Document:

Exhibit 10.2 - Executive Officer Reappointment

       On April 2, 2008, the Board of Directors of our Bank, upon the
recommendation of its Executive Officer Compensation Committee, approved the
reassignment of Frank Basirico, Jr. to Chief Administrative Officer effective
June 1, 2008. Mr. Basirico served as Chief Administrative Officer until January
15, 2008 when he assumed the position of Chief Credit Officer, which position he
will hold until June 1, 2008. Mr. Basirico had previously served as Chief
Administrative Officer from February 23, 2006 to January 15, 2008. Mr.
Basirico's compensation has not changed as a result of the reassignment.

       Mr. Basirico's background and compensation have been previously filed and
can be located at our Form 8-K filed on February 16, 2006, our Form 10-K at
Exhibit 10.39 filed on March 31, 2006 and our Form 10-K at Exhibit 10.7 filed on
March 17, 2008. These filings are incorporated herein.DYNEGY INC. EXECUTIVE

            CHANGE IN CONTROL SEVERANCE PAY PLAN

            (Effective April 3, 2008)

            

            

            

            	
                         

                    	
                         

                    
	
                        I.

                    	
                        INTRODUCTION.

                    

            
                              Dynegy
            Inc., a Delaware corporation (the “Company”), and its participating
            subsidiaries hereby adopt the Dynegy Inc. Executive Change in Control Severance Pay
            Plan (the “Plan”). The Plan replaces the Second Supplement to the Dynegy
            Inc. Executive Severance Pay Plan, which terminated by its terms on April 2, 2008, and
            provides severance benefits to certain eligible employees whose employment is
            terminated under certain circumstances during specified periods before, on or after a
            Change in Control of the Company.

            	
                         

                    	
                         

                    
	
                        II.

                    	
                        DEFINITIONS.

                    

            

            	
                         

                    	
                         

                    	
                         

                    	
                         

                    
	
                        
                                          2.1     
                        Definitions. Where the following words and phrases appear in the
                        Plan, they shall have the respective meanings set forth below, unless the
                        context clearly indicates otherwise:

                    
	
                         

                    
	
                         

                    	
                        
                                  (a)     
                        “Board” shall mean the Board of Directors of the
                        Company.

                    
	
                         

                    	
                         

                    
	
                         

                    	
                        
                                  (b)     
                        “Cause” shall mean (1) for the Chief Executive Officer (A)
                        refusal to implement or adhere to lawful policies or lawful directives of
                        the Board; (B) engaging in conduct which is materially injurious
                        (monetarily or otherwise) to the Employer or any of its subsidiaries
                        (including, without limitation, misuse of the Employer’s or a
                        subsidiary’s funds or other property); (C) misconduct or dishonesty
                        directly related to the performance of the Chief Executive Officer’s
                        duties for the Employer or gross negligence in the performance of the Chief
                        Executive Officer’s duties for the Employer; (D) conviction (or
                        entering into a plea bargain admitting criminal guilt) in any criminal
                        proceeding involving a felony or a crime of moral turpitude; (E) drug or
                        alcohol abuse; or (F) continued failure to perform the Chief Executive
                        Officer’s duties which is not cured within ten (10) days after
                        written notice is provided to the Chief Executive Officer by the Employer,
                        or (2) for all other Covered Individuals, the Covered Individual (A) has
                        been convicted of a misdemeanor involving moral turpitude or a felony; (B)
                        has failed to substantially perform the duties of such Covered Individual
                        to the Employer (other than such failure resulting from the Covered
                        Individual’s incapacity due to physical or mental condition) which
                        results in a materially adverse effect upon the Employer, financial or
                        otherwise; (C) has refused without proper legal reason to perform the
                        Covered Individual’s duties and responsibilities to the Employer; or
                        (D) has breached any material corporate policy maintained and established
                        by the Employer that is applicable to the Covered Individual, provided such
                        breach results in a materially adverse effect upon the Employer, financial
                        or otherwise.

                    
	
                         

                    	
                         

                    
	
                         

                    	
                        
                                  (c)     
                        “Change in Control” shall mean the occurrence of any of the
                        following events: (1) a merger of the Company with another entity, a
                        consolidation involving the Company, or the sale of all or substantially
                        all of the assets or equity interests of the Company to another entity if,
                        in any such case, (A) the holders of equity securities of the Company
                        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
                        the Company 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

                    
	
                    	
                    

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                        majority of the board of directors of the
                        resulting entity immediately after such event; (2) the dissolution or
                        liquidation of the Company, but excluding a reorganization pursuant to
                        chapter 11 of Title 11, U.S. Code, as amended; (3) 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 the Company has not engaged in a merger or consolidation, the
                        Company, or (B) if the Company has engaged in a merger or consolidation,
                        the resulting entity; (4) 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 (5) the Board (or the Compensation
                        Committee) adopts a resolution declaring that a Change in Control has
                        occurred. For purposes of the “Change in Control” definition,
                        (a) “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 the Company
                        receive capital stock of such other entity in such transaction or event, in
                        which event the resulting entity shall be such other entity, and (b)
                        subsequent to the consummation of a merger or consolidation that does not
                        constitute a Change in Control, the term “Company” 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.

                    
	
                         

                    	
                         

                    
	
                         

                    	
                        
                                  (d)     
                        “COBRA” shall mean the Consolidated Omnibus Budget
                        Reconciliation Act of 1985, as amended.

                    
	
                         

                    	
                         

                    
	
                         

                    	
                        
                                  (e)     
                        “Code” shall mean the Internal Revenue Code of 1986, as
                        amended.

                    
	
                         

                    	
                         

                    
	
                         

                    	
                        
                                  (f)     
                        “Company” shall mean Dynegy Inc., a Delaware corporation,
                        and any successor thereto.

                    
	
                         

                    	
                         

                    
	
                         

                    	
                        
                                  (g)     
                        “Compensation” shall mean, with respect to each Covered
                        Individual. the sum of the following:

                    

            

            	
                         

                    	
                         

                    	
                         

                    	
                         

                    
	
                         

                    	
                         

                    	
                        
                                  (1)          the
                        greater of such Covered Individual’s annual base salary at the rate
                        in effect (A) immediately prior to the Change in Control, (B) sixty (60)
                        days prior to the date of such Covered Individual’s Involuntary
                        Termination, or (C) the date of such Covered Individual’s Involuntary
                        Termination; and

                    
	
                         

                    	
                         

                    	
                         

                    
	
                         

                    	
                         

                    	
                        
                                  (2)          the
                        greater of such Covered Individual’s target annual bonus under any
                        applicable Short Term Incentive Compensation Plan or Arrangement for (A)
                        the fiscal year in which the Change in Control occurs, (B) any fiscal year
                        beginning after the fiscal year in which the Change in Control occurs and
                        before the fiscal year in which such Covered Individual’s Involuntary
                        Termination occurs, or (C) the fiscal year in which such Covered
                        Individuals Involuntary Termination occurs.

                    

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                                  (h)     
                        “Compensation Committee” shall mean the Compensation and
                        Human Resources Committee of the Board unless and until the Board
                        designates another committee of the Board to serve in such
                        capacity.

                    
	
                         

                    	
                         

                    
	
                         

                    	
                        
                                  (i)     
                        “Continuation Coverage Period” shall mean (1) with respect
                        to a Level One Covered Individual (as defined in Section 2.1(j)),
                        thirty-six (36) months, (2) with respect to a Level Two Covered Individual
                        (as defined in Section 2.1(j)), thirty (30) months, (3) with respect to a
                        Level Three Covered Individual (as defined in Section 2.1(j)), twenty-four
                        (24) months, (4) with respect to a Level Four Covered Individual (as
                        defined in Section 2.1(j), eighteen (18) months, and (5) with respect to a
                        Level Five Covered Individual (as defined in Section 2.1(j)), twelve (12)
                        months.

