Document:

First Amendment to Plan for Employees Under Collective Bargaining Agreement

 Exhibit 4.33 
 FIRST AMENDMENT TO 
 ILLINOIS POWER COMPANY INCENTIVE SAVINGS PLAN 
 FOR EMPLOYEES COVERED UNDER A 
 COLLECTIVE BARGAINING AGREEMENT 
 WHEREAS, Dynegy Inc. (the “Company”) and other Employers
have heretofore adopted the Illinois Power Company Incentive Savings Plan for Employees Covered Under a Collective Bargaining Agreement (the “Plan”) for the benefit of their eligible employees; and 
 WHEREAS, the Company amended and restated the Plan on behalf of itself and the other Employers, effective as of January 1, 2002;
and 
 WHEREAS, the Company desires to further amend the Plan on behalf of itself and the other Employers; 

NOW, THEREFORE, the Plan shall be amended as follows, effective for payroll periods ending on or after October 1, 2003:

 1. Sections 3.3 and 3.4 of the Plan shall be deleted and the following shall be substituted therefor: 
 “3.3 Employer Matching Contributions. 
 (a) For each payroll period, the Employer shall contribute to the Trust, as Employer Matching Contributions, an amount that equals 50% of
the Before-Tax Contributions that were made pursuant to Section 3.1 on behalf of each of the Participants during such payroll period and that were not in excess of 6% of each such Participant’s Compensation for such payroll period.

 (b) In addition to the Employer Matching Contributions made pursuant to Paragraph (a) above, for each Plan Year the
Employer shall contribute to the Trust, as Employer Matching Contributions, an amount equal to the difference, if any, between (1) 50% of the Before-Tax Contributions that were made pursuant to Section 3.1 on behalf of each of the Eligible
Participants during such Plan Year and that were not in excess of 6% of each such Eligible Participant’s Compensation for such Plan Year and (2) the Employer Matching Contributions made pursuant to Paragraph (a) above for each such
Eligible Participant for such Plan Year. For purposes of this Paragraph, the term “Eligible Participant” shall mean each Participant who was an Eligible Employee on the last day of the applicable Plan Year. 
 (c) Employer Matching Contributions pursuant to Paragraph (a) above shall be contributed to the Trust at the same time the related
Before-Tax Contributions are contributed to the Trust, and Employer Matching Contributions pursuant to Paragraph (b) above shall 

 
be contributed to the Trust at the time determined by the Committee. At the sole discretion of the Directors or the Compensation Committee of the
Company’s Board of Directors, Employer Matching Contributions on behalf of Participants shall be made in cash, in whole shares of Company Stock, or in any combination of cash and whole shares of Company Stock. 
 (d) Notwithstanding any foregoing provision of this Section to the contrary, if at any time an Exempt Loan is outstanding, then, to the
extent permissible, Employer Matching Contributions shall be contributed to the ESOP in accordance with Section 6.6 and subsequently allocated pursuant to Section 4.1(c). 
 3.4 Employer Discretionary Contributions. 
 (a) For each Plan Year, the Employer may contribute to the Trust, as an Employer Discretionary Contribution, an additional amount as
determined in its discretion. 
 (b) If it has been so determined that an Employer Discretionary Contribution shall be made
for any Plan Year, then such contribution shall be made in cash, in whole shares of Company Stock, or in any combination of cash and whole shares of Company Stock (as determined in the sole discretion of the Directors or the Compensation Committee
of the Company’s Board of Directors). 
 (c) Notwithstanding any foregoing provision of this Section to the contrary, if
at any time an Exempt Loan is outstanding, then, to the extent permissible, Employer Discretionary Contributions shall be contributed to the ESOP in accordance with Section 6.6 and subsequently allocated pursuant to Section 4.1(d).”

 2. As amended hereby, the Plan is specifically ratified and reaffirmed. 
 IN WITNESS WHEREOF, the undersigned has caused these presents to be executed this 17th day of October, 2003.

  

			
	 DYNEGY INC.

