Document:

Form of Non-Qualified Stock Option Agreement

 Exhibit 10.73 
 FORM OF 
 NON-QUALIFIED STOCK OPTION AWARD AGREEMENT 
 THIS NON-QUALIFIED STOCK OPTION AWARD AGREEMENT (this “Agreement”) is made as of the
[            ] day of April, 2007, between DYNEGY INC., a Delaware corporation (“Dynegy”), and all of its Affiliates (collectively, the “Company”), and
[the named employee] (“Employee”). A copy of the Dynegy Inc. [                    ] Incentive Plan (the
“Plan”) is annexed to this Agreement and shall be deemed a part of this Agreement as if fully set forth herein. Unless the context otherwise requires, all terms that are not defined herein but which are defined in the Plan shall have the
same meaning given to them in the Plan when used herein. 
 1. The Grant. The Compensation and Human Resources Committee of the
Board of Directors (the “Committee”) granted to Employee on April [            ], 2007 (“Effective Date”), as a matter of separate inducement and not in
lieu of any salary or other compensation for Employee’s services, the right and option to purchase (the “Option”), in accordance with the terms and conditions set forth in the Plan and in this Agreement, an aggregate number of
[            ] shares (the “Shares”) of Class A common stock of Dynegy, $0.01 par value per share (the “Common Stock”), at a price of
$[            ] per share (the “Exercise Price”). Employee acknowledges receipt of a copy of the Plan, and agrees that the Option 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. The Option shall not be treated as an incentive stock option within the meaning
of Section 422 of the Internal Revenue Code of 1986, as amended (the “Code”). The Exercise Price is, in the judgment of the Committee, not less than one hundred percent (100%) of the Fair Market Value of a share of the Common
Stock on the Effective Date. If it is subsequently determined by the Committee, in its sole discretion, that the terms and conditions 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 accordingly. 
 2.
Exercise. Subject to the provisions, limitations and other relevant provisions of the Plan and of this Agreement, and the earlier expiration of the Option as herein provided, Employee may exercise the Option to purchase some or all of
the Shares as follows: 
 (a) The Option shall become exercisable in three cumulative equal annual installments as follows:

 (i) on the first anniversary of the Effective Date, the right to purchase one-third of the aggregate number of Shares shall
become exercisable without further action by the Committee; 
 (ii) on the second anniversary of the Effective Date, the right
to purchase an additional one-third of the aggregate number of Shares shall become exercisable without further action by the Committee; and 
  

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 (iii) on the third anniversary of the Effective Date, the right to purchase the remaining
one-third of the aggregate number of Shares shall become exercisable without further action by the Committee. 
 (b)
Notwithstanding any other provision of this Agreement, the unexercised portion of the Option, if any, will automatically and without notice terminate and become null and void upon the expiration of ten (10) years from the Effective Date of the
Option. 
 (c) Any exercise by Employee of the Option, or portion thereof, shall be conducted by delivery of an irrevocable
notice of exercise to the Company or its designee as provided in the Plan. In no event shall Employee be entitled to exercise the Option for less than a whole Share. 
 (d) Notwithstanding any other provision of this Agreement, upon the occurrence of a Change in Control, the Option shall become fully
vested and immediately exercisable in full on the date of the Change in Control. For purposes hereof, “Change in Control” shall mean the occurrence of any of the following events: (i) a merger of Dynegy with another entity, a
consolidation involving Dynegy, or the sale of all or substantially all of the assets or equity interests of Dynegy to another entity if, in any such case, (A) the holders of equity securities of Dynegy immediately prior to such event do not
beneficially own immediately after such event equity securities of the resulting entity entitled to fifty-one percent (51%) or more of the votes then eligible to be cast in the election of directors (or comparable governing body) of the
resulting entity in substantially the same proportions that they owned the equity securities of Dynegy immediately prior to such event or (B) the persons who were members of the Board immediately prior to such event do not constitute at least a
majority of the board of directors of the resulting entity immediately after such event; (ii) the dissolution or liquidation of Dynegy, but excluding a reorganization pursuant to chapter 11 of Title 11, U.S. Code, as amended; (iii) a
circumstance where any person or entity, including a “group” as contemplated by Section 13(d)(3) of the Exchange Act, acquires or gains ownership or control (including, without limitation, power to vote) of fifty percent (50%) or
more of the combined voting power of the outstanding securities of, (A) if Dynegy has not engaged in a merger or consolidation, Dynegy, or (B) if Dynegy has engaged in a merger or consolidation, the resulting entity;
(iv) circumstances where, as a result of or in connection with, a contested election of directors, the persons who were members of the Board immediately before such election shall cease to constitute a majority of the Board; or (v) the
Board (or the Committee) adopts a resolution declaring that a Change in Control has occurred. For purposes of the “Change in Control” definition, (1) “resulting entity” in the context of an event that is a merger,
consolidation or sale of all or substantially all of the subject assets or equity interests shall mean the surviving entity (or acquiring entity in the case of an asset or equity interest sale), unless the surviving entity (or acquiring entity in
the case of an asset sale) is a subsidiary of another entity and the holders of common stock of Dynegy receive capital stock of such other entity in such transaction or event, in which event the resulting entity shall be such other entity, and
(2) subsequent to the consummation of a merger or consolidation that does not constitute a Change in Control, the term “Dynegy” shall refer to the resulting entity and the term “Board” shall refer to the board of directors
(or comparable governing body) of the resulting entity. 
  