                    
	
                         

                    	
                         

                    
	
                         

                    	
                        
                                  (j)     
                        “Covered Individual” shall mean each individual who
                        receives a level of compensation from an Employer based upon one of the
                        following positions(1) the Chief Executive Officer or Chief Operating
                        Officer (or other comparable position as designated by the Compensation
                        Committee) (a “Level One Covered Individual”), (2) an Executive
                        Vice President or any member of the Executive Management Team (a
                        “Level Two Covered Individual”), (3) a Senior Vice President
                        other than a member of the Executive Management Team (a “Level Three
                        Covered Individual”), (4) a Vice President, or any other individual
                        (other than a Level One Covered Individual, a Level Two Covered Individual,
                        a Level Three Covered Individual or a member of the Executive Management
                        Team) who receives compensation based upon a level above Managing Director
                        (a “Level Four Covered Individual”), or (5) a Managing Director
                        other than a member of the Executive Management Team (a “Level Five
                        Covered Individual”); provided, however, Covered Individual shall not
                        mean an individual who is hired by an Employer on or after the effective
                        date of the particular Change in Control.

                    
	
                         

                    	
                         

                    
	
                         

                    	
                        
                                  (k)     
                        “Disability” shall mean that the Covered Individual is
                        determined under the long-term disability plan sponsored by the Company
                        that covers the Covered Individual to have a disability that entitles him
                        or her to benefits under that plan.

                    
	
                         

                    	
                         

                    
	
                         

                    	
                        
                                  (l)     
                        “Effective Date” shall mean April 3, 2008; provided, that
                        if a subsidiary subsequently adopts the Plan, the Effective Date for such
                        subsidiary and its eligible employees who are Covered Individuals shall be
                        the date specified in the document by which the subsidiary adopts the
                        Plan.

                    
	
                         

                    	
                         

                    
	
                         

                    	
                        
                                  (m)     
                        “Employer” shall mean the Company and each of its
                        subsidiaries (and any successors) that participate in the Plan. The
                        participating subsidiaries are listed on Attachment A to the
                        Plan.

                    
	
                         

                    	
                         

                    	
                         

                    	
                         

                    
	
                         

                    	
                        
                                  (n)     
                        “ERISA” shall mean the Employee Retirement Income Security
                        Act of 1974, as amended.

                    
	
                         

                    	
                         

                    
	
                         

                    	
                         

                    	
                         

                    	
                         

                    
	
                         

                    	
                        
                                  (o)     
                        “Exchange Act” shall mean the Securities Exchange Act of
                        1934, as amended.

                    

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                                  (p)     
                        “Executive Management Team” shall mean the Chief Executive
                        Officer and his or her direct reports, together with any such additional
                        officers who are named to the Executive Management Team by the Chief
                        Executive Officer.

                    
	
                         

                    	
                         

                    
	
                         

                    	
                        
                                  (q)     
                        “Good Reason” shall mean the occurrence, without the
                        Covered Individual’s express written consent, within sixty (60) days
                        before the date upon which a Change in Control occurs or within two years
                        thereafter, of any one or more of the following:

                    
	
                         

                    	
                         

                    
	
                         

                    	
                         

                    	
                        
                                  (1)     a
                        material reduction in the nature or scope of a Covered Individual’s
                        authorities or duties from those applicable to such Covered Individual
                        immediately prior to the date on which a Change in Control
                        occurs;

                    
	
                         

                    	
                         

                    	
                         

                    	
                         

                    
	
                         

                    	
                         

                    	
                        
                                  (2)     a
                        material diminution in a Covered Individual’s total compensation
                        which includes his or her annual base salary and target opportunities and
                        awards under any applicable Short Term Incentive Compensation Plan or
                        Arrangement and under any applicable Long Term Incentive Compensation Plan
                        or Arrangement; or

                    
	
                         

                    	
                         

                    	
                         

                    	
                         

                    
	
                         

                    	
                         

                    	
                        
                                  (3)     a
                        change in the location of a Covered Individual’s principal place of
                        employment by fifty (50) miles or more from the location where he or she
                        was principally employed.

                    
	
                         

                    	
                         

                    	
                         

                    	
                         

                    
	
                         

                    	
                        
                                  (r)     
                        “Involuntary Termination” shall mean any termination of a
                        Covered Individual’s employment with the Employer which:

                    
	
                         

                    	
                         

                    
	
                         

                    	
                         

                    	
                         

                    	
                         

                    
	
                         

                    	
                         

                    	
                        
                                  (1)     does
                        not result from a voluntary resignation by such Covered Individual (other
                        than a resignation pursuant to clause (2) of this Section 2.1(r);
                        or

                    
	
                         

                    	
                         

                    	
                         

                    	
                         

                    
	
                         

                    	
                         

                    	
                        
                                  (2)     results
                        from a Termination for Good Reason by such Covered Individual;

                    
	
                         

                    	
                         

                    	
                         

                    	
                         

                    
	
                         

                    	
                        provided, however, that the term
                        “Involuntary Termination” shall not include a termination for
                        Cause or any termination as a result of such Covered Individual’s
                        death or Disability.

                    
	
                         

                    	
                         

                    	
                         

                    	
                         

                    
	
                         

                    	
                        
                                  (s)     
                        “Long Term Incentive Compensation Plan or Arrangement”
                        shall mean any of the Employer’s long term incentive compensation
                        plans in existence on the Effective Date or any additional or successor
                        plans, including, but not limited to, the Dynegy Inc. 2000 Long Term
                        Incentive Plan and the Dynegy Inc. 2002 Long Term Incentive
                        Plan.

                    
	
                         

                    	
                         

                    	
                         

                    	
                         

                    
	
                         

                    	
                        
                                  (t)     
                        “Notice of Termination for Good Reason” shall mean a notice
                        from a Covered Individual to the Company that shall indicate the specific
                        termination provision or provisions of the Plan relied upon and shall set
                        forth in reasonable detail the facts and circumstances claimed to provide a
                        basis for Termination for Good Reason. The failure of a Covered Individual
                        to set forth in the Notice of Termination for Good Reason any facts or
                        circumstances which contribute to the showing of Good Reason shall not
                        waive any right hereunder or preclude asserting such fact or circumstance
                        in enforcing his or her

                    

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                        rights hereunder. The Notice of
                        Termination for Good Reason shall provide for a date of termination not
                        less than thirty (30) nor more than sixty (60) days after the date such
                        Notice of Termination for Good Reason is delivered to and acknowledged by
                        the General Counsel of the Company.

                    
	
                         

                    	
                         

                    	
                         

                    	
                         

                    
	
                         

                    	
                        
                                  (u)     
                        “Plan” shall mean the Dynegy Inc. Executive Change in
                        Control Severance Pay Plan, as amended from time to time.

                    
	
                         

                    	
                         

                    
	
                         

                    	
                        
                                  (v)     
                        “Plan Administrator” shall mean the Dynegy Inc. Benefit
                        Plans Committee; provided, however, that with respect to all periods
                        occurring from and after the date upon which a Change in Control occurs,
                        the Plan Administrator shall be the independent third party, as provided in
                        Section 4.6.

                    
	
                         

                    	
                         

                    
	
                         

                    	
                        
                                  (w)     
                        “Plan Year” shall mean the twelve-month period beginning
                        each January 1st.

                    
	
                         

                    	
                         

                    
	
                         

                    	
                        
                                  (x)     
                        “Severance Amount Percentage” shall mean (1) with respect
                        to a Level One Covered Individual, two hundred ninety-nine percent (299%),
                        (2) with respect to a Level Two Covered Individual, two hundred fifty
                        percent (250%), (3) with respect to a Level Three Covered Individual, two
                        hundred percent (200%), (4) with respect to a Level Four Covered
                        Individual, one hundred fifty percent (150%), and (5) with respect to a
                        Level Five Covered Individual, one hundred percent (100%).