		
	 BY:
	 	 /s/ Teresa L. Naylor

	 Name:
	 	Teresa L. Naylor
	 Title:
	 	Vice President, HR Services

  

 2Amendment to Plan for Employees Under Collective Bargaining Agreement

 Exhibit 4.34 
 AMENDMENT TO THE ILLINOIS POWER COMPANY 
 INCENTIVE SAVINGS PLAN FOR EMPLOYEES 
 COVERED UNDER A COLLECTIVE BARGAINING AGREEMENT 
 WHEREAS, Dynegy Inc. (the “Company”) maintains the Illinois Power Company Incentive Savings Plan for Employees Covered under a Collective Bargaining Agreement (the “Plan”); 
 WHEREAS, the Plan was last amended and restated effective January 1, 2002 to incorporate “good faith” amendments for compliance with the
provisions of the Economic Growth and Tax Relief Reconciliation Act of 2001 (“EGTRRA”); 
 WHEREAS, the Company desires to permit
catch-up contributions effective January 1, 2004 in accordance with EGTRRA; 
 WHEREAS, Rev. Proc. 2002-29 requires that qualified defined
contribution plans be amended by the end of the first plan year beginning on or after January 1, 2003 to comply with the final and temporary regulations of Section 401(a)(9) of the Internal Revenue Code of 1986, as amended (the “Code”) and
provides model amendments for such purpose; 
 NOW THEREFORE, in consideration of the premises, the Plan is hereby amended as follows:

 I. 
 Effective January 1,
2004, a new Section 3.10 is hereby added to the Plan to provide as follows: 
 “3.10 Catch-up Contributions. Effective January 1, 2004,
all Eligible Employees who are eligible to make elective deferrals under this Plan and who have attained age 50 before the close of the Plan Year shall be eligible to make catch-up contributions in accordance with, and subject to the limitations of,
Section 414(v) of the Code. Such catch-up contributions shall not be taken into account for purposes of the provisions of the Plan implementing the required limitations of Section 402(g) and 415 of the Code. The Plan shall not be treated as failing
to satisfy the provisions of the Plan implementing the requirements of Section 401(k)(3), 401(k)(11), 401(k)(12), 410(b), or 416 of the Code, as applicable, by reason of the making of such catch-up contributions. Notwithstanding any other provision
of the Plan, catch-up contributions shall not be matched by Employer Contributions.” 
 II. 
 Effective January 1, 2003, the Plan is hereby amended to provide as follows: 
 “Minimum Distribution Requirements. Rev. Proc. 2002-29 requires that qualified defined contribution plans be amended by the end of the first Plan
Year beginning on or after January 1, 2003, to comply with final and temporary regulations under Section 

 
401(a)(9) of the Code, relating to required minimum distributions, and provides model amendments for this purpose. The following provisions reflect such
model amendments, but are not intended to provide any right to any optional form of distribution not otherwise provided in the Plan. 
 (a) General
Rules. 
 (i) Effective Date. The provisions of this Section will apply for purposes of determining required minimum distributions for
calendar years beginning with the 2003 calendar year. 
 (ii) Precedence. The requirements of this Section will take precedence over any
inconsistent provisions of the Plan. 
 (iii) Requirements of Treasury Regulations Incorporated. All distributions required under this
Section will be determined and made in accordance with the Treasury regulations under Section 401(a)(9) of the Code. 
 (iv) TEFRA
Section 242(b)(2) Elections. Notwithstanding the other provisions of this Section distributions may be made under a designation made before January 1, 1984, in accordance with Section 242(b)(2) of the Tax Equity and Fiscal
Responsibility Act (“TEFRA”) and the provisions of the Plan that relate to Section 242(b)(2) of TEFRA. 
 (b) Time and Manner of
Distribution. 
 (i) Required Beginning Date. The Participant’s entire interest will be distributed, or begin to be distributed, to
the Participant no later than the Participant’s required beginning date. 
 (ii) Death of Participant Before Distributions Begin. If the
Participant dies before distributions begin, the Participant’s entire interest will be distributed, or begin to be distributed, no later than as follows: 
 (A) If the Participant’s surviving spouse is the Participant’s sole designated beneficiary, distributions to the surviving spouse will begin by December 31 of the calendar year immediately following the
calendar year in which the Participant died, or by December 31 of the calendar year in which the Participant would have attained age 70% , if later. 
 (B) If the Participant’s surviving spouse is not the Participant’s sole designated beneficiary, distributions to the designated beneficiary will begin by December 31 of the calendar year immediately
following the calendar year in which the Participant died. 
 (C) If there is no designated beneficiary as of September 30 of the year
following the year of the Participant’s death, the Participant’s entire interest will be distributed by December 31 of the calendar year containing the fifth anniversary of the Participant’s death. 
  

