NOW THEREFORE, in consideration of the foregoing and for good and valuable consideration, the receipt of which is hereby acknowledged, the Guaranteeing Subsidiary, the Trustee, the Company and the other Subsidiary Guarantors mutually covenant and agree for the equal and ratable benefit of the Holders of the Notes as follows:
1.    Capitalized Terms.  Unless otherwise defined in this Supplemental Indenture, capitalized terms used herein without definition shall have the meanings assigned to them in the Indenture.
2.    Agreement to be Bound; Guarantee.  The Guaranteeing Subsidiary hereby becomes a party to the Indenture as a Subsidiary Guarantor and as such will have all of the rights and be subject to all of the Obligations and agreements of a Subsidiary Guarantor under the Indenture.  The Guaranteeing Subsidiary hereby agrees to be bound by all of the provisions of the Indenture applicable to a Subsidiary Guarantor and to perform all of the Obligations and agreements of a Subsidiary Guarantor under the Indenture.  In furtherance of the foregoing, the Guaranteeing Subsidiary shall be deemed a Subsidiary Guarantor for purposes of Article 10 of the Indenture, including, without limitation, Section 10.02 thereof.
3.     NEW YORK LAW TO GOVERN.  THE INDENTURE, THE NOTES, THIS SUPPLEMENTAL INDENTURE, AND THE SUBSIDIARY GUARANTEE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.
4.    Counterparts.  The parties may sign any number of copies of this Supplemental Indenture.  Each signed copy shall be an original, but all of them together represent the same agreement.
5.     Effect of Headings.  The Section headings herein are for convenience only and shall not affect the construction hereof.
6.    The Trustee.  The Trustee shall not be responsible or liable in any manner whatsoever for or in respect of the validity or sufficiency of this Supplemental Indenture or for or in respect of the recitals contained herein, all of which recitals are made solely by the Guaranteeing Subsidiary and the Company.

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EXHIBIT 4.4

7.    Ratification of Indenture; Supplemental Indenture Part of Indenture.  Except as expressly amended hereby, the Indenture is in all respects ratified and confirmed and all the terms, conditions and provisions thereof shall remain in full force and effect.  This Supplemental Indenture shall form a part of the Indenture for all purposes, and every Holder of Notes heretofore or hereafter authenticated and delivered shall be bound hereby.
[Signature Page Follows]

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EXHIBIT 4.4

IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly      executed as of the date first above written.
DYNEGY RESOURCE HOLDINGS, LLC

By: /s/ Clint C. Freeland ________________ 
Name:    Clint C. Freeland 
Title:     Executive Vice President and Chief Financial Officer

DYNEGY INC.

 
By: /s/ Robert C. Flexon ________________ 
Name:     Robert C. Flexon 
Title:     Chief Executive Officer

[Signature Page to the Fourth Supplemental Indenture (2023 Notes)]
	
			
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EXHIBIT 4.4

SUBSIDIARY GUARANTORS:

DYNEGY ENERGY SERVICES (EAST), LLC 

 
By: /s/ Robert C. Flexon ________________ 
Name:     Robert C. Flexon 
Title:      Chief Executive Officer

DYNEGY RESOURCE I, LLC 
DYNEGY COMMERCIAL ASSET MANAGEMENT, LLC 
DYNEGY CONESVILLE, LLC 
DYNEGY DICKS CREEK, LLC 
DYNEGY FAYETTE II, LLC
DYNEGY HANGING ROCK II, LLC        
DYNEGY KILLEN, LLC
DYNEGY LEE II, LLC
DYNEGY MIAMI FORT, LLC
DYNEGY STUART, LLC
DYNEGY WASHINGTON II, LLC
DYNEGY ZIMMER, LLC
DYNEGY COAL GENERATION, LLC
DYNEGY GAS GENERATION, LLC
DYNEGY GENERATION HOLDCO, LLC

By: /s/ Robert C. Flexon ________________ 
Name:     Robert C. Flexon 
Title:     President & Chief Executive Officer

DYNEGY ENERGY SERVICES, LLC

By: /s/ Robert C. Flexon ________________ 
Name:     Robert C. Flexon 
Title:     Chief Executive Officer

[SIGNATURE PAGES CONTINUE]

[Signature Page to the Fourth Supplemental Indenture (2023 Notes)]
	