                    
	
                         

                    	
                         

                    
	
                         

                    	
                        
                                  (y)     
                        “Short Term Incentive Compensation Plan or Arrangement”
                        shall mean any of the Employer’s short term annual bonus plans in
                        existence on the Effective Date or any additional or successor plans,
                        including, but not limited to, the Dynegy Inc. Incentive Compensation
                        Plan.

                    
	
                         

                    	
                         

                    	
                         

                    	
                         

                    
	
                         

                    	
                        
                                  (z)     
                        “Specified Employee” shall mean a Covered Individual who is
                        a specified employee within the meaning of Treasury Regulation Section
                        1.409A-1(i).

                    
	
                         

                    	
                         

                    	
                         

                    	
                         

                    
	
                         

                    	
                        
                                  (aa)   
                        “Specified Employee Effective Date” shall mean the April
                        1st next following a Specified Employee Identification
                        Date.

                    
	
                         

                    	
                         

                    
	
                         

                    	
                        
                                  (bb)   
                        “Specified Employee Identification Date” shall mean
                        December 31st of each Plan Year.

                    
	
                         

                    	
                         

                    
	
                         

                    	
                        
                                  (cc)   
                        “Termination For Good Reason” means a resignation of
                        employment by the Covered Individual by a written Notice of Termination for
                        Good Reason given to the General Counsel of the Company within ninety (90)
                        days after the occurrence of the Good Reason event, unless such
                        circumstances are substantially corrected prior to the date of termination
                        specified in the Notice of Termination for Good Reason.

                    
	
                         

                    	
                         

                    
	
                         

                    	
                        
                                  (dd)   
                        “Vice President of Human Resources” means the individual
                        who, at the time in question, holds a title of Vice President or above
                        and/or is the highest ranking officer in the Human Resources Department of
                        the Company.

                    

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                        III.

                    	
                        SEVERANCE
                        BENEFITS.

                    
	
                         

                    	
                         

                    	
                         

                    
	
                        
                                          3.1     
                        Severance Benefits. Subject to the terms and condition hereof, if
                        the employment by the Employer or a successor thereto of a Covered
                        Individual shall be subject to an Involuntary Termination occurring (1) in
                        connection with, but in no event earlier than 60 days prior to, a Change in
                        Control, or (2) on or within two (2) years after the date upon which a
                        Change in Control occurs, then that Covered Individual shall be entitled to
                        receive the following severance benefits (subject to any deductions and
                        other conditions otherwise described herein):

                    
	
                         

                    
	
                         

                    	
                        
                                  (a)     a
                        lump sum cash payment in an amount equal to the Covered Individual’s
                        Severance Amount Percentage multiplied by his or her
                        Compensation;

                    
	
                         

                    	
                         

                    
	
                         

                    	
                        
                                  (b)     a
                        lump sum cash payment in an amount equal to (1) (A) the aggregate annual
                        target opportunity under all applicable Short Term Incentive Compensation
                        Plans or Arrangements that could have been earned by such Covered
                        Individual for the fiscal year of the Company during which such Involuntary
                        Termination occurs (determined as if all applicable goals and targets had
                        been satisfied in full), multiplied by (B) a fraction, the numerator of
                        which is the number of days during the period beginning on the first day of
                        such fiscal year and ending on the date of such Involuntary Termination,
                        and the denominator of which is three hundred sixty-five (365), and (2) the
                        aggregate annual target opportunity under all applicable Short Term
                        Incentive Compensation Plans or Arrangements earned by the Covered
                        Individual but not yet paid for the prior fiscal year of the
                        Company;

                    
	
                         

                    	
                         

                    
	
                         

                    	
                        
                                  (c)     
                        such Covered Individual and those of his or her dependents (including his
                        or her spouse) who were covered under the medical, dental and life
                        insurance benefit plans maintained by the Employer on the day prior to the
                        Involuntary Termination shall continue to be covered under such plans
                        throughout the Covered Individual’s Continuation Coverage Period
                        beginning on the date of the Involuntary Termination at a cost to the
                        Covered Individual that is no greater than the lesser of (1) the cost of
                        the coverage paid by the Covered Individual immediately prior to the
                        Involuntary Termination or (2) the cost of the coverage paid by the Covered
                        Individual immediately prior to the Change in Control; provided, however,
                        that (A) the benefits and terms of each such coverage shall be no less
                        favorable in the aggregate than that provided to such Covered Individual
                        and his covered dependents immediately prior to the Change in Control and
                        (B) coverage under a particular medical, dental or life insurance benefit
                        plan shall end immediately upon the Covered Individual’s obtaining of
                        new employment and eligibility for coverage under a similar welfare benefit
                        plan maintained by the Covered Individual’s new employer (with such
                        Covered Individual being obligated hereunder to accept the new coverage and
                        promptly report such new coverage to the Company or its successor);
                        provided, further, that to the extent the Covered Individual’s
                        participation in the Company’s group health care plan during his or
                        her Continuation Coverage Severance Period exceeds his or her COBRA
                        continuation coverage period, the Covered Individual will be required to
                        pay the then current COBRA premium for his or her elected coverage and will
                        receive a reimbursement amount from the Company, as taxable income, equal
                        to the difference between the required COBRA premium paid by the Covered
                        Individual and the cost for such coverage as provided pursuant to this
                        Subsection (c), for each month of such participation following the
                        expiration of such

                    

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                        COBRA continuation coverage period.
                        Nothing herein shall be deemed to adversely affect in any way the
                        additional rights, after consideration of this extension period of such
                        Covered Individual and his or her eligible dependents to health care
                        continuation coverage as required pursuant to Part 6 of Title I of ERISA,
                        except that the period of such health care continuation coverage under the
                        Company’s group health care plan shall be reduced by the period of
                        time the Covered Individual receives coverage during his or her
                        Continuation Coverage Period, as provided under the terms of the Plan. In
                        any event, any amount paid to a Covered Individual for reimbursement of any
                        portion of group health care plan premiums, as provided in this Subsection
                        3.1(c), will be paid to the Covered Individual not later than the last day
                        of the calendar year following the year in which the Covered Individual
                        incurs such expense; and

                    
	
                         

                    	
                         

                    
	
                         

                    	
                        
                                  (d)     outplacement
                        services and benefits at least equivalent to those that would have been
                        provided to such Covered Individual under the programs maintained by the
                        Employer immediately prior to the Change in Control had such Covered
                        Individual’s employment been Involuntarily Terminated immediately
                        prior to the Change in Control, but in no event beyond the end of the
                        second calendar year following the calendar year in which the Covered
                        Individual terminated employment. The Company will pay such outplacement
                        assistance benefits directly to an outplacement assistance provider
                        mutually agreed upon by the eligible Covered Individual and the Plan
                        Administrator. The value of such outplacement services will not be paid to
                        the eligible Covered Individual. The Company may, in its sole discretion,
                        provide outplacement assistance benefits to an eligible Covered Individual
                        prior to the eligible Covered Individual’s execution of the Release
                        (as defined in the following paragraph) or the expiration of any revocation
                        period described in the Release. If an eligible Covered Individual is
                        provided such outplacement assistance benefits prior to execution of the
                        Release or the expiration of any such revocation period, then, after
                        execution of the Release and the expiration of such revocation period, the
                        eligible Covered Individual will not be entitled to outplacement assistance
                        benefits in excess of those that the Plan Administrator had determined
                        would be provided to the eligible Covered Individual. If an eligible
                        Covered Individual fails to execute the Release within the specified period
                        or revokes the Release before the revocation period expires, any
                        outplacement assistance benefits will cease.

                    

            
                              In
            order to receive severance benefits under the Plan, the Covered Individual must execute
            an Agreement and Release (the “Release”) in the form customarily provided
            by the Company acknowledging his or her agreement to the terms and conditions of this
            Plan, including but not limited to Sections 3.2, 3.3 and 3.4, the receipt of the
            severance payment and other benefits and releasing the Company, Employers, and other
            persons and entities designated by the Company or the Employers from any liability
            arising from his or her employment or termination. The Release shall be furnished to
            the Covered Individual as soon as practical after the date on which the Company or the
            Covered Individual receives the notice of termination, but in no event later than the
            latest date that will insure that the applicable revocation period for the Release will
            expire not later than March 1 of the year following the year in which the Covered
            Individual’s employment is terminated.