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 (D) If the Participant’s surviving spouse is the Participant’s sole designated beneficiary and
the surviving spouse dies after the Participant but before distributions to the surviving spouse begin, this Subsection (b)(ii), other than Subsection (b)(ii)(A), will apply as if the surviving spouse were the Participant. 
 For purpose of this Subsection (b)(ii) and Subsection (d), unless Subsection (b)(ii)(D) applies, distributions are considered to begin on the
Participant’s required beginning date. If Subsection (b)(ii)(D) applies, distributions are considered to begin on the date distributions are required to begin to the surviving spouse under Subsection (b)(ii)(A). If distributions under an
annuity purchased from an insurance company irrevocably commence to the Participant before the Participant’s required beginning date (or to the Participant’s surviving spouse before the date distributions are required to begin to the
surviving spouse under Subsection (b)(ii)(A)), the date distributions are considered to begin is the date distributions actually commence. 
 (iii) Forms of Distribution. Unless the Participant’s interest is distributed in the form of an annuity purchased from an insurance company or in a single sum on or before the required beginning date, as of the first distribution
calendar year distributions will be made in accordance with Subsections (c) and (d) of this Section. If the Participant’s interest is distributed in the form of an annuity purchased from an insurance company, distributions thereunder
will be made in accordance with the requirements of Section 401(a)(9) of the Code and the Treasury regulations. 
 (c) Required Minimum Distributions
During Participant’s Lifetime. 
 (i) Amount of Required Minimum Distribution For Each Distribution Calendar Year. During the
Participant’s lifetime, the minimum amount that will be distributed for each distribution calendar year is the lesser of: 
 (A) the
quotient obtained by dividing the Participant’s account balance by the distribution period in the Uniform Lifetime Table set forth in Section 1.401(a)(9)-9 of the Treasury regulations, using the Participant’s age as of the
Participant’s birthday in the distribution calendar year; or 
 (B) if the Participant’s sole designated beneficiary for the
distribution calendar year is the Participant’s spouse, the quotient obtained by dividing the Participant’s account balance by the number in the Joint and Last Survivor Table set forth in Section 1.401(a)(9)-9 of the Treasury
regulations, using the Participant’s and spouse’s attained ages as of the Participant’s and spouse’s birthdays in the distribution calendar year. 
 (ii) Lifetime Required Minimum Distributions Continue Through Year of Participant’s Death. Required minimum distributions will be determined under this Subsection (c) beginning with the first
distribution calendar year and up to and including the distribution calendar year that includes the Participant’s date of death. 
  

