Document:

Employee Agreement

 Exhibit 10.39 
  
 EMPLOYMENT AGREEMENT 
  

THIS EMPLOYMENT AGREEMENT (this “Agreement”) is entered into as of January 1, 2004, between MCF CORPORATION, a Delaware corporation (the
“Company”), and D. Jonathan Merriman (the “Executive”). 
  
 WHEREAS, the parties desire to enter into this Agreement setting forth the terms and conditions for the employment relationship of the Executive with the Company. 
  
 NOW, THEREFORE, it is AGREED as follows: 
  
 1. Employment. The Executive is hereby employed as Chairman of the
Board of Directors and Chief Executive Officer of the Company for a period commencing on the date hereof and ending three years after the date hereof. As Chief Executive Officer and Chairman of the Board of Directors of the Company, the Executive
shall handle all day to day activities of the Company as customarily performed by persons serving in such capacities. He shall also perform such other duties as the Board of Directors of the Company may from time to time direct. The Executive agrees
to serve the Company faithfully and to the best of his ability and to devote his full time, attention, and efforts to the business and affairs of the Company during the term of his employment. The Executive hereby confirms that he is under no
contractual commitments inconsistent with his obligations set forth in this Agreement. The Executive shall be entitled without prior written consent to hold positions on the Board of Directors of entities that do not compete with the Company. The
Executive has, as of the date of this Agreement, disclosed to the Board of Directors of the Company the positions the Executive currently holds on other Boards of Directors, and the Company has consented to such positions. 
  
 2. Location of Services. During the term of this Agreement, the
Executive shall be principally located at the offices of the Board of Directors of the Company located in the San Francisco, California metropolitan area. 
  
 3. Salary. The Company shall pay the Executive an annual base salary equal to $150,000, with such increases as may be determined by the Company in
its discretion (“Base Salary”). The Base Salary of the Executive shall not be decreased at any time during the term of this Agreement from the amount then in effect, unless the Executive otherwise agrees in writing. Participation in
deferred compensation, discretionary bonus, retirement, and other employee benefit plans and in fringe benefits shall not reduce the Base Salary. The Base Salary shall be payable to the Executive not less frequently than monthly. 
  
 4. Bonuses. The Executive shall participate in the annual Executive
Bonus Pool with his percentage share determined by the Compensation Committee of the Board of Directors. See Exhibit A, attached hereto, for a detailed description of the Executive Bonus Pool. 

 5. Participation in the Executive Benefit Plans. In addition to the benefits noted below, the
Executive shall be entitled to participate, on the same basis as other executive employees of the Company, in any stock option, stock purchase, pension, thrift, profit-sharing, group life insurance, medical coverage, education, or other retirement
or employee pension or welfare plan or benefits that the Company has adopted or may adopt for the benefit of its employees. The Executive shall be entitled to participate in any fringe benefits, which are now or may be or become applicable to the
Company’s executive employees generally. 
  
 The Executive
shall promptly be reimbursed for all reasonable expenses which he may incur in connection with his services hereunder in accordance with the Company’s normal reimbursement policies as established from time to time. 
  
 6. Stock Options. 
  
 The Executive shall be granted, following Board of Director and Stockholder
approval, an option to purchase five-million (5,000,000) of the Company’s common stock. The exercise price for each share of stock will be equal to the closing price of the Company’s common stock as reported by the American Stock Exchange
on the day the stockholder votes are finally tabulated and upon the stockholders’ approval of the 2003 Stock Option and Incentive Plan. The grant will expire in ten-years and will vest seven years from the grant date. The Executive can
accelerate his vesting by meeting the following business milestones for the Company: 
  

	 	•	10% of the grant will vest upon the successful restructure of the Company’s debt to Forsythe McArthur Associates, Inc.; 

  

	 	•	20% of the grant will vest upon the successful completion of the private capital raise for the benefit of the Company; 

  

	 	•	30% will vest upon the Company achieving profitability/positive cash flow, under generally accepted accounting principles, or GAAP, for one fiscal quarter; and

  

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	 	•	40% will vest upon the Company’s common stock closing at or above the following prices for 20 consecutive trading day: 

  

	 	•	13.33% when trading at or above $0.40; 

  

	 	•	13.33% when trading at or above $0.80; and 

  

	 	•	13.33% when trading at or above $1.20. 

  
 7. Sale of the Company. 
  
 (a) During the term of this Agreement or the Severance Period (as defined below), upon (i) a sale of all or substantially all of the assets of the
Company, (ii) a merger of the Company with another entity where the Company is not the surviving entity or where the stockholders of the Company immediately prior to the merger own less than fifty percent (50%) of the voting stock of the Company
following the merger, or (iii) a change in the membership of the Board of Directors such that individuals who, as of the date hereof, constitute the Board of Directors (the “Incumbent Board”) cease for any reason to constitute at least a
majority of the Board of Directors; provided, however, that any individual becoming a director subsequent to the date hereof whose election, or nomination for election by the Company’s shareholders, was approved by a vote of at least a majority
of the directors then comprising the Incumbent Board shall be considered as though the individual were a member of the Incumbent Board, but excluding, for this purpose, any individual whose initial assumption of office occurs as a result of an
actual or threatened election contest with respect to the election or removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf of a person other than the Company’s Board of Directors, the Executive
shall receive $1,000,000 from the Company and all of the Executive’s options that have been granted pursuant to the terms set forth in this Agreement shall vest immediately. 
  