            
                              The
            severance pay provided in Subsections 3.1(a) and (b) will be paid to the eligible
            Covered Individual in one lump sum within fourteen (14) days after the Covered
            Individual executes the Release and the expiration of any revocation period described
            in the Release in

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            accordance with
            the terms and conditions of the Plan but no later than March 15th of the calendar year
            following the year of the Covered Individual’s termination. All severance pay
            benefits will be subject to withholding for applicable employment and income taxes. The
            Covered Individual is responsible for informing the Plan Administrator of any change in
            the Covered Individual’s mailing address by written letter delivered to the Vice
            President of Human Resources until the Covered Individual’s severance benefits
            have been paid in full.

            
                              In
            the event that a Covered Individual dies after the termination of his or her employment
            and before having received the full amount of the severance benefits for which he or
            she was qualified, benefits provided by the Plan will be paid to the legal
            representative of the Covered Individual’s estate unless the Covered Individual
            notifies the Plan Administrator in writing that he or she specifically designates a
            different beneficiary. Benefits will be paid as soon as practicable after receipt of
            notice of proof of such death; provided, however, that if the Covered Individual had
            not signed the Release prior to his or her death, then a condition to the receipt of
            benefits will be the execution of the Release by the executor or other authorized
            representative of the Covered Individual’s estate.

            
                              Each
            of the payments of severance, continued medical and outplacement benefits stated above
            are designated as separate payments for purposes of the short-term deferral rules under
            Treasury Regulation Section 1.409A-1(b)(4)(i)(F), the exemption for involuntary
            terminations under separation pay plans under Treasury Regulation Section
            1.409A-1(b)(9)(iii), the exemption for medical expense reimbursements under Treasury
            Regulation Section 1.409A-1(b)(9)(v)(B) and the exemption for in-kind benefits under
            Treasury Regulation Section 1.409A-1(b)(9)(v)(C). As a result, (1) payments that are
            made on or before the 15th day of the third month of the calendar year following the
            applicable year of termination, and (2) any additional payments that are made on or
            before the last day of the second calendar year following the year of the Covered
            Individual’s termination and do not exceed the lesser of two times the Covered
            Individual’s base salary in the year prior to his or her termination or two times
            the limit under Code Section 401(a)(17) then in effect, are exempt from the
            requirements of Code Section 409A.

            
                              Notwithstanding
            any provision in the Plan to the contrary, severance benefits, in excess of those
            described in the preceding paragraph or that are otherwise subject to the six (6)-month
            payment delay requirements of Code Section 409A, to a Specified Employee, shall not
            commence until at least six (6) months after the date the Specified Employee terminates
            employment. Whether a Covered Individual is a Specified Employee shall be determined
            annually by the Plan Administrator, as of each Specified Employee Identification Date.
            Any Covered Individual so identified shall be a Specified Employee for the entire
            twelve (12)-month period beginning on the following Specified Employee Effective Date.
            To the extent the payments to be made during the first six (6)-month period following a
            Specified Employee’s termination of employment exceed such exempt amounts
            described in the preceding paragraph or are otherwise subject to the six (6)-month
            payment delay requirements of Code Section 409A, those payments shall be withheld and
            the amount of the payments withheld will be paid in a lump sum, without interest,
            during the seventh month after termination.

            
                              The
            amount of severance pay received under the Plan shall be reduced by any amounts the
            Covered Individual owes to the Employer at the time the severance pay is paid;
            provided, however, to the extent the amount of severance pay is not exempt from Code
            Section 409A, then amounts may only be offset for such non-exempt severance pay where
            the amount does not

            8

            

            

            

            exceed $5,000 in
            any Plan Year, the debt is incurred in the ordinary course of the Covered
            Individual’s employment relationship, and the reduction is made at the same time
            and in the same amount as the debt otherwise would have been due and collected from the
            Covered Individual. The determination of what amounts are owed by the Covered
            Individual will be made in the sole discretion of the Plan Administrator. Any such
            offset to the severance amount for which the Covered Individual is eligible will be
            made in conformance with applicable state law that is not otherwise preempted by
            ERISA.

            
                              3.2    
            Mitigation: Benefits Under Employment Agreement. Except as provided in Section
            3.1(c), a Covered Individual shall not be required to mitigate the amount of any
            payment or benefit provided for in this Article III by seeking other employment or
            otherwise, nor shall the amount of any payment or benefit provided for in this Article
            III be reduced by any compensation or benefit earned by the Covered Individual as the
            result of employment by another employer or by retirement benefits. The benefits under
            the Plan are in addition to any other benefits to which a Covered Individual is
            otherwise entitled; provided, however, that (a) the benefits under the Plan are not
            intended to duplicate the benefits to which Covered Individual is entitled under an
            employment agreement or a severance agreement between such Covered Individual and the
            Employer, and if a Covered Individual is entitled to a severance payment under such
            agreement, then the Covered Individual shall not be entitled to benefits under the
            Plan, and (b) a Covered Individual who is entitled to receive benefits under the Plan
            shall not be eligible to receive any other benefits under any other severance plan, any
            other supplement thereto, or any other severance arrangement maintained by the Employer
            or any of its affiliates.

            
                              3.3    
            Confidential/Nondisparagement/Nonsolicitation. For purposes of this Section
            3.3, the term “Company” shall refer to the Company and its
            subsidiaries.

            	
                         

                    	
                         

                    
	
                         

                    	
                        
                                  (a)     Covered
                        Individuals have access to certain information concerning the Company that
                        is confidential and proprietary and constitutes valuable and unique
                        property of the Company. By accepting severance benefits under the Plan,
                        the Covered Individual agrees that he or she will not, at any time after
                        his or her employment terminates, disclose to others, use, copy, or permit
                        to be copied, except pursuant to his or her duties on behalf of the Company
                        or its successors, assigns, or nominees, any “Confidential
                        Information” (defined below) of the Company (whether or not developed
                        by the Covered Individual) without the prior written consent of the General
                        Counsel of the Company.

                    
	
                         

                    	
                         

                    
	
                         

                    	
                        
                                  By
                        accepting severance benefits under the Plan, the Covered Individual
                        understands and agrees that all “Records” (defined below) also
                        constitute Confidential Information of the Company and that the Covered
                        Individual’s obligations continue at all times after his or her
                        employment. These records do not become any less confidential or
                        proprietary to the Company because the Covered Individual may commit some
                        of it to memory or because the Covered Individual may otherwise maintain it
                        outside of the Company’s offices.

                    
	
                         

                    	
                         

                    
	
                         

                    	
                        
                                  By
                        accepting severance benefits under the Plan, the Covered Individual agrees
                        that he or she will never take any Company property for the Covered
                        Individual’s own use or benefit. On or before the date of the Covered
                        Individual’s Involuntary Termination, the Covered Individual will
                        deliver to the Company, as determined

                    

            9

            

            

            

            	
                         

                    	
                         

                    
	
                         

                    	
                        
                        appropriate by the
                        Company, all correspondence, memoranda, notes, Records, client lists,
                        computer systems, programs, or other documents and all copies thereof made,
                        composed or received by the Covered Individual, solely or jointly with
                        others, and which are in the Covered Individual’s possession,
                        custody, or control at such date and which are related in any manner to the
                        past, present, or anticipated business of the Company.