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 (d) Required Minimum Distributions After Participant’s Death. 
 (i) Death On or After Date Distributions Begin. 
 (A) Participant Survived by Designated Beneficiary. If the Participant dies on or after the date distributions begin and there is a designated beneficiary, the minimum amount that will be distributed for each
distribution calendar year after the year of the Participant’s death is the quotient obtained by dividing the Participant’s account balance by the longer of the remaining life expectancy of the Participant or the remaining life expectancy
of the Participant’s designated beneficiary, determined as follows: 
 (1) The Participant’s remaining life expectancy is
calculated using the age of the Participant in the year of death, reduced by one for each subsequent year. 
 (2) If the Participant’s
surviving spouse is the Participant’s sole designated beneficiary, the remaining life expectancy of the surviving spouse is calculated for each distribution calendar year after the year of the Participant’s death using the surviving
spouse’s age as of the spouse’s birthday in that year. For distribution calendar years after the year of the surviving spouse’s death, the remaining life expectancy of the surviving spouse is calculated using the age of the surviving
spouse as of the spouse’s birthday in the calendar year of the spouse’s death, reduced by one for each subsequent calendar year. 
 (3) If the Participant’s surviving spouse is not the Participant’s sole designated beneficiary, the designated beneficiary’s remaining life expectancy is calculated using the age of the beneficiary in the year following the
year of the Participant’s death, reduced by one for each subsequent year. 
 (B) No Designated Beneficiary. If the Participant
dies on or after the date distributions begin and there is no designated beneficiary as of September 30 of the year after the year of the Participant’s death, the minimum amount that will be distributed for each distribution calendar year
after the year of the Participant’s death is the quotient obtained by dividing the Participant’s account balance by the Participant’s remaining life expectancy calculated using the age of the Participant in the year of death, reduced
by one for each subsequent year. 
 (ii) Death Before Date Distributions Begin. 
 (A) Participant Survived by Designated Beneficiary. If the Participant dies before the date distributions begin and there is a designated
beneficiary, the minimum amount that will be distributed for each distribution calendar year after the year of the Participant’s death is the quotient obtained by dividing the Participant’s account balance by the remaining life expectancy
of the Participant’s designated beneficiary, determined as provided in Subsection(d)(i). 
 (B) No Designated Beneficiary. If the
Participant dies before the date distributions begin and there is no designated beneficiary as of September 30 of the year 

  

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following the year of the Participant’s death, distribution of the Participant’s entire interest will be completed by December 31 of the
calendar year containing the fifth anniversary of the Participant’s death. 
 (C) Death of Surviving Spouse Before Distributions to
Surviving Spouse Are Required to Begin. If the Participant dies before the date distributions begin, the Participant’s surviving spouse is the Participant’s sole designated beneficiary, and the surviving spouse dies before
distributions are required to begin to the surviving spouse under Subsection (b)(ii)(A), this Subsection (d)(ii) will apply as if the surviving spouse were the Participant. 
 (e) Definitions. 
 (i) Designated beneficiary. The individual who is designated as the
beneficiary under the applicable section of the Plan and is the designated beneficiary under Section 401(a)(9) of the Internal Revenue Code and Section 1.401(a)(9)-1, Q&A-4, of the Treasury regulations. 
 (ii) Distribution calendar year. A calendar year for which a minimum distribution is required. For distributions beginning before the
Participant’s death, the first distribution calendar year is the calendar year immediately preceding the calendar year which contains the Participant’s required beginning date. For distributions beginning after the Participant’s
death, the first distribution calendar year is the calendar year in which distributions are required to begin under Subsection (b)(ii). The required minimum distribution for the Participant’s first distribution calendar year will be made on or
before the Participant’s required beginning date. The required minimum distribution for other distribution calendar years, including the required minimum distribution for the distribution calendar year in which the Participant’s required
beginning date occurs, will be made on or before December 31 of that distribution calendar year. 
 (iii) Life expectancy. Life
expectancy as computed by use of the Single Life Table in Section 1.401(a)(9)-9 of the Treasury regulations. 
 (iv)
Participant’s account balance. The account balance as of the last valuation date in the calendar year immediately preceding the distribution calendar year (valuation calendar year) increased by the amount of any contributions made and
allocated or forfeitures allocated to the account balance as of dates in the valuation calendar year after the valuation date and decreased by distributions made in the valuation calendar year after the valuation date. The account balance for the
valuation calendar year includes any amounts rolled over or transferred to the Plan either in the valuation calendar year or in the distribution calendar year if distributed or transferred in the valuation calendar year. 
 (v) Required beginning date. The date specified in Section 401(a)(9)(C) of the Code.” 
 Except as herein modified, the Plan shall remain in full force and effect. 
  

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 IN WITNESS WHEREOF, this Amendment has been executed this 23rd day of December, 2003, to be effective as
of the date set forth above. Dynegy Inc. 
  

			
	 Dynegy Inc.

		
	 By:
	 	 /s/ Teresa L. Naylor

	 Name:
	 	Teresa L. Naylor
	 Title:
	 	Vice President, HR Services

  

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