Document:

First Amendment to the Dynegy Inc. Severance Pay Plan

 Exhibit 10.1 
  
 FIRST AMENDMENT TO THE 
 DYNEGY INC. SEVERANCE PAY PLAN 
  
 WHEREAS, Dynegy Inc. (the “Company”) and certain subsidiaries and affiliated entities have heretofore established and maintain the Dynegy Inc. Severance Pay Plan (the “Plan”); 
  
 WHEREAS, the Company has heretofore amended and restated the Plan
effective February 1, 2005 on behalf of itself and all of its subsidiaries and affiliated entities that participate in the Plan; 
  
 WHEREAS, the Company established the First Supplemental Plan to the Plan, as amended (the “First Supplemental Plan”) effective
June 22, 2005 on behalf of itself and all of its subsidiaries and affiliated entities that participate in the Plan; 
  
 WHEREAS, Article VII of the Plan provides that the Company may amend the Plan at any time; 
  
 WHEREAS, Article V of the First Supplemental Plan provides that the
Company may amend the First Supplemental Plan at any time prior to a “Change in Control” (as defined in the First Supplemental Plan); 
  
 WHEREAS, the Company, Dynegy Holdings Inc., Dynegy Midstream Holdings, Inc., Dynegy Midstream G.P., Inc. and Targa Resources, Inc., Targa Resources
Partners OLP LP and Targa Midstream GP, LLC (collectively, “Targa”) have entered into that certain Partnership Interest Purchase Agreement (“PIPA”) dated as of August 2, 2005 pursuant to which Targa will acquire all of the
outstanding partnership interests of Dynegy Midstream Services, Limited Partnership (“DMS, LP”); and 
  
 WHEREAS, Section 7.1(c) of the PIPA provides that, effective immediately prior to the closing of the transactions contemplated by the PIPA
(the “Closing”), all Business Employees (as such term is defined in the PIPA) shall cease to participate in the Sellers’ Benefit Plans (as such term is defined in the PIPA), and the Company desires to accomplish such cessation with
respect to the Plan (and the First Supplemental Plan thereto) by an amendment terminating the participation of DMS, LP therein; 
  
 NOW THEREFORE, the Plan (including the First Supplemental Plan thereto) is hereby amended as follows, contingent upon, and effective immediately
prior to, the Closing: 
  
 1. The participation of DMS, LP as an
“Employer” or “Employing Company” under the Plan (and the First Supplemental Plan thereto) is hereby terminated. Attachment A to the Plan is hereby deleted and the revised Attachment A attached hereto is substituted therefor.

 2. No individual who is a Business Employee is entitled to receive benefits under the Plan (or the First
Supplemental Plan thereto). 
  
 3. Neither Targa nor any of its
affiliates shall be deemed an “Employer” or “Employing Company” for purposes of the First Supplemental Plan. 
  
 4. Except as modified herein, the Plan (and the First Supplemental Plan thereto) shall remain in full force and effect 
  
 EXECUTED this 31st day of October, 2005. 
  

			
	DYNEGY INC.
		
	By:	 	 /s/ R. Blake Young

	 	 	R. Blake Young
	 	 	Executive Vice President,
	 	 	Administration and Technology

  

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 Attachment A 
  
 Subsidiaries and Affiliates 
 Participating in the 
 Dynegy Inc. Severance Pay Plan 
  

	1.	Dynegy Marketing and Trade; 

  

	2.	Calcasieu Power, LLC; 

  

	3.	Dynegy Midwest Generation, Inc.; 

  

	4.	Dynegy Northeast Generation, Inc.; 

  

	5.	Dynegy Energy Services, Inc.; 

  

	6.	Dynegy Operating Company; 

  

	7.	Sithe Energies, Inc; and 

  

	8.	Sithe Energies Power Services, Inc. 

  

 -3-First Amendment to the First Supplemental Plan to Dynegy Inc Severance Pay Plan

 Exhibit 10.2 
  
 FIRST AMENDMENT TO THE 
 FIRST SUPPLEMENTAL PLAN TO THE 
 DYNEGY INC. SEVERANCE PAY PLAN 
  
 WHEREAS, Dynegy Inc. (the “Company”) and certain
subsidiaries and affiliated entities have heretofore established the Dynegy Inc. Severance Pay Plan (the “Plan”); 
  