                    
	
                         

                    	
                         

                    
	
                         

                    	
                        
                                  “Confidential
                        Information” includes but is not limited to, any formula, pattern,
                        compilation, program, device, method, technique, or process, that: (1)
                        derives independent economic value, actual or potential, from not being
                        generally known in the public or to other persons who can obtain economic
                        value from its disclosure or use, and (2) is the subject of efforts that
                        are reasonable under the circumstances to maintain its secrecy.
                        “Confidential Information” also includes any information or
                        knowledge pertaining to the operation of the Company’s business that
                        is not generally available to the public and maintained as confidential by
                        the Company, including but not limited to the Company’s trade
                        secrets; Records; plans; strategies; potential acquisitions; costs; prices;
                        systems for buying, selling and/or trading natural gas, coal and
                        electricity (or other similar commodities); client lists; pricing policies;
                        financial information; the names of and pertinent information regarding
                        suppliers; computer programs; policy or procedure manuals; training and
                        recruiting procedures; accounting procedures; the status and content of the
                        Company’s contracts with its suppliers or clients; and servicing
                        methods and techniques at any time used, developed, or investigated by the
                        Company before or during the Covered Individual’s tenure of
                        employment. By accepting severance benefits under the Plan, the Covered
                        Individual further agrees to maintain in confidence any confidential
                        information of third parties received as a result of the Covered
                        Individual’s employment and duties with the Company.

                    
	
                         

                    	
                         

                    
	
                         

                    	
                        
                                  “Records”
                        include, but are not limited to, original, duplicated, computerized,
                        memorized, handwritten or any other form of information, whether contained
                        in materials provided to the Covered Individual by the Company, or by any
                        institution acquired by the Company, or compiled by the Covered Individual
                        in any form or manner including information in documents or electronic
                        devices, such as software, flow charts, graphs, spreadsheets, resource
                        materials, video tapes, calendars, day timers, planners, rolodexes, or
                        telephone directories maintained in personal computers, laptop computers,
                        personal digital assistants or any other device.

                    
	
                         

                    	
                         

                    
	
                         

                    	
                        
                                  These
                        are examples of the types of information the Company considers Confidential
                        Information. All of this information is important because, among other
                        things, it is unknown to the Company’s competitors, thus they are
                        unable to use it to compete with the Company. Accordingly, this information
                        creates a competitive advantage for the Company and is economically
                        valuable.

                    
	
                         

                    	
                         

                    
	
                         

                    	
                        
                                  (b)     Neither
                        any Covered Individual nor the Company shall make or authorize any public
                        statement, oral or written, disparaging the other in their respective
                        business interests and affairs. Notwithstanding the foregoing, neither
                        party shall be (1) required to make any statement which it or he or she
                        believes to be false or inaccurate, or (2) restricted in connection with
                        any litigation, arbitration or similar proceeding or with respect to a
                        response to any subpoena or other legal process.

                    

            10

            

            

            

            	
                         

                    	
                         

                    
	
                         

                    	
                        
                                  (c)     By
                        accepting severance benefits under the Plan, the Covered Individual agrees
                        that for a period of twenty-four (24) months after his Involuntary
                        Termination, the Covered Individual shall not solicit, raid, entice,
                        encourage or induce any person who at the time of such Involuntary
                        Termination was an employee of the Company, to become employed by any
                        person, firm or corporation, and the Covered Individual shall not approach
                        any such employee for such purpose or authorize or knowingly approve the
                        taking of such actions by any other person, firm or corporation or assist
                        any such person, firm or corporation in taking such action.

                    
	
                         

                    	
                         

                    
	
                         

                    	
                        
                                  (d)     By
                        accepting severance benefits under the Plan, the Covered Individual agrees
                        that the foregoing restrictions contain reasonable limitations as to the
                        time and scope of activity to be restrained and that these restrictions do
                        not impose any greater restraint than is necessary to protect the goodwill
                        and other legitimate business interests of the Company, including but not
                        limited to, the protection of Confidential Information. The Covered
                        Individual also agrees that the general public shall not be harmed by
                        enforcement of this Section 3.3. Recognizing the irreparable nature of the
                        injury that could be caused by the Covered Individual’s breach of the
                        requirements and agreements contained in this Section 3.3 and that money
                        damages would be inadequate compensation to the Company, the Covered
                        Individual agrees that any breach of the requirements and agreements
                        contained in this Section 3.3 by the Covered Individual should be the
                        proper subject for immediate injunctive relief, specific performance and
                        other equitable relief to the Company. Nothing herein shall be construed as
                        prohibiting the Company from pursuing any other remedies available to the
                        Company for such breach or threatened breach, including the recovery of
                        damages from the Covered Individual. Each Covered Individual further agrees
                        to communicate the contents of this Section 3.3 to any prospective employer
                        or associate.

                    

            
                              3.4
               No Benefits for Improper Conduct. Anything to the contrary
            herein notwithstanding, a Covered Individual who has engaged in conduct described in
            Section 2.1(b), whether or not such conduct resulted in a termination for Cause, shall
            not be entitled to receive benefits under the Plan. If the Plan Administrator
            determines that a Covered Individual engaged in conduct described in Section 2.1(b),
            the Plan Administrator shall be entitled to recover, in any manner the Plan
            Administrator in its discretion deems necessary or appropriate for such recovery, from
            such Covered Individual any payment or benefit provided pursuant to this Article III
            and any and all expenses incidental to or necessary for such recovery.

            
                              3.5
               Effect of the Plan on other Company Benefits. A Covered
            Individual eligible for benefits under the Plan may be eligible to continue
            participation in certain other Company benefits and/or benefit plans. However,
            continuation in various Company plans is subject to the terms and conditions of the
            applicable plan documents or insurance contracts in effect on the date of the Covered
            Individual’s termination. A Covered Individual’s rights under the other
            plans, documents or insurance contracts are not affected by his or her decision to
            participate or to not participate in the Plan. The severance benefits provided under
            the Plan shall be in lieu of the severance benefits, if any, that would otherwise be
            provided under the Dynegy Inc. Executive Severance Pay Plan or any other Company
            severance plan or agreement upon such termination.

            11

            

            

            

            	
                         

                    	
                         

                    
	
                        
                        IV.

                    	
                        
                        GENERAL
                        PROVISIONS.

                    

            
                              4.1    
            Termination Status. For purposes of severance benefits under the Plan that are
            exempt from the provisions of Code Section 409A, an eligible Covered Individual shall
            terminate employment on the date he or she ceases to be categorized as an employee on
            the payroll system of the Employer. For purposes of severance benefits under the Plan
            that are not exempt from the provisions of Code Section 409A, an eligible Covered
            Individual shall terminate employment on the date he or she ceases to perform services
            for the Employer, or such services decrease to a level that is 50 percent or less of
            the average level of services performed by the eligible Covered Individual over the
            immediately preceding 36-month period. The last day of an eligible Covered
            Individual’s active employment with the Employer shall be considered such Covered
            Individual’s termination date for purposes of the Employer’s employee
            benefit plans, unless provided otherwise pursuant to such plan. For purposes of a
            Covered Individual’s eligibility for continued health benefits under COBRA, the
            COBRA eligibility period shall run from the Covered Individual’s termination
            date.

            
                              4.2    
            Other Participating Employers. The provisions of the Plan shall be applicable
            with respect to each Employer separately, and amounts payable hereunder shall be paid
            solely by the Employer which employs the particular Covered Individual; provided,
            however, that the determination of whether a Change in Control has occurred shall be
            made based solely on the application of that term to the Company.