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 3. Termination of Employment. The Option may be exercised only while Employee remains an
employee of the Company and will terminate and cease to be exercisable upon Employee’s termination of employment with the Company, except that: 
 (a) if Employee shall die while in the employ of the Company, the Option awarded hereunder shall immediately vest with respect to all of the remaining Shares and become fully exercisable without further action by the
Committee, and Employee’s legal representative, or the person, if any, who acquired the Option by bequest or inheritance or by reason of the death of Employee, may exercise the Option, to the extent not previously exercised, in respect of any
or all such Shares at any time up to and including the date three (3) years after the date of death, after which date the Option will automatically and without notice terminate and become null and void; and 
 (b) if Employee’s employment with the Company terminates by reason of disability (as defined in the Company’s long term
disability program or plan in which Employee is a participant or, if Employee does not participate in any such plan, as defined in the Dynegy Inc. Long Term Disability Plan, as amended, or the successor plan thereto), the Option awarded hereunder
shall immediately vest with respect to all of the remaining Shares and become fully exercisable without further action by the Committee, and Employee may exercise the Option, to the extent not previously exercised, in respect of any or all such
Shares at any time up to and including the date three (3) years after the date of termination of Employee’s employment by reason of such disability, after which date the Option will automatically and without notice terminate and become
null and void; and 
 (c) if Employee’s employment with the Company terminates by reason of retirement by Employee
following (i) the date on which such Employee has reached fifty-five (55) years of age and (ii) at least five (5) years of service as an employee of the Company or its subsidiaries, the Option awarded hereunder shall continue to
become exercisable in accordance with Section 2(a) of this Agreement, and Employee may exercise the Option, to the extent not previously exercised, at any time up to and including the date five (5) years after the date of termination of
Employee’s employment by reason of such retirement, or the end of the option term, whichever is less, after which date the Option will automatically and without notice terminate and become null and void; and 
 (d) if Employee’s employment with the Company terminates by reason of dismissal by the Company For Cause, then the Option, to the
extent not previously exercised, will immediately, automatically and without notice or further action by the Committee, terminate and become null and void; and 
  