			
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EXHIBIT 4.4

BLUE RIDGE GENERATION LLC
BLACK MOUNTAIN COGEN, INC.
CASCO BAY ENERGY COMPANY, LLC
DYNEGY ADMINISTRATIVE SERVICES COMPANY
DYNEGY COAL HOLDCO, LLC
DYNEGY COAL INVESTMENTS HOLDINGS, LLC
DYNEGY COAL TRADING & TRANSPORTATION, L.L.C.
DYNEGY EQUIPMENT, LLC
DYNEGY GASCO HOLDINGS, LLC
DYNEGY GAS HOLDCO, LLC
DYNEGY GAS IMPORTS, LLC
DYNEGY GAS INVESTMENTS, LLC
DYNEGY GAS INVESTMENTS HOLDINGS, LLC
DYNEGY GLOBAL LIQUIDS, INC.
DYNEGY KENDALL ENERGY, LLC
DYNEGY MARKETING AND TRADE, LLC
DYNEGY MIDWEST GENERATION, LLC
DYNEGY MORRO BAY, LLC
DYNEGY MOSS LANDING, LLC
DYNEGY OAKLAND, LLC
DYNEGY OPERATING COMPANY
DYNEGY POWER, LLC
DYNEGY POWER GENERATION INC.
DYNEGY POWER MARKETING, LLC
DYNEGY SOUTH BAY, LLC
HAVANA DOCK ENTERPRISES, LLC
ILLINOVA CORPORATION
ONTELAUNEE POWER OPERATING COMPANY, LLC
SITHE ENERGIES, INC.
SITHE/INDEPENDENCE LLC
SITHE/INDEPENDENCE POWER PARTNERS, L.P.

By: /s/ Robert C. Flexon ________________ 
Name:     Robert C. Flexon 
Title:     President & Chief Executive Officer

[SIGNATURE PAGES CONTINUE]

[Signature Page to the Fourth Supplemental Indenture (2023 Notes)]
	
			
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EXHIBIT 4.4

EQUIPOWER RESOURCES CORP. 
DYNEGY RESOURCES HOLDCO I, LLC 
DYNEGY RESOURCES HOLDCO II, LLC 
DYNEGY RESOURCES GENERATING HOLDCO, LLC 
RICHLAND GENERATION EXPANSION LLC, 
MILFORD POWER COMPANY, LLC 
LAKE ROAD HOLDINGS GP, LLC 
LAKE ROAD HOLDINGS LP, LLC 
LAKE ROAD GENERATING COMPANY, L.P.
RSG POWER, LLC 
RICHLAND-STRYKER GENERATION LLC
DYNEGY RESOURCES MANAGEMENT, LLC
DIGHTON POWER, LLC 
MASSPOWER HOLDCO, LLC 
MASSPOWER PARTNERS I, LLC 
MASSPOWER PARTNERS II, LLC 
MASSPOWER 
LIBERTY ELECTRIC GENERATION HOLDINGS, LLC 
LEP HOLDINGS, LLC 
LIBERTY ELECTRIC PA 2, LLC 
LIBERTY ELECTRIC POWER, LLC 
TOMCAT POWER, LLC 
KINCAID HOLDINGS, LLC 
KINCAID GENERATION, L.L.C. 
KINCAID ENERGY SERVICES COMPANY, LLC 
ELWOOD EXPANSION HOLDINGS, LLC 
ELWOOD ENERGY HOLDINGS, LLC 
ELWOOD SERVICES COMPANY, LLC
ELWOOD ENERGY HOLDINGS II, LLC
BRAYTON POINT HOLDINGS, LLC 
ECP II-B (BRAYTON POINT IP) CORP
ECP II-C (BRAYTON POINT IP) CORP
DYNEGY RESOURCE II, LLC 
DYNEGY RESOURCE III, LLC 

By: /s/ Robert C. Flexon ________________ 
Name:     Robert C. Flexon 
Title:     President & Chief Executive Officer

[SIGNATURE PAGES CONTINUE]

[Signature Page to the Fourth Supplemental Indenture (2023 Notes)]
	
			
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EXHIBIT 4.4

WILMINGTON TRUST, NATIONAL ASSOCIATION,  
as Trustee

By: /s/ Boris Treyger ________________ 
Name:     Boris Treyger    
Title:    Vice President