            
                              4.3    
            Amendment and Termination.

            	
                         

                    	
                         

                    
	
                         

                    	
                        
                                  (a)     The
                        Plan may be amended, terminated or discontinued by the Board (or the
                        Compensation Committee of the Board) in whole or in part, at any time and
                        from time to time; provided, however, that the Plan may not be amended,
                        terminated or discontinued (1) in any respect or at any time during the
                        two-year period following a Change in Control (except for an amendment to
                        the administrative provisions of the Plan that is considered by counsel to
                        be required pursuant to applicable law) or, (2) to reduce the potential
                        benefits provided under the Plan or to adversely (from the perspective of
                        employees of the Employer) modify the classification of individuals who
                        will qualify as Covered Individuals during the period beginning on the date
                        that the Board first considers a transaction that could result in a Change
                        in Control and ending on the date such potential transaction is abandoned
                        by the Company and any other parties thereto or has been consummated and
                        resulted in a Change in Control (a “Potential Transaction
                        Period”). Further, the Employer shall not take any action either
                        during a Potential Transaction Period or on or after the date upon which a
                        Change in Control occurs that would cause an individual who is, or who
                        would otherwise be, a Covered Individual, to lose eligibility under the
                        Plan. The Plan shall automatically terminate two (2) years after the
                        occurrence of a Change in Control; provided, however, that if prior to such
                        termination date, a Covered Individual has terminated employment with the
                        Employer as a result of an Involuntary Termination or has been subject to a
                        Good Reason event, then the Plan shall remain in effect with respect to
                        such Covered Individual in accordance with its terms. In addition, the
                        termination of the Plan shall not terminate the obligations of the Employer
                        and Covered Individuals under Sections 3.3, 4.5, 4.6 and 4.8.

                    

            12

            

            

            

            	
                         

                    	
                         

                    
	
                         

                    	
                        
                                   (b)     For
                        purposes of this Section 4.3, the termination of an Employer’s
                        participation in the Plan shall be deemed to be an amendment to the Plan,
                        but the commencement of participation by an Employer in the Plan shall not
                        be considered an amendment to the Plan. In the event of an Employer’s
                        termination of participation in the Plan, such Employer shall remain liable
                        and responsible for all amounts payable by such Employer under the
                        Plan.

                    

            
                              
            4.4     Employment Status. The adoption and
            maintenance of the Plan shall not be deemed to be a contract of employment between the
            Employer and any person or to be consideration for the employment of any person.
            Nothing herein contained shall be deemed to (a) give any person the right to be
            retained in the employ of the Employer, (b) restrict the right of the Employer to
            discharge any person at any time, (c) give the Employer the right to require any person
            to remain in the employ of the Employer, or (d) restrict any person’s right to
            terminate his employment at any time.

            
                              4.5     
            Indemnification. If a Covered Individual shall obtain any money judgment or
            otherwise prevail with respect to any litigation brought by such Covered Individual or
            the Employer to enforce or interpret any provision contained herein, the Employer, to
            the fullest extent permitted by applicable law, hereby indemnifies such Covered
            Individual for his reasonable attorneys’ fees and disbursements incurred in such
            litigation and hereby agrees (a) to pay in full all such fees and disbursements and (b)
            to pay prejudgment interest on any money judgment obtained by such Covered Individual
            from the earliest date that payment to such Covered Individual should have been made
            under the Plan until such judgment shall have been paid in full, which interest shall
            be calculated at the rate of one percent (1%) per month (with a partial month counting
            as a full month), as soon as practical after the particular judicial determination but
            in no event later than March 15 of the calendar year following such
            determination.

            
                              4.6     
            Plan Administrator. Prior to the date upon which a Change in Control occurs (or
            in the case of a Change in Control as defined in Section 2.1(c)(3), as soon thereafter
            as practical), the Board shall appoint an individual, entity or committee who is
            independent of the Company to serve as Plan Administrator with respect to the Plan from
            and after the date of such Change in Control. At the time Plan Administrator is
            appointed, the Board may also appoint a contingent Plan Administrator to serve as Plan
            Administrator in the event the Plan Administrator initially appointed resigns or is
            otherwise unwilling, unable or becomes unable to serve as Plan Administrator. In the
            event the Board does not appoint a contingent Plan Administrator, if for any reason the
            individual, entity, committee or a member thereof so appointed resigns or is otherwise
            unwilling, unable or becomes unable to serve as Plan Administrator, then such
            individual, entity, committee or the remaining committee members thereof (or any
            successor thereto) shall appoint his or its own successor or a successor member
            thereof, as applicable, (who shall also be independent of the Company). All fees and
            expenses of the Plan Administrator shall be paid by the Company. Notwithstanding any
            other provision of the Plan, the final decision with respect to any and all claims for
            benefits under the Plan shall be made by the Plan Administrator appointed pursuant to
            this Section 4.6.

            
                              4.7     
            Obligations Unfunded. All benefits due to a Covered Individual under the Plan
            are unfunded and unsecured and are payable out of the general funds of the Employer.
            One or more Employers may establish a “grantor trust” for the payment of
            benefits and obligations

            13

            

            

            

            hereunder, the
            assets of which shall be at all times subject to the claims of creditors as provided
            for in such trust.

            
                                4.8       
            Withholding. Any benefits paid or provided pursuant to the Plan shall be
            subject to any required tax withholding.

            
                                4.9       
            Severability. Any provision in the Plan that is prohibited or unenforceable in
            any jurisdiction by reason of applicable law shall, as to such jurisdiction, be
            ineffective only to the extent of such prohibition or unenforceability without
            invalidating or affecting the remaining provisions hereof, and any such prohibition or
            unenforceability in any jurisdiction shall not invalidate or render unenforceable such
            provision in any other jurisdiction.

            
                                4.10     
            The Plan’s Relation to other Descriptive Matter. The Plan shall contain
            no terms or provisions except those set forth herein, or as hereafter amended in
            accordance with the provisions of Section 4.3 of the Plan. If any description made in
            any other document is deemed to be in conflict with any provision of the Plan, the
            provisions of the Plan shall control.

            
                                4.11     
            Non-alienation of Benefits. No benefits payable under the Plan shall be subject
            to anticipation, alienation, sale, transfer, assignment, pledge or other encumbrance,
            and any attempt to do so shall be void.

            
                                4.12     
            Governing Law. The provisions of the Plan shall be construed, administered and
            enforced according to ERISA and, to the extent not preempted, by the laws of the State
            of Delaware.

            
                                4.13     
            Effect on other Plans. Subject to the provisions of Section 3.5, the Plan has
            no effect on the rights of any participant under any other employee benefit plan or
            policy sponsored by the Company such as any profit-sharing, medical, dental or
            hospitalization, life insurance, AD&D, incentive compensation, or Personal Paid
            Time plan. Rights under those plans or policies are governed solely by their
            terms.

            
                                4.14     
            Miscellaneous. Where the context so indicates, the singular will include the
            plural and vice versa. Titles are provided herein for convenience only and are not to
            serve as a basis for interpretation or construction of the Plan. Unless the context
            clearly indicates to the contrary, a reference to a statute or document shall be
            construed as referring to any subsequently enacted, adopted, or executed
            counterpart.

            
                                4.15     
            Plan Administration. The administration and operation of the Plan is directed
            by the Plan Administrator. The Plan Administrator will have full power to administer
            the Plan in all of its details. The Plan Administrator’s power and authority will
            include, but will not be limited to, the sole discretion to:

            	
                         

                    	
                         

                    
	
                        
                        •

                    	
                        make
                        and enforce such rules and regulations as it deems necessary or proper for
                        the efficient administration of the Plan or as are required to comply with
                        applicable law;

                    
	
                         

                    	
                         

                    
	
                        
                        •

                    	
                        
                        interpret the Plan and
                        authorize the payment of any benefits under it, its interpretation thereof
                        to be final and conclusive regarding any employee, former employee,
                        participant, former participant and/or beneficiary;

                    
	
                         

                    	
                         

                    

            14

            

            

            

            	
                         

                    	
                         

                    
	
                        
                        •

                    	
                        
                        decide all questions
                        concerning the Plan and the eligibility of any individual to participate in
                        the Plan;

                    
	
                         

                    	
                         

                    
	
                        
                        •

                    	
                        
                        compute the amount of
                        benefits which will be payable to any participant, former participant or
                        beneficiary in accordance with the provisions of the Plan, and to determine
                        the person or persons to whom such benefits will be paid;

                    
	
                         

                    	
                         

                    
	
                        
                        •

                    	
                        keep
                        such records and submit such filings, elections, applications, returns or
                        other documents or forms as may be required under the Code, and applicable
                        regulations, or under state or local law and regulations;

                    
	
                         

                    	
                         

                    
	
                        
                        •

                    	
                        
                        appoint such agents,
                        counsel, accountants and consultants as may be required to assist in
                        administering the Plan; and

                    
	
                         

                    	
                         

                    
	
                        
                        •

                    	
                        by
                        written instrument, allocate and delegate its fiduciary responsibilities in
                        accordance with Section 405 of ERISA.