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 (e) if Employee’s employment with the Company terminates by reason of resignation by
the Employee (except as otherwise provided in Section 3(g) below) and at a time when Employee was entitled to exercise the Option, Employee may exercise the Option, to the extent not previously exercised, with respect to any or all such number
of Shares as to which the Option was exercisable as of the date of Employee’s termination of employment, at any time up to and including the date ninety (90) days after the date of termination by reason of such resignation, after which
date the Option will automatically and without notice terminate and become null and void; and 
 (f) if Employee’s
employment with the Company terminates by reason of dismissal by the Company other than For Cause, then Employee may exercise the Option, to the extent not previously exercised, with respect to any or all such number of Shares as to which the Option
was exercisable as of the date of Employee’s termination of employment, at any time up to and including the date one (1) year after the date of such termination of employment, after which date the Option will automatically and without
notice terminate and become null and void; and 
 (g) if Employee’s employment with the Company is terminated as a result
of an Involuntary Termination occurring (i) in connection with, but in no event earlier than sixty (60) days prior to, a Change in Control or (ii) on or within one year after the effective date upon which a Change in Control occurs,
the Option shall become fully vested and immediately exercisable in full on the effective date of the Change of Control, and such Option shall remain exercisable from such date for the lesser of: (A) five (5) years from the date of such
Change in Control; (B) the remaining period of time for exercise of the Option hereunder (irrespective of any mandatory exercise period specified herein that would otherwise be triggered by the termination of employment of such Employee); or
(C) such period of time (which period of time may end as early as the consummation of a “Corporate Change,” as such term is defined in the Plan) as the Committee may determine in connection with or in contemplation of a Corporate
Change in the exercise of its discretion under the Plan, with respect to which the Committee 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 Corporate Change as further described in the Plan. 
 (h) For purposes
of this Agreement: 
 (i) “For Cause” shall mean, and hence arise where, as determined by the Committee in its sole
discretion, Employee (A) has been convicted of a misdemeanor involving moral turpitude or a felony; (B) has failed to substantially perform the duties of such Employee to the Company (other than such failure resulting from Employee’s
incapacity due to physical or mental condition) which results in a materially adverse effect upon the Company, financial or otherwise; (C) has refused without proper legal reason to perform Employee’s duties and responsibilities to the
Company; or (D) has breached any material corporate policy maintained and established by the Company that is applicable to Employee, provided such breach results in a materially adverse effect upon the Company, financial or otherwise.

  

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 (ii) “Involuntary Termination” shall mean any termination of Employee’s
employment with the Company that: 
 (A) does not result from (1) a termination For Cause of Employee,
(2) Employee’s death or disability (as defined in Section 3(b) above) or (3) a voluntary resignation by Employee from the Company (other than a resignation pursuant to clause (B) of this Section 3(h)(ii)), or

 (B) results from a resignation by Employee on or before the date which is sixty (60) days after the date that
Employee first receives, written notice from or on behalf of the Company of (1) if Employee is employed as a Managing Director or above of the Company, (x) a substantial reduction in Employee’s duties from those applicable to Employee
immediately prior to the date on which the Change in Control occurs determined by taking into consideration, among other factors, the Company’s status prior to the Change in Control as an independent corporation whose equity securities are
publicly traded if Employee’s duties encompass or are affected by such matters, as determined by the Committee in its sole discretion, (y) a reduction in Employee’s annual base salary from the annual base salary provided to Employee
immediately prior to the date on which the Change in Control occurs, or (z) a change in location of Employee’s principal place of employment by fifty (50) miles or more from the location where Employee was principally employed
immediately prior to the date on which the Change in Control occurs; or (2) if Employee is not employed as a Managing Director or above of the Company, (x) a change in the location of Employee’s principal place of employment by fifty
(50) miles or more from the location where Employee was principally employed immediately prior to the date on which the Change in Control occurs or (y) Employee’s offer of, assignment to, or placement in a position within the Company
that provides a base salary lower than Employee’s base salary on Employee’s termination date. 
 4. Registration. The
Company intends to register the Shares for issuance under the Securities Act of 1933, as amended (the “Act”), and to keep such registration effective throughout the period the Option is exercisable. In the absence of such effective
registration or an available exemption from registration under the Act, issuance of the Shares will be delayed until registration of such shares is effective or an exemption from registration under the Act is available. The Company intends to use
its best efforts to ensure that no such delay will occur. In the event exemption from registration under the Act is available upon an exercise of the Option, Employee (or the person permitted to exercise the Option in the event of Employee’s
death or incapacity), if requested by the Company to do so, will execute and deliver to the Company, in writing, such agreements and other documents containing such provisions as the Company may require to assure compliance with applicable
securities laws. 
  

