Document:

Voting Agreement dated as of September 14, 2006

 Exhibit 10.2 
 VOTING AGREEMENT 
 VOTING AGREEMENT, dated as of September 14, 2006, by and among LS Power
Associates, L.P., a Delaware limited partnership; LSP Gen Investors, LP, a Delaware limited partnership; LS Power Equity Partners PIE I, LP, a Delaware limited partnership; LS Power Equity Partners, L.P., a Delaware limited partnership; LS Power
Partners, L.P., a Delaware limited partnership (collectively, the “Contributors”) and the persons listed on the signature page hereto (collectively, the “Shareholders”). 
 WHEREAS, concurrently herewith, Dynegy Acquisition, Inc., a Delaware corporation (“Newco”), Falcon Merger Sub Co., an Illinois
corporation and a wholly owned subsidiary of Newco (“Merger Sub” and, together with Newco, the “Newco Entities”), the Contributors, and Dynegy Inc., an Illinois corporation
(“Dynegy”), are entering into a Plan of Merger, Contribution and Sale Agreement (as amended or supplemented from time to time, the “Merger Agreement”; capitalized terms used without definition herein
having the meanings ascribed thereto in the Merger Agreement). 
 WHEREAS, as of September 14, 2006, each Shareholder owns and/or has
the power to vote, as applicable, the number and type of Shares (as defined in Section 5 below) set forth in Schedule I hereto; 
 WHEREAS, the Dynegy Board has, prior to the execution of this Agreement, approved and adopted the Merger Agreement, and such approvals and adoption have not been withdrawn; 
 WHEREAS, approval of the Merger Agreement by Dynegy’s stockholders is a condition to the consummation of the Merger; and 
 WHEREAS, as a condition to entering into the Merger Agreement, the Contributors have required that each Shareholder agree, and each Shareholder has so
agreed, to enter into this Agreement; 
 NOW THEREFORE, in consideration of the foregoing and the mutual covenants and agreements set forth
herein, the parties hereto agree as follows: 
 Section 1. Agreement to Vote. (a) Each Shareholder hereby agrees to attend the
Dynegy Special Meeting (or any other meeting of stockholders of Dynegy at which the matters contemplated by the Merger Agreement are to be presented to a vote of stockholders of Dynegy), in person or by proxy, and to vote (or cause to be voted) any
voting securities of Dynegy that as of the applicable record date such Shareholder owns beneficially and has the power to vote (or cause to be voted) (including any such securities acquired hereafter) (collectively, the “Covered
Shares”) for approval and adoption of: (i) the Merger Agreement, (ii) the Merger, and (iii) to the extent submitted to the stockholders of Dynegy for approval in connection with the Merger, the other Transactions.

 (b) Each Shareholder hereby agrees to vote (or cause to be voted) any Covered Shares against any Dynegy Takeover Proposal and any related
action reasonably required in furtherance thereof, at any meeting of stockholders of Dynegy (including any adjournments or postponements thereof) called to consider and vote on any Dynegy Takeover Proposal. 