                    

            
                                All
            such rules, regulations, determinations, constructions, decisions and interpretations
            made by the Plan Administrator will be final and binding, except as otherwise required
            by law. To the extent the Plan Administrator has been granted discretionary authority
            under the Plan, the Plan Administrator’s prior exercise of such authority shall
            not obligate it to exercise its authority in a like fashion thereafter.

            
                                4.16     
            Compliance with Code Section 409A. Notwithstanding anything in the Plan to the
            contrary, if any Plan provision or benefits under the Plan would result in the
            imposition of an additional tax under Code Section 409A and related Treasury Department
            regulations and pronouncements (“Section 409A”), that Plan provision or
            benefit will be reformed (without the consent of Covered Individuals) to avoid
            imposition of the applicable tax and no action to comply with Section 409A shall be
            deemed to adversely affect the eligible Covered Individual’s right to
            benefits.

            
            V.                
            CLAIM REVIEW PROCEDURE

            
                                5.1       
            Authority to Adopt Procedures. The Plan Administrator shall have the power and
            authority to establish written procedures for processing claims for Plan benefits and
            reviews of Plan benefit claims which have been denied or modified. Such procedures may
            be amended and modified from time to time in the discretion of the Plan Administrator.
            The procedures as adopted and amended and modified from time to time by the Plan
            Administrator are hereby incorporated by reference as a part of the Plan.

            
                                5.2      
            Summary of Claims Procedures. In order to file a claim for benefits under the
            Plan, you must submit to the Vice President of Human Resources (the “Benefits
            Administrator”) a written claim for Plan benefits containing a description of (a)
            an alleged failure to receive a benefit payable under the Plan or (b) an alleged
            discrepancy between the amount of a benefit owed and the amount of the benefit you
            received under the Plan. In connection with the submission of a claim, you may examine
            the Plan and any other relevant documents relating to the claim, and you may submit
            written comments relating to such claim to the Benefits Administrator. If you need
            additional information regarding your claim for benefits, then you can submit a written
            request to the Benefits Administrator for such information. Failure to

            15

            

            

            

            furnish a
            written claim description or to otherwise comply with the claim submission procedure
            will invalidate your claim unless the Benefits Administrator determines that it was not
            reasonably possible to comply with such procedure.

            	
                         

                    	
                         

                    
	
                         

                    	
                        
                                  (a)
                           Upon the filing of a claim for benefits, the Benefits
                        Administrator will determine if the request is clear, and if so, will
                        proceed with the processing of the claim. If the Benefits Administrator
                        determines that the claim is not clear, then the claim will be referred to
                        the Plan Administrator for review.

                    
	
                         

                    	
                         

                    
	
                         

                    	
                        
                                  (b)
                           Within 90 days from the date a completed claim for
                        benefits is filed (or such longer period as may be necessary due to unusual
                        circumstances, but in any event no longer than the time period described in
                        the next paragraph), the Plan Administrator will make a decision as to
                        whether the claim is to be approved, modified, or denied. If the Plan
                        Administrator approves the claim, then the Benefits Administrator will
                        process the claim as soon as administratively practicable.

                    
	
                         

                    	
                         

                    
	
                         

                    	
                        
                                  (c)     In
                        the event of an “Adverse Benefit Determination” (which includes
                        a denial or modification of your claim, or an invalidation for failing to
                        follow the Plan’s claim submission procedures), you will be notified
                        in writing not later than 90 days following the date the claim was filed
                        (or within 180 days under special circumstances, in which case you will be
                        informed of the extension and the circumstances requiring the extension in
                        writing prior to its commencement) of the following:

                    

            

            	
                         

                    	
                         

                    	
                         

                    	
                         

                    
	
                         

                    	
                         

                    	
                        
                         •

                    	
                        The
                        specific reason or reasons for the Adverse Benefit
                        Determination;

                    
	
                         

                    	
                         

                    	
                         

                    	
                         

                    
	
                         

                    	
                         

                    	
                        
                         •

                    	
                        The
                        Plan provisions upon which the Adverse Benefit Determination is
                        based;

                    
	
                         

                    	
                         

                    	
                         

                    	
                         

                    
	
                         

                    	
                         

                    	
                        
                         •

                    	
                        Any
                        additional material or information necessary to perfect the claim and the
                        reasons why such material or information is necessary;

                    
	
                         

                    	
                         

                    	
                         

                    	
                         

                    
	
                         

                    	
                         

                    	
                        
                         •

                    	
                        The
                        Plan’s claims review procedure; and

                    
	
                         

                    	
                         

                    	
                         

                    	
                         

                    
	
                         

                    	
                         

                    	
                        
                         •

                    	
                        A
                        description of your right to bring a civil action under ERISA with respect
                        to the Adverse Benefit Determination upon completion of the Plan’s
                        claims procedures.

                    

            

            	
                         

                    	
                         

                    
	
                         

                    	
                        
                                  (d)   Within
                        60 days following receipt of an Adverse Benefit Determination, you may
                        submit a written request to the Plan Administrator for review of such
                        determination. During this review process, you will have the opportunity to
                        submit written comments and other information relating to the claim and you
                        will have reasonable access to, and copies of, all documents and other
                        information related to the claim free of charge. Any items you submit to
                        the Plan Administrator will be considered without regard to whether such
                        items were considered in the initial benefit determination.

                    
	
                         

                    	
                         

                    
	
                         

                    	
                        
                                  (e)
                         Within 60 days following a request for review (or within 120 days
                        under special circumstances, in which case you will receive written notice
                        of the extension and the circumstances requiring the extension prior to its
                        commencement), the Plan Administrator must, after providing you with a full
                        and fair review, render its final decision in writing (or electronically).
                        However, the review process may be delayed if you fail to provide
                        information that is requested by the Plan Administrator. If the Plan
                        Administrator approves the claim on review, then the Benefits Administrator
                        will process

                    

            16

            

            

            

            
            the claim as soon as
            administratively practicable. In the event of an Adverse Benefit Determination on
            review, the Plan Administrator’s final decision will include:

            	
                         

                    	
                         

                    	
                         

                    	
                         

                    
	
                         

                    	
                         

                    	
                        
                         •

                    	
                        The
                        specific reason or reasons for the Adverse Benefit
                        Determination;

                    
	
                         

                    	
                         

                    	
                         

                    	
                         

                    
	
                         

                    	
                         

                    	
                        
                         •

                    	
                        The
                        Plan provisions upon which the Adverse Benefit Determination is
                        based;

                    
	
                         

                    	
                         

                    	
                         

                    	
                         

                    
	
                         

                    	
                         

                    	
                        
                         •

                    	
                        A
                        statement that you are entitled to reasonable access to, and copies of, all
                        documents and other information related to the claim free of charge;
                        and

                    
	
                         

                    	
                         

                    	
                         

                    	
                         

                    
	
                         

                    	
                         

                    	
                        
                         •

                    	
                        A
                        description of your right to bring a civil action under ERISA with respect
                        to the Adverse Benefit Determination.

                    

            

            	
                         

                    	
                         

                    
	
                         

                    	
                        
                                  (f)     You
                        may, by submitting a written statement to the Plan Administrator, authorize
                        an individual or entity to pursue your claim for benefits under the Plan
                        and/or your request for a review of an Adverse Benefit Determination made
                        with respect to a claim.