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 Employee agrees that the Shares will not be sold or otherwise disposed of in any manner which would
constitute a violation of any applicable federal or state securities laws. Employee also agrees that (a) the certificates representing the Shares may bear such legend or legends as the Committee in its sole discretion deems appropriate in order
to assure compliance with applicable securities laws and (b) the Company may refuse to register transfer of the Shares on the stock transfer records of the Company, and may give related instructions to its transfer agent, if any, to stop
registration of such transfer, if such proposed transfer would in the opinion of counsel satisfactory to the Company constitute a violation of any applicable securities law. 
 5. Employment Relationship. For purposes of this Agreement, Employee shall be considered to be in the employment of the Company as long as
Employee remains an employee of (a) the Company, (b) an Affiliate (as such term is defined in the Plan) or (c) a corporation (or a parent or subsidiary of such corporation) assuming or substituting a new option for the Option. 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 in its sole discretion, and its determination shall be final and binding on all parties.

 6. Withholding Taxes. By Employee’s acceptance hereof, Employee hereby (a) agrees to reimburse the Company or any
Affiliate by which Employee is employed for any federal, state or local taxes required by any government to be withheld or otherwise deducted by such corporation in respect of Employee’s exercise of the Option, (b) authorize the Company or
any Affiliate by which Employee is employed to withhold from any cash compensation paid to Employee or in Employee’s behalf, an amount sufficient to discharge any federal, state and local taxes imposed on the Company, or the Affiliate by which
Employee is employed, and which otherwise has not been reimbursed by Employee, in respect of Employee’s exercise of the Option and (c) agrees that the corporation by which Employee is employed, may, in its discretion, hold the stock
certificates to which Employee is entitled upon exercise of the Option, as security for the payment of the aforementioned withholding tax liability, until cash sufficient to pay that liability has been accumulated, and may, in its discretion, effect
such withholding by retaining Shares issuable upon the exercise of the Option having a Fair Market Value on the date of exercise which is equal to the amount to be withheld. 
 7. Miscellaneous. 
 (a) This grant is subject to all the terms, conditions, limitations and restrictions contained in the Plan. In the event of any conflict or inconsistency between the terms hereof 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 hereof and the terms of the Dynegy Inc. Executive Severance Pay Plan, including any amendments or supplements thereto, or the Dynegy Inc. Severance Pay Plan, including any
amendments or supplements thereto, the terms hereof shall be controlling. 
  

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 (b) This grant is not a contract of employment and the terms of Employee’s
employment shall not be affected hereby or by any agreement referred to herein except to the extent specifically so provided herein or therein. Nothing herein shall be construed to impose any obligation on the Company or on any Affiliate to continue
Employee’s employment, and it shall not impose any obligation on Employee’s part to remain in the employ of the Company or of any Affiliate. 
 (c) All references in this Agreement to any “corporation” shall include a corporation, a general partnership, a joint venture, a limited partnership, a business trust or any other lawful business entity.

 (d) Any notices or other communications provided for in this Agreement shall be sufficient if in writing. In the case of
Employee, such notices or communications shall be effectively delivered when hand delivered to Employee at his or her principal place of employment or when sent by registered or certified mail to Employee at the last address Employee 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. 
 [Remainder of page intentionally left blank] 
  

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

					
	 DYNEGY INC.
	 	
			
	By:	 	  
	 	
	Name:	 	J. Kevin Blodgett	 	
	Title:	 	General Counsel & EVP, Administration	 	

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

  

 8Form of Restricted Stock Award Agreement (Managing Director and Above)