 (c) To the extent inconsistent with the foregoing provisions of this Section 1 or the other
provisions of this Agreement, each Shareholder hereby revokes any and all previous proxies with respect to the Covered Shares. 
 (d) Nothing
herein contained shall (i) restrict, limit or prohibit any individual who is a Shareholder and serves on the Dynegy Board from exercising (in his or her capacity as a director or officer) his or her fiduciary duties to the stockholders of
Dynegy under applicable law, or (ii) require any individual, in his or her capacity as an officer of Dynegy, to take any action in contravention of, or omit to take any action pursuant to, or otherwise take or refrain from taking any actions
which are inconsistent with, instructions or directions of the Dynegy Board undertaken in the exercise of his or her fiduciary duties, provided that nothing in this Section 1(d) shall relieve or be deemed to relieve any such Shareholder from
his or her obligations under Sections 1 or 2 of this Agreement. 
 Section 2. Disposition of Shares. Each Shareholder
hereby agrees that it will not directly or indirectly transfer, sell, assign, convey, pledge, hypothecate, encumber, grant any option to purchase, grant any proxy or enter into any voting or similar agreement with respect to, or otherwise dispose of
(collectively, “Transfer”), or agree or contract to Transfer, any Covered Shares (or any interest therein), other than any such Transfer intended solely for the purpose of planning for the orderly handling, disposition and
administration of such Shareholder’s estate. 
 Section 3. Other Covenants and Agreements. 
 Each party shall execute and deliver such additional instruments and other documents and shall take such further actions as may be reasonably necessary or
appropriate to effectuate, carry out and comply with all of its obligations under this Agreement. Without limiting the generality of the foregoing, no party shall enter into any agreement or arrangement (or alter, amend or terminate any existing
agreement or arrangement) or take any other action (or fail to take any other action) if such action (or failure) would materially impair the ability of any party to effectuate, carry out or comply with all the terms of this Agreement. Each of the
Contributors hereby agrees to cooperate with the Shareholders in connection with any filings required to be made by the Shareholders in connection with the Merger and the transactions contemplated thereby. 
 Section 4. Representations and Warranties of the Contributors. Each Contributor represents and warrants to the Shareholders as follows:
(a) this Agreement has been duly authorized by all requisite entity action on the part of such Contributor and its general partner, (b) this Agreement has been duly executed and delivered by a duly authorized officer of such Contributor
and (c) this Agreement constitutes a valid and binding agreement of such Contributor, enforceable against it. 
 Section 5.
Representations and Warranties of Shareholder. Each Shareholder represents and warrants to the Contributors as follows: (a) this Agreement has been duly executed and delivered by such Shareholder, (b) this Agreement constitutes the valid
and binding agreement of such Shareholder, (c) Shareholder has the full power and authority to vote (or cause to be voted) all Covered Shares as contemplated hereby, (d) the securities of Dynegy listed next to the name of such Shareholder
on Schedule I hereto are the only securities of Dynegy owned 

 
by such Shareholder and which such Shareholder has the power to vote (or cause to be voted) (collectively, the “Shares”),
(e) such Shareholder is the lawful owner of the Shares listed on Schedule I as owned by it, free and clear of all liens, charges, encumbrances and commitments of every kind, other than this Agreement, and has the power to vote such
Shares without any actions on the part of any other party, and (f) the execution and delivery by such Shareholder of this Agreement does not violate or breach any law, contract, instrument, agreement or arrangement to which such Shareholder is
a party or by which such Shareholder is bound, except to the extent such violation or breach would not reasonably be expected to prevent or delay performance of such Shareholder’s obligations hereunder. 
 Section 6. Effectiveness; Termination of Shareholder’s Obligations. It is a condition precedent to the effectiveness of this Agreement that the
Merger Agreement shall have been duly executed and delivered by the parties thereto. All of the covenants, agreements and obligations of the Shareholders under this Agreement shall terminate and be of no further force or effect upon the occurrence
of any of the following events: (a) the Dynegy Board shall have withdrawn, amended, modified or qualified its recommendation in favor of the Merger and the other Transactions; (b) the Merger shall not have been consummated on or prior to
May 31, 2007; (c) any Contributor and Dynegy shall agree to any amendment or change to the Merger Agreement that (i) changes the Exchange Ratio, (ii) changes the amount or type of consideration to be paid to any Contributor under
Section 1.2 of the Merger Agreement, or (iii) is materially disadvantageous to the Shareholders; (d) termination of the Merger Agreement or (e) consummation of the Merger. 
 Section 7. Miscellaneous. 
 (a) Notices,
Etc. All notices, requests, demands or other communications required by or otherwise with respect to this Agreement shall be in writing and shall be deemed to have been duly given to any party when delivered personally (by courier service or
otherwise), when delivered by telecopy and confirmed by return telecopy, or three days after being mailed by delivery service that guarantees overnight delivery, in each case to the applicable addresses set forth below: 
 If to any Contributor, to its address for notices as set forth in the Merger Agreement. 
 If to any Shareholder: 
 c/o Dynegy Inc. 
 1000 Louisiana, Suite 5800 
 Houston, TX 77002