[Signature Page to the Fourth Supplemental Indenture (2023 Notes)]
	
			
	AMERICAS 90564670 v3DYN-2015.6.30-EX10.1

EXHIBIT 10.1

FORM OF STOCK UNIT AWARD AGREEMENT

THIS STOCK UNIT AWARD AGREEMENT (this “Agreement”) is made as of the 11th of May, 2015, between DYNEGY INC., a Delaware corporation (“Dynegy”), and all of its Affiliates (collectively, the “Company”), and Robert Flexon (the “Executive”).  A copy of the Dynegy Inc. 2012 Long Term Incentive Plan (the “Plan”) is annexed to this Agreement and shall be deemed a part hereof as if fully set forth herein.  Unless the context otherwise requires, all terms that are not defined in this Agreement but which are defined in the Plan shall have the same meaning given to them in the Plan when used herein.

1.Award.  Pursuant to the Plan, as of the date of this Agreement (the “Grant Date”), a designated number of stock units (the “Stock Units”) shall be granted to Executive pursuant to the Section 5(c)(iii) of the Amended and Restated Employment Agreement by and between Executive and Dynegy Operating Company dated May 6, 2015 (“Employment Agreement”), subject to the acceptance by the Executive of the terms and conditions of this Agreement.  The Executive acknowledges receipt of a copy of the Plan, and agrees that this award of Stock Units shall be subject to all of the terms and provisions of the Plan, including future amendments thereto, if any, pursuant to the terms thereof, and to all of the terms and conditions of this Agreement. 

2.Stock Units.  The Executive hereby accepts the Stock Units when issued and agrees with respect thereto as follows:

(a)Payment and Determination of Value.  Except as otherwise provided in Section 10 below, Dynegy shall provide to the Executive one share of Dynegy’s common stock, $0.01 par value per share for each Stock Unit on its vesting date.

(b)Vesting.  Executive’s Stock Units shall become vested on April 30, 2018.

Except as otherwise provided in Section 2(c) below, any portion of the Stock Units that does not become vested in accordance with the preceding provisions of this Section 2(b) shall be forfeited to the Company for no consideration as of the date of the termination of the Executive’s employment with the Company.

(c)Accelerated Vesting.  Notwithstanding the provisions of Sections 2(a) and 2(b) above, the vesting for the Executive’s Stock Units shall be accelerated if his employment is terminated pursuant to f Sections 7(a)(ii), 7(a)(iii), 7(a)(iv), 7(a)(vi), or 7(a)(vii) of the Employment Agreement.  

3.Transfer Restrictions.  The Stock Units may not be sold, assigned, pledged, exchanged, hypothecated or otherwise transferred, encumbered or otherwise disposed of by the Executive.  

4.Shareholder Rights.  The Executive shall not have any of the rights of a shareholder of the Company with respect to the Stock Units. 

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EXHIBIT 10.1

5.Corporate Acts.  The existence of the Stock Units shall not affect in any way the right or power of the Board of Directors of the Company or the shareholders of the Company to make or authorize any adjustment, recapitalization, reorganization or other change in the Company’s capital structure or its business, any merger or consolidation of the Company, any issue of debt or equity securities, the dissolution or liquidation of the Company or any sale, lease, exchange or other disposition of all or any part of its assets or business or any other corporate act or proceeding. 

6.Withholding of Tax.  To the extent that the receipt of the Stock Units results in compensation income to the Executive for federal or state income tax purposes, the Executive shall deliver to the Company at the time of such receipt, as the case may be, such amount of money as the Company may require to meet its obligation under applicable tax laws or regulations, and if the Executive fails to do so, the Company is authorized to withhold from any cash or stock remuneration (including withholding any Stock Units distributable to the Executive under this Agreement) then or thereafter payable to the Executive any tax required to be withheld by reason of such resulting compensation income.

7.Employment Relationship.  For purposes of this Agreement, the Executive shall be considered to be in the employment of the Company as long as the Executive remains an employee of either the Company or an Affiliate (as such term is defined in the Plan).  Nothing in the adoption of the Plan or the award of the Stock Units thereunder pursuant to this Agreement shall confer upon the Executive the right to continued employment by the Company or affect in any way the right of the Company to terminate such employment at any time.  Unless otherwise provided in a written employment agreement or by applicable law, the Executive’s employment by the Company shall be on an at-will basis, and the employment relationship may be terminated at any time by either the Executive or the Company for any reason whatsoever, with or without cause.  Any question as to whether and when there has been a termination of such employment, and the cause of such termination, shall be determined by the Committee, and its determination shall be final.