 Exhibit 10.74 
 FORM OF 
 RESTRICTED STOCK AWARD AGREEMENT 
 (Cliff Vest – Managing Director and Above) 
 THIS RESTRICTED STOCK AWARD AGREEMENT (this “Agreement”) is made as of the [            ] day of April, 2007, between DYNEGY INC., a Delaware
corporation (“Dynegy”), and all of its Affiliates (collectively, the “Company”), and [the named employee] (the “Employee”). A copy of the Dynegy Inc.
[                    ] 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”),
[            ] restricted shares (the “Restricted Shares”) of Dynegy’s Class A common stock, $0.01 par value per share (“Common Stock”), shall be
issued as hereinafter provided in the Employee’s name subject to certain restrictions thereon. The Restricted Shares shall be issued upon acceptance hereof by the Employee and upon satisfaction of the conditions of this Agreement. The Employee
acknowledges receipt of a copy of the Plan, and agrees that this award of Restricted Shares 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. If it is subsequently determined by the Committee, in its sole discretion, that the terms and conditions 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 accordingly. 
 2.
Restricted Shares. The Employee hereby accepts the Restricted Shares when issued and agrees with respect thereto as follows: 
 (a) Forfeiture Restrictions. The Restricted Shares may not be sold, assigned, pledged, exchanged, hypothecated or otherwise transferred, encumbered or otherwise disposed of (any such sale, assignment,
pledge, exchange, hypothecation or other transfer, encumbrance or disposition being referred to herein as a “Transfer”) to the extent then subject to the Forfeiture Restrictions (as hereinafter defined), and in the event of termination of
the Employee’s employment with the Company for any reason whatsoever, the Employee shall, for no consideration, forfeit to the Company all Restricted Shares then subject to the Forfeiture Restrictions, except to the extent that such Forfeiture
Restrictions lapse upon such termination in accordance with Section 2(b) hereof. The prohibition against Transfer and the obligation to forfeit and surrender Restricted Shares to the Company upon termination of employment are herein referred to
as the “Forfeiture Restrictions.” The Forfeiture Restrictions shall be binding upon and enforceable against any transferee of Restricted Shares. For purposes of this Agreement, the following terms shall have the meanings indicated below:

 (i) “Committee” shall mean the committee that administers the Plan. 
  

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 (ii) “For Cause” shall mean, and hence arise where, as determined by the
Committee in its sole discretion, the Employee (A) has been convicted of a misdemeanor involving moral turpitude or a felony; (B) has failed to substantially perform the duties of such Employee to the Company (other than such failure
resulting from the Employee’s incapacity due to physical or mental condition) which results in a materially adverse effect upon the Company, financial or otherwise; (C) has refused without proper legal reason to perform the Employee’s
duties and responsibilities to the Company; or (D) has breached any material corporate policy maintained and established by the Company that is applicable to the Employee, provided such breach results in a materially adverse effect upon the
Company, financial or otherwise. 
 (iii) “Change in Control” shall mean the occurrence of any of the following
events: (A) a merger of Dynegy with another entity, a consolidation involving Dynegy, or the sale of all or substantially all of the assets or equity interests of Dynegy to another entity if, in any such case, (I) the holders of equity
securities of Dynegy immediately prior to such event do not beneficially own immediately after such event equity securities of the resulting entity entitled to fifty-one percent (51%) or more of the votes then eligible to be cast in the
election of directors (or comparable governing body) of the resulting entity in substantially the same proportions that they owned the equity securities of Dynegy immediately prior to such event or (II) the persons who were members of the Board
immediately prior to such event do not constitute at least a majority of the board of directors of the resulting entity immediately after such event; (B) the dissolution or liquidation of Dynegy, but excluding a reorganization pursuant to
chapter 11 of Title 11, U.S. Code, as amended; (C) a circumstance where any person or entity, including a “group” as contemplated by Section 13(d)(3) of the Exchange Act, acquires or gains ownership or control (including, without
limitation, power to vote) of fifty percent (50%) or more of the combined voting power of the outstanding securities of, (I) if Dynegy has not engaged in a merger or consolidation, Dynegy, or (II) if Dynegy has engaged in a merger or
consolidation, the resulting entity; (D) circumstances where, as a result of or in connection with, a contested election of directors, the persons who were members of the Board immediately before such election shall cease to constitute a
majority of the Board; or (E) the Board (or the Committee) adopts a resolution declaring that a Change in Control has occurred. For purposes of the “Change in Control” definition, (1) “resulting entity” in the context
of an event that is a merger, consolidation or sale of all or substantially all of the subject assets or equity interests shall mean the surviving entity (or acquiring entity in the case of an asset or equity interest sale), unless the surviving
entity (or acquiring entity in the case of an asset sale) is a subsidiary of another entity and the holders of common stock of Dynegy 

  