 Attention: General Counsel 
 Fax: (713) 507-6808 

 with copies (which shall not constitute notice) to: 
 Akin Gump Strauss Hauer & Feld LLP 
 1111 Louisiana Street, 44th Floor 
 Houston, Texas 77002 
 Attention: Julien R.
Smythe 
 Fax: (713) 236-0822 
 or to such other address as such party shall have designated by notice so given to each other party. 
 (b)
Amendments, Waivers, Etc. This Agreement may not be amended, changed, supplemented, waived or otherwise modified or terminated as to any Shareholder except by an instrument in writing signed by each Contributor and each Shareholder. 
 (c) Assignment; Successors and Assigns. No party may assign this Agreement without the prior written consent of each other party. This Agreement shall be
binding upon and shall inure to the benefit of and be enforceable by the parties and their respective successors and assigns, including without limitation any corporate successor by merger or otherwise, or any party succeeding to the ownership of
(or power to vote) a Shareholder’s Covered Shares. 
 (d) Entire Agreement. This Agreement embodies the entire agreement and
understanding between the parties relating to the subject matter hereof and supersedes all prior agreements and understandings relating to such subject matter. There are no representations, warranties or covenants by the parties hereto relating to
such subject matter other than those expressly set forth in this Agreement. 
 (e) Severability. If any term of this Agreement or the
application thereof to any party or circumstance shall be held invalid or unenforceable to any extent, the remainder of this Agreement and the application of such term to the other party or circumstances shall not be affected thereby and shall be
enforced to the greatest extent permitted by applicable law, provided that in such event the parties shall negotiate in good faith in an attempt to agree to another provision (in lieu of the term or application held to be invalid or unenforceable)
that will be valid and enforceable and will carry out the parties’ intentions hereunder. 
 (f) Specific Performance. The parties
acknowledge that money damages are not an adequate remedy for violations of this Agreement and that any party may, in its sole discretion, apply to a court of competent jurisdiction for specific performance or injunctive or such other relief as such
court may deem just and proper in order to enforce this Agreement or prevent any violation hereof and, to the extent permitted by applicable law, each party waives any objection to the imposition of such relief. 
 (g) Remedies Cumulative. All rights, powers and remedies provided under this Agreement or otherwise available in respect hereof at law or in equity shall
be cumulative and not alternative, and the exercise or beginning of the exercise of any thereof by any party shall not preclude the simultaneous or later exercise of any other such right, power or remedy by such party. 

 (h) No Waiver. The failure of any party hereto to exercise any right, power or remedy provided under this
Agreement or otherwise available in respect hereof at law or in equity, or to insist upon compliance by any other party hereto with its obligations hereunder, and any custom or practice of the parties at variance with the terms hereof, shall not
constitute a waiver by such party of its right to exercise any such or other right, power or remedy or to demand such compliance. 
 (i)
Third Party Beneficiaries. This Agreement is not intended to be for the benefit of and shall not be enforceable by any person or entity who or which is not a party hereto. 
 (j) Jurisdiction. Each party (a) consents to submit itself to the personal jurisdiction of any federal court located in the State of Delaware or any
Delaware state court if any action, suit or proceeding arises in connection with this Agreement and (b) agrees that it will not attempt to defeat or deny such personal jurisdiction by motion or other request for leave from any such court. Each
party hereto hereby waives any right to a trial by jury in connection with any such action. 
 (k) Governing Law. This Agreement and all
disputes hereunder shall be governed by and construed and enforced in accordance with the laws of the State of Delaware to the fullest extent possible. 
 (l) Name, Captions, Gender. The name assigned this Agreement and the section captions used herein are for convenience of reference only and shall not affect the interpretation or construction hereof. Whenever the
context may require, any pronoun used herein shall include the corresponding masculine, feminine or neuter forms. 
 (m) Counterparts. This
Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, but all of which together shall constitute one instrument. Each counterpart may consist of a number of copies each signed by less than all, but
together signed by all, the parties hereto. 
 (n) Expenses. Each Contributor and each Shareholder shall bear its own expenses incurred in
connection with this Agreement and the transactions contemplated hereby. 
 (o) Obligations Several and Not Joint. The Shareholders’
obligations hereunder are several and not joint. 
 REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK. 

 IN WITNESS WHEREOF, the parties have duly executed this Voting Agreement as of the date first above
written. 
  

			
	LS POWER ASSOCIATES, L.P.
	
	By: LS Power Development, LLC, its General Partner
		
	By:	 	 /s/ FRANK HARDENBERGH

	Name:	 	Frank Hardenbergh
	Title:	 	Authorized Signatory
	
	LSP GEN INVESTORS, LP
	
	By: LS Power Partners, L.P., its General Partner
		
		 	 By: LS Power Development, LLC, its
 General
Partner

		
	By:	 	 /s/ FRANK HARDENBERGH

	Name:	 	Frank Hardenbergh
	Title:	 	Authorized Signatory
	
	LS POWER EQUITY PARTNERS PIE I, LP
	
	By: LS Power Partners, L.P., its General Partner
		
		 	 By: LS Power Development, LLC, its
 General
Partner

		
	By:	 	 /s/ FRANK HARDENBERGH

	Name:	 	Frank Hardenbergh
	Title:	 	Authorized Signatory

			
	LS POWER EQUITY PARTNERS, L.P.
	
