Document:

Sixth Amendment to the Dynegy Inc. Comprehensive Welfare Benefits Plan

 Exhibit 10.31 
 SIXTH AMENDMENT TO THE 
 DYNEGY INC. COMPREHENSIVE WELFARE BENEFITS PLAN 
 WHEREAS, Dynegy Inc., an Illinois corporation (“Dynegy Illinois”), and certain subsidiaries and affiliated entities have heretofore established
the Dynegy Inc. Comprehensive Welfare Benefits (the “Plan”); 
 WHEREAS, Dynegy Illinois has entered into that certain Plan of
Merger, Contribution and Sale Agreement by and among Dynegy Illinois, LSP GEN Investors, L.P., LS Power Partners, L.P., LS Power Equity Partners PIE I, L.P., LS Power Equity Partners, L.P., LS Power Associates, L.P., Falcon Merger Sub Co., and
Dynegy Acquisition, Inc., executed September 14, 2006 (the “Merger Agreement”); 
 WHEREAS, pursuant to the transactions
contemplated in the Merger Agreement, Dynegy Illinois will become a wholly-owned subsidiary of a newly formed Delaware corporation, named “Dynegy Inc.” (“Dynegy Inc.”), and Dynegy Illinois will thereafter be renamed “Dynegy
Illinois Inc.”, as of the Effective Time specified in the Merger Agreement (the “Effective Time”); 
 WHEREAS, in connection
with the completion of such transactions, the Board of Directors of Dynegy Illinois and Dynegy Inc. have approved the adoption, assumption and sponsorship of the Plan by Dynegy Inc.; 
 WHEREAS, immediately after the Effective Time, Dynegy Illinois will withdraw as the sponsor of the Plan and Dynegy Inc. will assume sponsorship of the
Plan from Dynegy Illinois and will become the “Company” for purposes of the Plan; and 
 WHEREAS, Section 8.1 of the Plan
provides that Dynegy Illinois may amend the Plan and any or all Constituent Benefit Programs incorporated therein on behalf of itself and certain of its affiliates; 
 NOW, THEREFORE, BE IT RESOLVED that the Plan shall be, and hereby is, amended as follows, effective immediately after the Effective Time: 
 I. 
 The preamble to the Plan is amended in its entirety to provide as follows:

 “WHEREAS, Dynegy Inc., an Illinois corporation, (‘Dynegy Illinois’) and certain of its affiliates
established the welfare benefit plans identified as prior plans on Appendix A hereto (‘Prior Plans’) for the benefit of their eligible employees; 
 WHEREAS, the Prior Plans were merged and consolidated into a single comprehensive welfare benefit plan, effective January 1, 2002, known as the Dynegy Inc. Comprehensive Welfare Benefits Plan (the
‘Plan’), such that each such Prior Plan transferred its benefit liability obligations and assets into the Plan effective as of January 1, 2002, and each such Prior Plan became part of and a ‘Constituent Benefit Program’
under the Plan; 

 WHEREAS, Dynegy Illinois has entered into that certain Plan of Merger,
Contribution and Sale Agreement by and among Dynegy Illinois, LSP GEN Investors, L.P., LS Power Partners, L.P., LS Power Equity Partners PIE I, L.P., LS Power Equity Partners, L.P., LS Power Associates, L.P., Falcon Merger Sub Co., and Dynegy
Acquisition, Inc., executed September 14, 2006 (the ‘Merger Agreement’); 
 WHEREAS, pursuant to the
transactions contemplated in the Merger Agreement, Dynegy Illinois will become a wholly-owned subsidiary of a newly formed Delaware corporation, named ‘Dynegy Inc.’, and former Dynegy Inc. will thereafter be renamed ‘Dynegy Illinois
Inc.’, as of the Effective Time specified in the Merger Agreement (the ‘Effective Time’); and 
 WHEREAS, immediately after the Effective Time, Dynegy Illinois will withdraw as the sponsor of the Plan and Dynegy Inc., a Delaware corporation, will assume sponsorship of the Plan from Dynegy Illinois and Dynegy Inc., a Delaware
corporation, will become the ‘Company’ for Plan purposes immediately after the Effective Time.” 
 II. 
 Section 1.1(7) of the Plan is amended in its entirety to provide as follows: 
 “(7) Company: Dynegy Inc., a Delaware corporation, and any successor thereto.” 
 III. 
 All references to “Dynegy
Inc.” or the “Company” in the Plan, in Appendix B to the Plan and under each of the Constituent Benefit Programs under the Plan, shall refer to Dynegy Inc., a Delaware corporation. 
 IV. 
 Except as modified herein, the
Plan shall remain in full force and effect. 
  