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receive capital stock of such other entity in such transaction or event, in which event the resulting entity shall be such other entity, and
(2) subsequent to the consummation of a merger or consolidation that does not constitute a Change in Control, the term “Dynegy” shall refer to the resulting entity and the term “Board” shall refer to the board of directors
(or comparable governing body) of the resulting entity. 
 (iv) “Involuntary Termination” shall mean any termination
of Employee’s employment with the Company that: 
 (A) does not result from (1) a termination For Cause of
Employee, (2) Employee’s death or disability (as defined in Section 2(b)(i) below) or (3) a voluntary resignation by Employee from the Company (other than a resignation pursuant to clause (B) of this Section 2(a)(iv)),
or 
 (B) results from a resignation by Employee on or before the date which is sixty (60) days after the date that
Employee first receives written notice from or on behalf of the Company of (1) if Employee is employed as a Managing Director or above of the Company, (x) a substantial reduction in Employee’s duties from those applicable to Employee
immediately prior to the date on which the Change in Control occurs determined by taking into consideration, among other factors, the Company’s status prior to the Change in Control as an independent corporation whose equity securities are
publicly traded if Employee’s duties encompass or are affected by such matters, as determined by the Committee in its sole discretion, (y) a reduction in Employee’s annual base salary from the annual base salary provided to Employee
immediately prior to the date on which the Change in Control occurs, or (z) a change in location of Employee’s principal place of employment by fifty (50) miles or more from the location where Employee was principally employed
immediately prior to the date on which the Change in Control occurs; or (2) if Employee is not employed as a Managing Director or above of the Company, (x) a change in the location of Employee’s principal place of employment by fifty
(50) miles or more from the location where Employee was principally employed immediately prior to the date on which the Change in Control occurs or (y) Employee’s offer of, assignment to, or placement in a position within the Company
that provides a base salary lower than Employee’s base salary on Employee’s termination date. 
  

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 (b) Lapse of Forfeiture Restrictions. The Forfeiture Restrictions shall
lapse as to 100% of the Restricted Shares on the third anniversary of the Grant Date, provided that the Employee has been continuously employed by the Company from the date of this Agreement through such lapse date. Notwithstanding the foregoing:

 (i) if the Employee’s employment with the Company terminates by reason of disability (as defined in the Company’s
long term disability program or plan in which the Employee is a participant or, if the Employee does not participate in any such plan, as defined in the Dynegy Inc. Long Term Disability Plan, as amended, or the successor plan thereto) or death of
the Employee, then the Forfeiture Restrictions shall lapse with respect to 100% of the Restricted Shares awarded to the Employee hereunder as of the date of such termination; and 
 (ii) if the Employee’s employment with the Company terminates by reason of resignation by the Employee (except as otherwise provided
in Section 2(b)(v) below) or dismissal by the Company For Cause, then the Employee shall immediately, for no consideration, forfeit to the Company all Restricted Shares to the extent then subject to the Forfeiture Restrictions; and 

(iii) if the Employee’s employment with the Company terminates by reason of retirement by the Employee following (A) the date
on which such Employee has reached fifty-five (55) years of age and (B) at least five (5) years of service as an employee of the Company, then the Forfeiture Restrictions shall lapse as to 100% of the Restricted Shares awarded to the
Employee hereunder on the third anniversary of the Grant Date as if the Employee had continuously been employed by the Company following such termination; and 
 (iv) if the Employee’s employment with the Company terminates by reason of dismissal by the Company other than For Cause, then the
Forfeiture Restrictions shall lapse, as of the date of such termination, with respect to a number of Restricted Shares (rounded down to the nearest whole number) equal to (A) the total number of Restricted Shares awarded hereunder multiplied by
(B) a fraction, the numerator of which shall be the number of calendar days which have lapsed since the Grant Date and the denominator of which shall be 1,080; and 
 (v) if the Employee’s employment with the Company terminates as a result of an Involuntary Termination occurring in connection with,
but in no event earlier than sixty (60) days prior to, a Change in Control, then the Forfeiture Restrictions shall lapse with respect to 100% of the Restricted Shares awarded to the Employee hereunder as of the date of such Change in Control;
and 
 (vi) if the Employee is employed by the Company (or a successor thereto) on the date of a Change in Control, then the
Forfeiture 

  

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Restrictions shall lapse with respect to 100% of the Restricted Shares awarded to the Employee hereunder as of the date of such Change in Control.