	By: LS Power Partners, L.P., its General Partner
		
		 	 By: LS Power Development, LLC, its
 General
Partner

		
	By:	 	 /s/ FRANK HARDENBERGH

	Name:	 	Frank Hardenbergh
	Title:	 	Authorized Signatory
	
	LS POWER PARTNERS, L.P.
	
	By: LS Power Development, LLC, its General Partner
		
	By:	 	 /s/ FRANK HARDENBERGH

	Name:	 	Frank Hardenbergh
	Title:	 	Authorized Signatory

			
	BRUCE A. WILLIAMSON
		
	By:	 	 /s/ BRUCE A. WILLIAMSON

	Name:	 	Bruce A. Williamson
	
	STEPHEN A. FURBACHER
		
	By:	 	 /s/ STEPHEN A. FURBACHER

	Name:	 	Stephen A. Furbacher
	
	HOLLI C. NICHOLS
		
	By:	 	 /s/ HOLLI C. NICHOLS

	Name:	 	Holli C. Nichols
	
	LYNN LEDNICKY
		
	By:	 	 /s/ LYNN LEDNICKY

	Name:	 	Lynn Lednicky
	
	J. KEVIN BLODGETT
		
	By:	 	 /s/ J. KEVIN BLODGETT

	Name:	 	J. Kevin Blodgett

 SCHEDULE I 
 SHARES 
  

			
	 Shareholder
	  	 Shares

	Bruce A. Williamson	  	1,109,529 shares of Class A common stock
		
	Stephen A. Furbacher	  	105,360 shares of Class A common stock
		
	Holli C. Nichols	  	40,391 shares of Class A common stock
		
	Lynn Lednicky	  	42,820 shares of Class A common stock
		
	J. Kevin Blodgett	  	38,970 shares of Class A common stockCorporate Opportunity Agreement dated as of September 14, 2006

 Exhibit 10.3 
 CORPORATE OPPORTUNITY AGREEMENT, dated as of September 14, 2006 (this “Agreement”), between DYNEGY ACQUISITION, INC., a Delaware corporation (the “Company”) and LS POWER
DEVELOPMENT, LLC, a Delaware limited liability company (“LS Power”). 
 WHEREAS, the Company and certain other parties have
entered into a Plan of Merger, Contribution and Sale Agreement dated September 14, 2006 (the “Merger Agreement”), pursuant to which the Company agreed, among other things, to acquire (i) all of the ownership interests in
entities that own certain power generating facilities and (ii) 50% of the ownership interest in an entity that owns certain development projects, each as specified in the Merger Agreement (the “Acquisition”) in exchange for,
among other things, the issuance of the number of shares of Class B Common Stock (as defined below) of the Company specified in the Merger Agreement. 
 WHEREAS, following the consummation of the Acquisition, the holders of the Class B Common Stock are entitled to certain board representation and management rights relating to the Company pursuant to a Shareholder
Agreement dated September 14, 2006 (the “Shareholder Agreement”) among the Company and the shareholders party thereto. 
 WHEREAS, the Company and members of the LS Control Group (as defined below) currently pursue, and are expected to continue to pursue, Acquisition Opportunities (as defined below) and, subsequent to the completion of any such acquisition,
develop and operate the assets so acquired. 
 WHEREAS, in connection with the Merger Agreement, the Shareholder Agreement and the
Acquisition, the Company and LS Power agree to enter into this Agreement to set forth certain agreements among the parties hereto relating to the pursuit of Acquisition Opportunities and related matters following the consummation of the Acquisition.

 NOW, THEREFORE, in consideration of the premises and the mutual and independent covenants hereinafter set forth and other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
 ARTICLE I

 Definitions 
 SECTION
1.01. Definitions. As used in this Agreement, each of the following capitalized terms is defined as follows: 
 “Acquisition” has the meaning specified in the recitals to this Agreement. 