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 IN WITNESS WHEREOF, the undersigned has caused this Amendment to the Plan to be executed on the date
indicated below, to be effective immediately after the Effective Time. 
  

			
	 DYNEGY ILLINOIS INC.
 (formerly
known as Dynegy Inc.),
 an Illinois corporation

		
	By:	 	/s/ J. Kevin Blodgett
		
	Title:	 	Executive Vice President, Administration
		
	Date:	 	April 2, 2007

  

			
	Approved and accepted:
	
	 DYNEGY INC.,
 a Delaware
corporation

		
	By:	 	/s/ J. Kevin Blodgett
		
	Title:	 	Executive Vice President, Administration
		
	Date:	 	April 2, 2007

  

 3First Amendment to the Dynegy Inc. Incentive Compensation Plan

 Exhibit 10.32 
 FIRST AMENDMENT TO THE DYNEGY INC. 
 INCENTIVE COMPENSATION PLAN 
 WHEREAS, Dynegy Inc., an Illinois corporation (“Dynegy Illinois”), maintains the Dynegy Inc. Incentive Compensation Plan, as amended and
restated, effective January 1, 2006 (the “Plan”); 
 WHEREAS, Dynegy Illinois has entered into that certain Plan of
Merger, Contribution and Sale Agreement by and among Dynegy Illinois, LSP GEN Investors, L.P., LS Power Partners, L.P., LS Power Equity Partners PIE I, L.P., LS Power Equity Partners, L.P., LS Power Associates, L.P., Falcon Merger Sub Co., and
Dynegy Acquisition, Inc., executed September 14, 2006 (the “Merger Agreement”); 
 WHEREAS, pursuant to the
transactions contemplated in the Merger Agreement, Dynegy Illinois will become a wholly-owned subsidiary of a newly-formed Delaware corporation, named “Dynegy Inc.” (the “Company”), and Dynegy Illinois will thereafter be renamed
“Dynegy Illinois Inc.”, as of the Effective Time specified in the Merger Agreement (the “Effective Time”); 
 WHEREAS,
in connection with the completion of such transactions, the Board of Directors of Dynegy Illinois and the Company have approved the adoption, assumption and sponsorship of the Plan by the Company; and 
 WHEREAS, as of the Effective Time, Dynegy Illinois will withdraw as the sponsor of the Plan and the Company will assume sponsorship of the Plan;

 NOW THEREFORE, the Plan is hereby amended as follows, effective as of the Effective Time: 
 1. Subsection 2.1(l) is hereby amended in its entirety to provide as follows: 
 “ ‘Company’ means Dynegy Inc., a Delaware corporation.” 
 2. Subsection 2.1(m) is hereby amended in its entirety to provide as follows: 
 “ ‘Company
Stock’ means the Class A common stock, $0.01 par value per share, of the Company.” 
 3. Except as modified herein, the Plan
shall remain in full force and effect. This First Amendment may be executed in multiple counterparts, each of which shall be deemed an original and all of which together shall constitute one and the same instrument. 
 [Remainder of page intentionally left blank] 
  

 1 

 IN WITNESS WHEREOF, the undersigned has caused this Amendment to the Plan to be executed on the date
indicated below, to be effective as of the Effective Time. 
  

			
	 DYNEGY ILLINOIS INC.
 (formerly
known as Dynegy Inc.),
 an Illinois corporation

		
	By:	 	/s/ J. Kevin Blodgett
		
	Title:	 	Executive Vice President, Administration
		
	Date:	 	April 2, 2007

  

			
	Approved and accepted:
	
	 DYNEGY INC.,
 a Delaware
corporation

		
	By:	 	/s/ J. Kevin Blodgett
		
	Title:	 	Executive Vice President, Administration
		
	Date:	 	April 2, 2007

  