 WHEREAS, the Company has heretofore adopted the First Supplemental Plan to the Dynegy Inc. Severance Pay Plan (the “First Supplement”) on
behalf of itself and all of its subsidiaries and affiliated entities that participate in the Plan; 
  
 WHEREAS, the Company maintains certain plans under which stock options have been granted to eligible employees (the “Stock Option
Plans”); 
  
 WHEREAS, the Company desires to amend the
First Supplement on behalf of itself and its participating subsidiaries and affiliated entities in order to clarify that the First Supplement was not intended to restrict any discretionary power or authority provided for in the Stock Option Plans,
including, without limitation, the power or authority to make any changes to or (together with any appropriate payment, if applicable, provided for in the relevant plan) cancellations of outstanding stock options in connection with a change in
control; and 
  
 WHEREAS, Section V of the First Supplement
provides that the Board of Directors of the Company may amend the First Supplement; 
  
 NOW, THEREFORE, the First Supplement is hereby amended as follows, effective as of June 22, 2005: 
  
 1. Section III(A)(3) of the First Supplement is amended in its entirety to provide as follows: 
  
 “(3) All of the Severed Participant’s outstanding stock options,
restricted stock awards, phantom stock and other equity-based awards previously granted by his Employer(s) shall become fully vested and immediately exercisable in full on the date of a Change in Control and such stock options shall remain
exercisable from such date for the lesser of: (1) five (5) years from the date of such a Change in Control; (2) the remaining period of time for exercise of such stock options under the option
 agreement(s) pursuant to which such
stock options were granted (irrespective of any mandatory exercise period specified therein that would otherwise be triggered by the termination of employment of such Severed Participant); or (3) such period of time (which period of time may
end as early as the consummation of a Change in Control) as the Board of Directors may determine in connection with or in contemplation of a Change in Control in the exercise of its discretion under the applicable stock option plans, with respect to
which the Board of Directors has the 

 discretion to, among other things, require the surrender of stock options (which surrender may be in
exchange for a cash payment, if applicable) and to cancel such stock options upon the consummation of a Change in Control as further described in the applicable stock option plans;” 
  
 2. Section IV of the First Supplement is amended in its entirety to provide as follows: 
  
 “IV. EQUITY-BASED AWARDS 
  
 “IV. Equity-Based Awards. This Section IV
applies only to Participants who are not Severed Participants. Severed Participants are subject to the provisions of Subsection III(A)(3) hereof. Any outstanding stock options, restricted stock awards, phantom stock and other equity-based awards
previously granted to a Participant shall immediately vest upon a Change in Control involving a Participant’s Principal Business Unit (but only with respect to Principal Business Unit Participants) or, in the alternative, a Change in Control
involving Dynegy Inc. (with respect to all Participants). With respect to any outstanding stock options vested pursuant to this Section IV, such stock options shall remain fully exercisable by such Participants for the lesser of: (1) five
(5) years from the date of such a Change in Control, provided, that in the case of a Change in Control involving Dynegy Inc., such exercise period shall not be subject to the five-year limitation set forth in this clause (1); (2) the
remaining period of time for exercise of such stock options under the option agreement(s) pursuant to which such stock options were granted; or (3) such period of time (which period of time may end as early as the consummation of a Change in
Control) as the Board of Directors may determine in connection with or in contemplation of a Change in Control in the exercise of its discretion under the applicable stock option plans, with respect to which the Board of Directors has the discretion
to, among other things, require the surrender of stock options (which surrender may be in exchange for a cash payment, if applicable) and to cancel such stock options upon the consummation of a Change in Control as further described in the
applicable stock option plans. If a Participant becomes a Severed Participant after his stock options have vested under this Section IV, the stock option exercise provisions of Subsection III(A)(3) shall apply upon such Participant becoming a
Severed Participant.” 
  
 3. Except as modified herein, the
First Supplement shall remain in full force and effect. 

 EXECUTED this 31st day of October, 2005. 
  

			
	DYNEGY INC.
		