 “Acquisition Opportunity” means a bona fide opportunity to acquire, directly or
indirectly, any physical assets currently producing, or able to produce, electrical power for sale in the power markets. 
 “Board” means the board of directors of the Company. 
 “Change of Control” has the meaning
specified in the Shareholder Agreement. 
 “Class B Common Stock” means shares of the Company’s Class B Common Stock,
par value $0.01 per share. 
 “Class B Director” means any Director elected by a class vote of holders of the Class B Common
Stock pursuant to the Company’s Certificate of Incorporation. 
 “Company” has the meaning specified in the preamble to
this Agreement. 
 “Consider” means, with respect to an Acquisition Opportunity, the earliest to occur of the following
events with respect to such Acquisition Opportunity: (i) (A) if such Acquisition Opportunity is considered in connection with a formal auction thereof, five days before the Company places a indicative bid with respect to such matter, or
(B) if such Acquisition Opportunity is considered in circumstances other than under clause (A), five days before the date on which the Company makes a written offer with respect to such Acquisition Opportunity, (ii) five days before the
date on which board materials discussing such Acquisition Opportunity are delivered to the Board and (iii) the date on which the Board is first informed at a meeting that the Company is paying substantive attention to an Acquisition
Opportunity. The terms “Considering” and “Considered” have correlative meanings. 
 “Controlled
Affiliate” means, as to any Person (the “Controlling Person”), (i) any Person that is consolidated with the financial statements of such Controlling Person, (ii) any Person in which the Controlling Person holds
greater than 50% of the total combined voting power of its outstanding voting securities and (iii) with respect to any specific matter, any entity over which the Controlling Person has the power (by contract or otherwise) to prevent such Person
from pursuing such matter. 
 “Director” means a member of the Board. 
 “Group” is defined in Section 13(d)(3) of the Securities Exchange Act of 1934, as amended. 
 “LS Control Group” means, collectively, LS Power and its Controlled Affiliates. 
 “LS Power” has the meaning specified in the preamble to this Agreement. 
 “Merger Agreement” has the meaning specified in the recitals to this Agreement. 
  

 2 

 “Person” means a natural person, a corporation, a limited liability company, a
partnership, an association, a trust or any other entity or organization. 
 “Representative Director” has the meaning
specified in Section 2.01(b)(2). 
 “Shareholder” or “Shareholders” have the meanings specified in the
Shareholder Agreement. 
 “Shareholder Agreement” has the meaning specified in the recitals to this Agreement. 

“Shareholder Control Group” has the meaning specified in the Shareholder Agreement. 
 ARTICLE II 
 Opportunities 

SECTION 2.01. Allocation of Acquisition Opportunities. (a) Except as otherwise agreed in writing between the Company and LS Power, the
Company shall notify LS Power as promptly as practicable upon or before Considering an Acquisition Opportunity for itself or on behalf of any of its Controlled Affiliates; provided, however, that if at any time following such
notification to LS Power the Company decides in good faith to cease pursuing such Acquisition Opportunity, the Company shall, as soon as reasonably practicable, notify LS Power of such decision, and any member of the LS Control Group may thereafter
pursue or complete such Acquisition Opportunity without being subject to any provision of this Section 2.01. 
 (b) In connection with
paragraph (a) above: 
 (i) If LS Power notifies the Company that members of the LS Control Group do not intend to pursue
such Acquisition Opportunity, (A) the Company may pursue or complete such Acquisition Opportunity for itself without any further obligation to inform LS Power and (B) the Class B Directors may participate in all Board discussions and
activities relating to the Company’s pursuit of such Acquisition Opportunity, and vote as Directors, without any restriction or limitation, with respect to any Board decision regarding the Company’s pursuit of such Acquisition Opportunity.

 (ii) If LS Power, after being notified by the Company of an Acquisition Opportunity, does not notify the Company as to
whether any member of the LS Control Group intends to also pursue such Acquisition Opportunity, then, until such time that LS Power notifies the Company of its decision, LS Power shall cause the Class B Directors to recuse themselves from all Board
discussions and activities relating to the Company’s pursuit of such Acquisition Opportunity. Notwithstanding the foregoing, LS Power may designate one or more Class B Directors as Representative Directors (the “Representative
Directors”), and such 

  