 2First Amendment to the Dynegy Inc. 1999 Long Term Incentive Plan

 Exhibit 10.33 
 FIRST AMENDMENT TO THE DYNEGY INC. 
 1999 LONG TERM INCENTIVE PLAN 
 WHEREAS, Dynegy Inc., an Illinois corporation (“Dynegy Illinois”), has heretofore maintained the Dynegy Inc. 1999 Long Term Incentive
Plan (the “Plan”); 
 WHEREAS, Dynegy Illinois entered into that certain Plan of Merger, Contribution and Sale
Agreement by and among Dynegy Illinois, LSP GEN Investors, L.P., LS Power Partners, L.P., LS Power Equity Partners PIE I, L.P., LS Power Equity Partners, L.P., LS Power Associates, L.P., Falcon Merger Sub Co., and Dynegy Acquisition, Inc., executed
September 14, 2006 (the “Merger Agreement”); 
 WHEREAS, pursuant to the transactions contemplated in the Merger
Agreement, Dynegy Illinois became a wholly-owned subsidiary of a newly-formed Delaware corporation, named “Dynegy Inc.” (the “Company”), and Dynegy Illinois was renamed “Dynegy Illinois Inc.”, as of the
Effective Time specified in the Merger Agreement (the “Effective Time”); and 
 WHEREAS, pursuant to the Merger Agreement,
as of the Effective Time, Dynegy Illinois withdrew as sponsor of the Plan, and the Company assumed the Plan, the sponsorship thereof and all outstanding Dynegy Illinois stock options and stock-based awards (as described in the Merger Agreement), and
such stock options and stock-based awards were converted into Company stock options and stock-based awards; 
 NOW THEREFORE, the Plan
is hereby amended as follows, effective as of the Effective Time: 
 1. Section I of the Plan is amended by inserting the following
paragraph to become the first paragraph thereof: 
 “I. PURPOSE 
 The DYNEGY INC. 1999 LONG TERM INCENTIVE PLAN (the ‘Plan’) was maintained by Dynegy Inc., an Illinois corporation (‘Dynegy
Illinois’). 
 Dynegy Illinois entered into that certain Plan of Merger, Contribution and Sale Agreement by and among
Dynegy Illinois, LSP GEN Investors, L.P., LS Power Partners, L.P., LS Power Equity Partners PIE I, L.P., LS Power Equity Partners, L.P., LS Power Associates, L.P., Falcon Merger Sub Co., and Dynegy Acquisition, Inc., executed September 14, 2006
(the ‘Merger Agreement’). Pursuant to the transactions contemplated in the Merger Agreement, Dynegy Illinois became a wholly-owned subsidiary of a newly-formed Delaware corporation, named ‘Dynegy Inc.’ (the ‘Company’),
and Dynegy Illinois was renamed 

 
‘Dynegy Illinois Inc.’, as of the Effective Time specified in the Merger Agreement (the ‘Effective Time’). Pursuant to the Merger
Agreement, as of the Effective Time, Dynegy Illinois withdrew as sponsor of the Plan, and the Company assumed the Plan, the sponsorship hereof, and all outstanding Dynegy Illinois stock options and stock-based awards granted hereunder, and such
stock options and stock-based awards were converted into Company stock options and stock-based awards hereunder.” 
 2. The definition
of “Common Stock” in Section II(f) of the Plan is amended its entirety to provide as follows: 
 “(f)
‘Common Stock’ means the Class A common stock, $0.01 par value per share, of the Company, or any security into which such common stock may be changed by reason of any transaction or event of the type described in
Paragraph XI.” 
 3. As amended hereby, the Plan is specifically ratified and reaffirmed. 
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 2 

 IN WITNESS WHEREOF, the undersigned has caused this Amendment to the Plan to be executed on the date
indicated below, to be effective as of the Effective Time. 
  

			
	 DYNEGY ILLINOIS INC.
 (formerly
known as Dynegy Inc.),
 an Illinois corporation

		
	By:	 	/s/ J. Kevin Blodgett
		
	Title:	 	Executive Vice President, Administration
		
	Date:	 	April 2, 2007

  

			
	Approved and accepted:
	
	 DYNEGY INC.,
 a Delaware
corporation

		
	By:	 	/s/ J. Kevin Blodgett
		
	Title:	 	Executive Vice President, Administration
		
	Date:	 	April 2, 2007

  

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