8.Notices.  Any notices or other communications provided for in this Agreement shall be sufficient if in writing.  In the case of the Executive, such notices or communications shall be effectively delivered when hand delivered to the Executive at his or her principal place of employment or when sent by registered or certified mail to the Executive at the last address the Executive has filed with the Company.  In the case of the Company, such notices or communications shall be effectively delivered when sent by registered or certified mail to the Company at its principal executive offices.  

9.Entire Agreement; Amendment.  This Agreement replaces and merges all previous agreements and discussions relating to the same or similar subject matters between the Executive and the Company and constitutes the entire agreement between the Executive and the Company with respect to the subject matter of this Agreement.  This Agreement may not be modified in any respect by any verbal statement, representation or agreement made by any employee, officer, or representative of the Company or by any written agreement unless signed by an officer of the Company who is expressly authorized by the Company to execute such document.  In addition, if it is subsequently determined by the Committee, in its sole discretion, that the terms and conditions 

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EXHIBIT 10.1

of this Agreement and/or the Plan are not compliant with Code Section 409A, or any Treasury regulations or Internal Revenue Service guidance promulgated thereunder, this Agreement and/or the Plan may be amended by the Company accordingly.

10.Code Section 409A.  If and to the extent any portion of any payment provided to the Executive under this Agreement in connection with the Executive’s separation from service (as defined in Section 409A of Internal Revenue Code of 1986, as amended (“Code Section 409A”) is determined to constitute “nonqualified deferred compensation” within the meaning of Code Section 409A and the Executive is a “specified Executive” as defined in Code Section 409A(a)(2)(B)(i), as determined by the Company in accordance with the procedures separately adopted by the Company for this purpose, by which determination the Executive, as a condition to accepting benefits under this Agreement and the Plan, agrees that he or she is bound, such portion of the shares of Dynegy’s common stock to be delivered on a vesting date shall not be delivered before the earlier of (i) the day that is six months plus one day after the date of separation from service (as determined under Code Section 409A) or (ii) the tenth 10th day after the date of the Executive’s death  (as applicable, the “New Payment Date”).  The shares that otherwise would have been delivered to the Executive during the period between the date of separation from service and the New Payment Date shall be delivered to the Executive on such New Payment Date, and any remaining shares will be delivered on their original schedule.  Neither the Company nor the Executive shall have the right to accelerate or defer the delivery of any such shares except to the extent specifically permitted or required by Code Section 409A.  This Agreement is intended to comply with the provisions of Code Section 409A and this Agreement and the Plan shall, to the extent practicable, be construed in accordance therewith.  Terms defined in this Agreement and the Plan shall have the meanings given such terms under Code Section 409A if and to the extent required to comply with Code Section 409A.  In any event, the Company makes no representations or warranty and shall have no liability to the Executive or any other person if any provisions of or payments under this Agreement are determined to constitute deferred compensation subject to Code Section 409A but not to satisfy the conditions of that section.

11.Binding Effect.  This Agreement shall be binding upon and inure to the benefit of any successors to the Company and all persons lawfully claiming under the Executive.

12.Miscellaneous.  In the event of any conflict or inconsistency between the terms of this Agreement and the terms of the Plan, the terms of the Plan shall be controlling.  In the event of any conflict or inconsistency between the terms of this Agreement and the terms of the Dynegy Inc. Executive Severance Pay Plan, including any amendments or supplements thereto, the terms of this Agreement shall be controlling.

[Remainder of page intentionally left blank]

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EXHIBIT 10.1

IN WITNESS WHEREOF, the Company has caused this Agreement to be duly executed by an officer thereunto duly authorized, and the Executive has agreed to and accepted the terms of this Agreement*, all as of the date first above written.

DYNEGY INC.

By:    

Name:    Julius Cox

		
	Title:
	Executive Vice President and CAO

*Executive has agreed to and accepted the terms of this Agreement utilizing online grant acceptance capabilities with E*Trade Financial, the Company’s restricted stock administrator.

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