 3 

 
Representative Directors may participate in all Board discussions and activities, and vote as Directors, with respect to the Company’s pursuit of such
Acquisition Opportunity; provided that (x) the Representative Directors shall keep all information relating to such Acquisition Opportunity confidential in accordance with Section 2.02(c) from members of the LS Control Group and
Shareholder Control Group and (y) members of the LS Control Group and Shareholder Control Group shall keep all information relating to such Acquisition Opportunity confidential in accordance with Section 2.02(c) from the Representative
Directors. Nothing contained in this clause (ii) shall in any way affect the rights of Shareholders under the Shareholder Agreement or the rights of Class B Directors with respect to any “Major Decision” (as defined in the
Company’s Bylaws) under the Company’s Bylaws. 
 (iii) If LS Power notifies the Company that one or more members of
the LS Control Group intend to also pursue such Acquisition Opportunity, (A) each of the Company and any member of the LS Control Group may pursue or complete such Acquisition Opportunity for itself, without any further obligation to inform the
other party and (B) LS Power shall cause the Class B Directors to recuse themselves from all Board discussions and activities relating to the Company’s pursuit of such Acquisition Opportunity. Notwithstanding the foregoing, LS Power may
designate one or more Class B Directors as Representative Directors, and such Representative Directors may participate in all Board discussions and activities, and vote as Directors, with respect to the Company’s pursuit of such Acquisition
Opportunity; provided that (x) the Representative Directors shall keep all information relating to such Acquisition Opportunity confidential in accordance with Section 2.02(c) from members of the LS Control Group and Shareholder
Control Group and (y) members of the LS Control Group and Shareholder Control Group shall keep all information relating to such Acquisition Opportunity confidential in accordance with Section 2.02(c) from the Representative Directors.
Nothing contained in this clause (iii) shall in any way affect the rights of Shareholders under the Shareholder Agreement or the rights of Class B Directors with respect to any “Major Decision” (as defined in the Company’s
Bylaws) under the Company’s Bylaws. 
 (iv) In circumstances where Section 2.01(b)(ii) or 2.01(b)(iii) are in
effect, the Company shall, no later than five days prior to the date on which the Board is scheduled to vote on a final authorization for an acquisition related to the applicable Acquisition Opportunity, notify LS Power of such scheduled final
authorization vote by the Board. Upon receipt of such notice, LS Power may notify the Company that no member of the LS Control Group or Shareholder Control Group has any further intention to pursue such Acquisition Opportunity for itself.
Immediately following such notice from LS Power to the Company, all Class B Directors shall be entitled to participate in all Board discussions and activities, and vote as Directors, with respect to the Company’s pursuit of such Acquisition
Opportunity, without any restriction or limitation. 
  

 4 

 SECTION 2.02. Other Agreements Related to Opportunities. (a) The Company and members of the
LS Control Group and Shareholder Control Group are involved in related lines of business and may from time to time have an interest in the same corporate or business opportunities. Subject to Section 2.01, no such involvement or engagement, or
the performance thereof by the Company or any member of the LS Control Group or Shareholder Control Group, shall, to the fullest extent permitted by law, be considered contrary to (i) any fiduciary duty that any such Person may owe to the
Company or to any stockholder of the Company because of any such Person being a stockholder of the Company or participating in the control of the Company (including, without limitation, the power to appoint directors of the Company) or (ii) any
fiduciary duty, to the Company or to any stockholder thereof, of any director or officer of the Company who is also a member of the LS Control Group or Shareholder Control Group. Subject to the provisions of this Agreement, to the fullest extent
permitted by law, each member of the LS Control Group and Shareholder Control Group, as a stockholder of the Company, as a director or officer of the Company or as a participant in the control of the Company, shall not have, or be under, any
fiduciary duty to refrain from engaging in or becoming involved with or participating in any such opportunity. The Company acknowledges that, pursuant to this Section 2.02, it renounces specified business opportunities as contemplated by
Section 122(17) of the General Corporation Law of the State of Delaware. 
 (b) Without limiting the generality of Section 2.02(a),
except as set forth in Section 2.01, each member of the LS Control Group and Shareholder Control Group shall, to the fullest extent permitted by law, have no duty to refrain from (a) pursuing any corporate or business opportunity or
(b) serving as an officer or director of, or investing in, any Person that is (i) engaged in the same or similar business as the Company or (ii) doing business with any client, customer or vendor of the Company. Each member of the LS
Control Group and Shareholder Control Group shall not, to the fullest extent permitted by law, be deemed to have breached its or his fiduciary duties, if any, to the Company solely by reason of engaging in any such activity. 
 (c) All confidential information regarding Acquisition Opportunities transmitted by the Company to members of the LS Control Group and the Class B
Directors hereunder shall be transmitted to them in their role as affiliates or directors of the Company. LS Power shall cause each member of the LS Control Group and each Class B Director to not, directly or indirectly, use such information from
the Company for any purpose other than its evaluation of the appropriateness of the Acquisition Opportunity for the Company, unless such Person has access to such information that is independent of the Company and is permitted to use such
information for any such other purposes. 
 (d) Upon five days’ prior notice from LS Power, the Company shall refrain (until otherwise
notified by LS Power) from providing information to the Class B Directors (other than the Representative Directors, if any) that the Company is Considering a particular Acquisition Opportunity or with respect to a particular Acquisition Opportunity.