                    
	
                         

                    	
                         

                    
	
                         

                    	
                        
                                  (g)
                           Completion of the claims procedures described in this
                        Section 5.2 will be a condition precedent to the commencement of any legal
                        or equitable action in connection with a claim for benefits under the Plan
                        by a claimant or by any other person claiming rights individually or
                        through a claimant.

                    
	
                         

                    	
                         

                    
	
                        
                        VI.

                    	
                        
                        ERISA
                        RIGHTS

                    

            
                       
                  As a participant in the Plan, you are entitled to
            certain rights and protections under ERISA. ERISA provides that all Plan participants
            shall be entitled to:

            
                             
            6.1     Receive Information About Your Plan and
            Benefits:

            	
                         

                    	
                         

                    
	
                         

                    	
                        
                                  (a)
                          Examine without charge, at the Plan Administrator’s
                        office and at other specified locations, such as worksites and union halls,
                        all documents governing the Plan, including insurance contracts and
                        collective bargaining agreements, and a copy of the latest annual report
                        (Form 5500 Series) filed by the Plan with the U.S. Department of Labor and
                        available at the Public Disclosure Room of the Employee Benefits Security
                        Administration.

                    
	
                         

                    	
                         

                    
	
                         

                    	
                        
                                  (b)
                           Obtain, upon written request to the Plan Administrator,
                        copies of documents governing the operation of the Plan, including
                        insurance contracts and collective bargaining agreements, and copies of the
                        latest annual report (Form 5500 Series) and updated summary plan
                        description. The Plan Administrator may make a reasonable charge for the
                        copies.

                    

            
                              6.2    
             Prudent Actions By Plan Fiduciaries. In addition to creating rights for
            Plan participants, ERISA imposes obligations upon the people who are responsible for
            the operation of employee benefit plans. The people who operate the Plan, called
            “fiduciaries” of the Plan, have a duty to do so prudently and in the
            interest of you and other Plan participants and beneficiaries. No one, including your
            employer, your union, or any other person may fire you or otherwise discriminate
            against you in any way to prevent you from obtaining a welfare benefit or exercising
            your rights under ERISA.

            17

            

            

            

            
                              
            6.3   Enforce Your Rights. If your claim for a benefit
            is denied or ignored, in whole or in part, you have a right to know why this was done,
            to obtain copies of documents relating to the decision without charge, and to appeal
            any denial, all within certain time schedules. Under ERISA, there are steps you can
            take to enforce the above rights. For instance, if you request a copy of Plan documents
            or the latest annual report from the Plan and do not receive them within 30 days, you
            may file suit in a Federal court. In such a case, the court may require the Plan
            Administrator to provide the materials and pay you up to $110 a day until you receive
            the materials, unless the materials were not sent because of reasons beyond the control
            of the administrator. If you have a claim for benefits that is denied or ignored, in
            whole or in part, you may file suit in a state or Federal court. In addition, if you
            disagree with the Plan’s decision or lack thereof concerning the qualified status
            of a domestic relations order, you may file suit in Federal court. If it should happen
            that Plan fiduciaries misuse the Plan’s money, or if you are discriminated
            against for asserting your rights, you may seek assistance from the U.S. Department of
            Labor, or you may file suit in a Federal court. The court will decide who should pay
            court costs and legal fees. If you are successful, the court may order the person you
            have sued to pay these costs and fees. If you lose, the court may order you to pay
            these costs and fees (for example, if it finds that your claim is
            frivolous).

            
                              
            6.4   Assistance With Your Questions. If you have any
            questions about the Plan, you should contact the Plan Administrator. If you have any
            questions about this statement or about your rights under ERISA, or if you need
            assistance in obtaining documents from the Plan Administrator, you should contact the
            nearest office of the Employee Benefits Security Administration, U.S. Department of
            Labor, listed in your telephone directory or the Division of Technical Assistance and
            Inquiries, Employee Benefits Security Administration, U.S. Department of Labor, 200
            Constitution Avenue N.W., Washington, D.C. 20210. You may also obtain certain
            publications about your rights and responsibilities under ERISA by calling the
            publications hotline of the Employee Benefits Security Administration.

            
            VII.           
            IDENTIFYING DATA

            
                              The
            Plan is a welfare benefit plan providing benefits from the general assets of the
            Employer. Dynegy Inc. is the plan sponsor. The Plan Year is from January 1 to the
            following December 31 of each year. The plan sponsor has assigned plan number 515 to
            the Plan. The Employer identification number for Dynegy Inc. is 20-5653152.

            	
                         

                    	
                         

                    	
                         

                    
	
                         

                    	
                        
                        A.

                    	
                        
                        Plan
                        Sponsor

                    
	
                         

                    	
                         

                    	
                        
                        Dynegy Inc.

                        1000 Louisiana Street, Suite 5800

                        Houston, Texas 77002

                        (713) 507-6400

                    
	
                         

                    	
                         

                    	
                         

                    
	
                         

                    	
                        
                        B.

                    	
                        
                        Plan
                        Administrator

                    
	
                         

                    	
                         

                    	
                        
                        Dynegy Inc. Benefit
                        Plans Committee

                        c/o Executive Vice President, Administration

                        Dynegy Inc.

                        1000 Louisiana Street, Suite 5800

                        Houston, Texas 77002

                        (713) 507-6400

                    

            18

            

            

            

            	
                         

                    	
                         

                    	
                         

                    
	
                         

                    	
                        
                        C.

                    	
                        
                        Agent for Legal
                        Service of Process

                    
	
                         

                    	
                         

                    	
                        
                        Dynegy Inc. Benefit
                        Plans Committee

                        c/o Executive Vice President, Administration

                        Dynegy Inc.

                        1000 Louisiana Street, Suite 5800

                        Houston, Texas 77002

                    
	
                         

                    	
                         

                    	
                         

                    
	
                         

                    	
                        
                        EXECUTED AND EFFECTIVE
                        this 3rd day of April, 2008.

                    

            

            	
                         

                    	
                         

                    	
                         

                    
	
                         

                    	
                        
                        DYNEGY INC.

                    
	
                         

                    	
                         

                    	
                         

                    
	
                         

                    	
                        
                        By:

                    	
                        
                        
                        /s/ J. Kevin Blodgett

                    
	
                         

                    	
                         

                    	
                        

                    
	
                         

                    	
                         

                    	
                        J.
                        Kevin Blodgett

                    
	
                         

                    	
                         

                    	
                        
                        Executive Vice
                        President, Administration

                    

            19

            

            

            

            Attachment
            A

            Subsidiaries
            Participating in the

            Dynegy Inc. Change in Control

            Executive Severance Pay Plan

            	
                         

                    	
                         

                    	
                         

                    
	
                         

                    	
                        
                        1.

                    	
                        
                        Dynegy Marketing and
                        Trade;

                    
	
                         

                    	
                         

                    	
                         

                    
	
                         

                    	
                        
                        2.

                    	
                        
                        Dynegy Midwest
                        Generation, Inc.;

                    
	
                         

                    	
                         

                    	
                         

                    
	
                         

                    	
                        
                        3.

                    	
                        
                        Dynegy Northeast
                        Generation, Inc;

                    
	
                         

                    	
                         

                    	
                         

                    
	
                         

                    	
                        
                        4.

                    	
                        
                        Dynegy Energy Services,
                        Inc.;

                    
	
                         

                    	
                         

                    	
                         

                    
	
                         

                    	
                        
                        5.

                    	
                        
                        Dynegy Operating
                        Company;

                    
	
                         

                    	
                         

                    	
                         

                    
	
                         

                    	
                        
                        6.

                    	
                        
                        Sithe Energies,
                        Inc.;

                    
	
                         

                    	
                         

                    	
                         

                    
	
                         

                    	
                        
                        7.

                    	
                        
                        Sithe Energies Power
                        Services, Inc.; and

                    
	
                         

                    	
                         

                    	
                         

                    
	
                         

                    	
                        
                        8.

                    	
                        
                        Dynegy Power
                        Corp.

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