	By:	 	 /s/ R. Blake Young

	 	 	R. Blake Young
	 	 	Executive Vice President,
	 	 	Administration and TechnologySecond Amendment to the Dynegy Inc. Executive Severance Pay Plan

 Exhibit 10.3 
  
 SECOND AMENDMENT TO THE 
 DYNEGY INC. EXECUTIVE SEVERANCE PAY PLAN 
  
 WHEREAS, Dynegy Inc. (the “Company”) and certain subsidiaries and affiliated entities have heretofore established and maintain the Dynegy Inc. Executive Severance Pay Plan (the “Executive
Plan”); 
  
 WHEREAS, the Company has heretofore
amended and restated the Executive Plan effective February 1, 2005, and has subsequently amended such amended and restated Executive Plan, on behalf of itself and all of its subsidiaries and affiliated entities that participate in the Executive
Plan; 
  
 WHEREAS, the Company established the Second
Supplement to the Executive Plan effective November 20, 2003, as amended (the “Second Supplement”) on behalf of itself and all of its subsidiaries and affiliated entities that participate in the Executive Plan; 
  
 WHEREAS, Article VI of the Executive Plan provides that the Company
may amend the Executive Plan at any time; 
  
 WHEREAS,
Section 4.3 of the Second Supplement provides generally that the Company may amend the Second Supplement at any time prior to a “Change in Control” (as defined in the Second Supplement); 
  
 WHEREAS, the Company, Dynegy Holdings Inc., Dynegy Midstream Holdings,
Inc., Dynegy Midstream G.P., Inc. and Targa Resources, Inc., Targa Resources Partners OLP LP and Targa Midstream GP, LLC (collectively, “Targa”) have entered into that certain Partnership Interest Purchase Agreement (“PIPA”)
dated as of August 2, 2005 pursuant to which Targa will acquire all of the outstanding partnership interests of Dynegy Midstream Services, Limited Partnership (“DMS, LP”); 
  
 WHEREAS, Section 7.1(c) of the PIPA provides that, effective immediately prior to the closing of the
transactions contemplated by the PIPA (the “Closing”), all Business Employees (as such term is defined in the PIPA) shall cease to participate in the Sellers’ Benefit Plans (as such term is defined in the PIPA), and the Company
desires to accomplish such cessation with respect to the Executive Plan (and the Second Supplement thereto) by an amendment terminating the participation of DMS, LP therein; 
  
 NOW THEREFORE, the Executive Plan (including the Second Supplement thereto) is hereby amended as follows, contingent
upon, and effective immediately prior to, the Closing: 
  
 1. The
participation of DMS, LP as a “Company” under the Executive Plan and an “Employer” under the Second Supplement is hereby terminated. Attachment A to the Executive Plan is hereby deleted and the revised Attachment A attached
hereto is substituted therefor. 

 2. No individual who is a Business Employee is entitled to receive benefits under the Executive Plan (or
the Second Supplement thereto). 
  
 3. Neither Targa nor any of
its affiliates shall be deemed an “Employer” for purposes of the Second Supplement. 
  
 4. Except as modified herein, the Executive Plan (and the Second Supplement thereto) shall remain in full force and effect. 
  
 5. A copy of this Second Amendment shall be delivered to the Dynegy Inc. Benefit Plans Committee as Plan Administrator of the Executive Plan. 

 
 EXECUTED this 31st day of October, 2005. 
  

			
	DYNEGY INC.
		
	By:	 	 /s/ R. Blake Young

	 	 	R. Blake Young
	 	 	Executive Vice President,
	 	 	Administration and Technology

  

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 Attachment A 
  
 Subsidiaries and Affiliates 
 Participating in the 
 Dynegy Inc. Executive Severance Pay Plan 
  

	1.	Dynegy Marketing and Trade; 

  

	2.	Calcasieu Power, LLC; 

  

	3.	Dynegy Midwest Generation, Inc.; 

  

	4.	Dynegy Northeast Generation, Inc.; 

  

	5.	Dynegy Energy Services, Inc.; 

  

	6.	Dynegy Operating Company; 

  

	7.	Sithe Energies, Inc; and 

  

	8.	Sithe Energies Power Services, Inc. 

  

 -3-

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