  

 5 

 ARTICLE III 
 General Provisions 
 SECTION 3.01. Term. (a) This Agreement shall be effective as of, and
on the date of, the Closing Date (as defined in the Merger Agreement). If the Merger Agreement is terminated prior to the Closing Date, this Agreement shall automatically terminate and all rights and obligations of the parties hereunder shall
terminate without any liability of any party to any other party. 
 (b) (i) The provisions of Article II (other than Section 2.02(c))
shall cease to be in effect on and after the date that the outstanding shares of Class B Common Stock represent less than 15% of the total combined voting power of the Company’s outstanding voting securities at such time and (ii) this
Agreement shall terminate, and be of no further effect, in its entirety (A) on and after the date that no shares of Class B Common Stock remain outstanding or (B) upon the occurrence of a Change of Control. 
 SECTION 3.02. Assignment. This Agreement shall not be assigned, by operation of law or otherwise, by a party, without the prior written consent of
the other parties, and any such assignment without such prior written consent shall be null and void. 
 SECTION 3.03. Specific
Enforcement. Each of the parties hereto acknowledges and agrees that the other parties hereto would be irreparably damaged and that money damages are not an adequate remedy if any of the provisions of this Agreement were not performed in
accordance with their specific terms or were otherwise breached. It is accordingly agreed that each party hereto shall be entitled to an injunction or injunctions to prevent breaches of this Agreement and to specifically enforce this Agreement and
the terms and provisions hereof in any court of the United States or any state thereof, in addition to any other remedy to which such party may be entitled, at law or in equity. It is further agreed that none of the parties hereto shall raise the
defense that there is an adequate remedy at law. 
 SECTION 3.04. Severability. If any term of this Agreement or the application
thereof to any party or circumstance shall be held invalid or unenforceable to any extent, the remainder of this Agreement and the application of such term to the other parties or circumstances shall not be affected thereby and shall be enforced to
the greatest extent permitted by applicable law, and in such event the parties shall negotiate in good faith in an attempt to agree to another provision (in lieu of the term or application held to be invalid or unenforceable) that will be valid and
enforceable and will carry out the parties’ intentions hereunder. 
 SECTION 3.05. Notices, Etc. All notices, requests, demands
or other communications required by or otherwise with respect to this Agreement shall be in writing and shall be deemed given (i) when made, if made by hand delivery, and upon confirmation of receipt, if made by facsimile, (ii) one
business day after being deposited with a next-day courier, postage prepaid, or (iii) three business days after being sent 

  

 6 

 
certified or registered mail, return receipt requested, postage prepaid, in each case to the applicable addresses set forth below (or to such other address
as such party may designate in writing from time to time): 
 If to the Company: 
 1000 Louisiana, Suite 5800 
 Houston, TX 77002

 Attention: General Counsel 
 Telecopy: (713) 507-6808 
 with copies (which shall not constitute notice) to: 
 Akin Gump Strauss Hauer & Feld, LLP 
 1111 Louisiana St. 
 44th Floor 
 Houston, TX 77002 
 Attention: Julien R. Smythe, Esq. 
 Telecopy: (713) 236-0822 
 If to LS Power: 
 LS Power Development, LLC 
 1700 Broadway

 35th Floor 
 New York, NY 10019

 Attention: Senior Counsel 
 Telecopy: (212) 615-3440 
 with copies (which shall not constitute notice) to: 
 Cravath, Swaine & Moore LLP 
 825
Eighth Avenue 
 New York, NY 10019 
 Attention: Ronald Cami, Esq. 
 Telecopy: (212) 474-3700 
 or to such other address as such party shall have designated by notice so given to each other party. 
 SECTION 3.06. Amendments, Waivers, Etc. This Agreement may not be amended, changed, supplemented, waived or otherwise modified or terminated except by an instrument in writing signed by all of the parties hereto (or their
successors). 
 SECTION 3.07. Entire Agreement. This Agreement embody the entire agreement and understanding among the parties
relating to the subject matter hereof and supersede all prior agreements and understandings relating to such subject matter. 
  