 Any shares with respect to which the Forfeiture Restrictions do not lapse 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 Employee’s employment with the Company. 
 (c) Shareholder Rights & Certificates. The Employee shall have all of the rights of a shareholder of the Company
with respect to the Restricted Shares, including, without limitation, voting rights and the right to receive dividends (provided, however, that dividends paid in shares of the Company’s stock shall be subject to the Forfeiture Restrictions),
but the Employee may not Transfer the Restricted Shares until the Forfeiture Restrictions have expired, and a breach of the terms of this Agreement or the Plan shall cause a forfeiture of the Restricted Shares. Any certificate issued by the Company
evidencing the Restricted Shares shall bear appropriate legends in accordance with Section 4 below and shall be delivered upon issuance to the Secretary of the Company or to such other depository as may be designated by the Committee as a
depository for safekeeping until the forfeiture of such Restricted Shares occurs or the Forfeiture Restrictions lapse pursuant to the terms of the Plan and this award. In the event a certificate evidencing the Employee’s Restricted Shares is
issued by the Company prior to the lapse of the Forfeiture Restrictions, the Employee shall promptly deliver to the Company a stock power, endorsed in blank, relating to the Restricted Shares. Upon the lapse of the Forfeiture Restrictions without
forfeiture, the Company shall, promptly following receipt of a written request from the Employee, cause a certificate or certificates evidencing the shares of Common Stock awarded to the Employee hereunder (and with respect to which the Forfeiture
Restrictions have lapsed) to be issued without legend (except for any legend required pursuant to applicable securities laws or any other agreement to which the Employee is a party) in the name of the Employee in exchange for the certificate, if
any, evidencing the Restricted Shares. 
 (d) Corporate Acts. The existence of the Restricted Shares 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. The prohibitions of Section 2(a) hereof shall not apply to the Transfer of Restricted Shares pursuant to a plan of reorganization of the Company, but the stock, securities or other property received in exchange
therefore shall also become subject to the Forfeiture Restrictions and provisions governing the lapsing of such Forfeiture Restrictions applicable to the original Restricted Shares for all purposes of this Agreement and the certificates, if any,
representing such stock, securities or other property shall be legended to show such restrictions. 
  

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 3. Withholding of Tax. To the extent that the receipt of the Restricted Shares or the lapse
of any Forfeiture Restrictions results in compensation income to the Employee for federal or state income tax purposes, the Employee shall deliver to the Company at the time of such receipt or lapse, 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 Employee fails to do so, the Company is authorized to withhold from any cash or stock remuneration (including withholding any Restricted Shares
distributable to the Employee under this Agreement) then or thereafter payable to the Employee any tax required to be withheld by reason of such resulting compensation income. 
 4. Status of Stock. The Employee agrees that the Restricted Shares issued under this Agreement will not be sold or otherwise disposed of in
any manner which would constitute a violation of any applicable federal or state securities laws. The Employee also agrees that (a) in the event a certificate representing the Restricted Shares is issued, such certificate may bear such legend
or legends as the Committee deems appropriate in order to reflect the Forfeiture Restrictions and to assure compliance with applicable securities laws, (b) the Company may refuse to register the Transfer of the Restricted Shares on the stock
transfer records of the Company if such proposed Transfer would constitute a violation of the Forfeiture Restrictions or, in the opinion of counsel satisfactory to the Company, of any applicable securities law, and (c) the Company may give
related instructions to its transfer agent, if any, to stop registration of the Transfer of the Restricted Shares. 
 5. Employment
Relationship. For purposes of this Agreement, the Employee shall be considered to be in the employment of the Company as long as the Employee 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 Restricted Shares thereunder pursuant to this Agreement shall confer upon the Employee 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 Employee’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 Employee 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. 
 6. Notices. Any notices or other communications provided for in this
Agreement shall be sufficient if in writing. In the case of the Employee, such notices or communications shall be effectively delivered when hand delivered to the Employee at his or her principal place of employment or when sent by registered or
certified mail to the Employee at the last address the Employee 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. 
 7. Entire Agreement; Amendment. This Agreement replaces and merges all previous agreements and
discussions relating to the same or similar subject matters between the Employee and the Company and constitutes the entire agreement between the Employee and the 

  

 6 

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

					
	 DYNEGY INC.
	 	
			
	By:	 	  
	 	
	Name:	 	J. Kevin Blodgett	 	
	Title:	 	General Counsel & EVP, Administration	 	

	*	Employee 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. 

  

 8

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