 7 

 SECTION 3.08. Remedies Cumulative. All rights, powers and remedies provided under this Agreement
or otherwise available in respect hereof at law or in equity shall be cumulative and not alternative, and the exercise or beginning of the exercise of any thereof by any party shall not preclude the simultaneous or later exercise of any other such
right, power or remedy by such party. 
 SECTION 3.09. No Waiver. The failure of any party hereto to exercise any right, power or
remedy provided under this Agreement or otherwise available in respect hereof at law or in equity, or to insist upon compliance by any other party hereto with its obligations hereunder, and any custom or practice of the parties at variance with the
terms hereof shall not constitute a waiver by such party of his or her right to exercise any such or other right, power or remedy or to demand such compliance. 
 SECTION 3.10. Third Party Beneficiaries. This Agreement is intended to be for the benefit of, and shall be enforceable by, any party hereto and, to the extent that such Person is granted any rights hereunder,
any Controlled Affiliate of LS Power and any member of the Shareholder Control Group. 
 SECTION 3.11. Consent to Jurisdiction. Each
of the parties hereto (and each third party beneficiary hereof as a condition to exercising its rights hereunder) irrevocably submits to the exclusive jurisdiction of (a) the Court of Chancery of the State of Delaware, and (b) the United
States District Court for the District of Delaware, for the purposes of any suit, action or other proceeding arising out of this Agreement or any transaction contemplated hereby. Each of the parties hereto (and each third party beneficiary hereof as
a condition to exercising its rights hereunder) agrees to commence any such action, suit or proceeding either in the United States District Court for the District of Delaware, or if such suit, action or other proceeding may not be brought in such
court for jurisdictional reasons, in the Court of Chancery of the State of Delaware. Each of the parties hereto (and each third party beneficiary hereof as a condition to exercising its rights hereunder) further agrees that service of any process,
summons, notice or document by U.S. registered mail to such party’s respective address set forth above shall be effective service of process for any action, suit or proceeding in Delaware with respect to any matters to which it has submitted to
jurisdiction in this Section 3.11. Each of the parties hereto (and each third party beneficiary hereof as a condition to exercising its rights hereunder) irrevocably and unconditionally waives any objection to the laying of venue of any action,
suit or proceeding arising out of this Agreement and the other transactions contemplated hereby in (i) the Court of Chancery in the State of Delaware, or (ii) the United States District Court for the District of Delaware, and hereby and
thereby further irrevocably and unconditionally waives and agrees not to plead or claim in any such court that any such action, suit or proceeding brought in any such court has been brought in an inconvenient forum. 
 SECTION 3.12. Governing Law. This Agreement shall be construed, interpreted, and governed in accordance with the laws of the State of Delaware,
without giving effect to its rules on conflicts of law. 
  

 8 

 SECTION 3.13. WAIVER OF JURY TRIAL. EACH OF THE PARTIES HERETO (AND EACH THIRD PARTY BENEFICIARY
HEREOF AS A CONDITION TO EXERCISING ITS RIGHTS HEREUNDER) HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. 
 SECTION 3.14. Name, Captions, Gender. The name assigned this Agreement and the section captions used herein are for convenience of reference only
and shall not affect the interpretation or construction hereof. Whenever the context may require, any pronoun used herein shall include the corresponding masculine, feminine or neuter forms. 
 SECTION 3.15. Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, but all
of which together shall constitute one instrument. Each counterpart may consist of a number of copies each signed by less than all, but together signed by all, of the parties hereto. 
  

 9 

 IN WITNESS WHEREOF, the parties hereto have duly and validly executed this Corporate Opportunity
Agreement as of the day and year first above written. 
  

			
	 DYNEGY ACQUISITION, INC.

		
	 By:
	 	/s/ LYNN A. LEDNICKY
		 	 Name: Lynn A. Lednicky

		 	 Title: Executive Vice President

	
	 LS POWER DEVELOPMENT, LLC

		
	 By:
	 	/s/ FRANK HARDENBERGH
		 	 Name: Frank Hardenbergh

		 	 Title: Authorized Signatory

  

 10

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00110-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00110-of-00352.parquet"}]]