 (b) Notwithstanding any other provision of this Agreement or of any other agreement, contract, or understanding heretofore
or hereafter entered into by the Executive with the Company, except an agreement, contract, or understanding hereafter entered into that expressly modifies or excludes application of this paragraph (an “Other Agreement”), and
notwithstanding any formal or informal employment agreement or other arrangement for the direct or indirect provision of compensation to the Executive (including groups or classes of participants or beneficiaries of which the Executive is a member),
whether or not such compensation is deferred, is in cash, or is in the form of a benefit to or for the Executive (a “Benefit Arrangement”), if the Executive is a “disqualified individual,” as defined in Section 280G(c) of the
Internal Revenue Code (the “Code”), any right to receive any payment or other benefit under this Agreement shall not become 
  

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 exercisable or vested or shall be forfeited to the extent that such right to exercise, vesting, payment, or benefit,
taking into account all other rights, payments, or benefits to or for the Executive under this Agreement, all Other Agreements, and all Benefit Arrangements, would cause any payment or benefit to the Executive under this Agreement to be considered a
“parachute payment” within the meaning of Section 280G(b)(2) of the Code as then in effect (a “Parachute Payment”). In the event that the receipt of any such right to exercise, vesting, payment, or benefit under this Agreement,
in conjunction with all other rights, payments, or benefits to or for the Executive under any Other Agreement or any Benefit Arrangement would cause the Executive to be considered to have received a Parachute Payment under this Agreement, then the
Executive shall have the right, in the Executive’s sole discretion, to designate those rights, payments, or benefits under this Agreement, any Other Agreements, and any Benefit Arrangements that should be reduced or eliminated so as to avoid
having the payment or benefit to the Executive under this Agreement be deemed to be a Parachute Payment. 
  
 8. Standards. The Executive shall perform the Executive’s duties and responsibilities under this Agreement in accordance with such reasonable
standards as may be established from time to time by the Board of Directors of the Company. The reasonableness of such standards shall be measured against standards for executive performance generally prevailing in the Company’s industry.

  
 9. Voluntary Absences; Vacations. The Executive shall
be entitled to annual paid vacation of at least four weeks (20 days) per year or such longer period as the Board of Directors of the Company may approve. The timing of paid vacations shall be scheduled in a reasonable manner by the Executive. The
Executive may accrue a maximum of eight weeks (40 days) of paid vacation. 
  
 10. Termination of Employment. 
  
 (a) The Executive may terminate his employment at any time after the 60-day notice period in Section 11 has elapsed. The Board of Directors of the Company may terminate the Executive’s employment at any time, subject to payment of the
compensation described below. 
  
 (b) In the case of (i) any
termination other than “termination for cause” as defined below, or (ii) any termination by the Executive for “Good Reason” as defined below, the Executive shall continue to receive for twelve months, commencing on the date of
such termination (the “Severance Period”), his full Base Salary, any bonus that has been earned but not paid before termination of employment; and all other benefits and compensation that the Executive would have been entitled to under
this Agreement in the absence of termination of employment (collectively, the “Severance Amount”); provided, further, that all of Executive’s options that have been granted pursuant to the terms set forth in this
Agreement shall vest immediately upon such termination. 
  

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 (c) The Executive shall have no right to receive compensation or other benefits from the Company for any
period after termination for cause by the Company or termination by the Executive other than termination with good reason, except for any vested retirement benefits to which the Executive may be entitled under any qualified employee pension plan
maintained by the Company and any deferred compensation to which the Executive may be entitled. 
  
 (d) The term “termination for cause” shall mean termination by the Company because of the Executive’s (i) fraud or material
misappropriation with respect to the business or assets of the Company; (ii) any violation of the Standards of Conduct described in Section 7 of the MCF Corporation Policy and Procedures Manual, revised and republished on September 1, 2003; (iii)
conduct that constitutes disloyalty to the Company and which materially harms the Company or conduct that constitutes breach of fiduciary duty involving personal profit; (iv) conviction, or the entry of a plea of guilty or nolo
contendere by the Executive, of a felony or crime, or willful violation of any law, rule, or regulation, involving moral turpitude; (v) the use of drugs or alcohol which interferes materially with the Executive’s performance of his
duties; or (vi) material breach of any provision of this Agreement. 
  
 (e) The term resignation for “Good Reason” shall mean that Executive’s resignation occurs within three months of one of the following events: (i) an involuntary reduction of Executive’s job duties or responsibilities;
(ii) the Board resolves that Executive report to someone other than the Board or the Chairman of the Board; (iii) any involuntary reduction of Executive’s Base Compensation; or (iv) the issuance of a directive requiring Executive to relocate to
a new office located more than 25 miles from his current office. 
  
 (f) The Executive’s employment pursuant to this Agreement shall terminate automatically prior to the expiration of the term of this Agreement in the event of the Executive’s death or disability which prevents the Executive from
performing his duties and responsibilities without a reasonable accommodation. In the event the Executive’s employment terminates prior to the expiration of the term of this Agreement due to his death or disability, the Executive shall not be
entitled to any further compensation under the provisions of this Agreement, except for his base salary earned through the date of termination, and the portion of any bonus which previously had been approved by the Company but was unpaid as of the
Executive’s death or disability. The Executive (or, in the event of death, the Executive’s estate) shall be entitled to such unpaid portion of any approved bonus only if the Executive (or the authorized representative of the 
  

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 Executive’s estate) signs a comprehensive general release of claims in a form acceptable to Company. Payments of
such approved but unpaid bonus shall not commence until after the Executive (or the authorized representative of his estate) signs such a release, and after any revocation period referenced in such release has expired. If the Executive (or the
authorized representative of his Estate) does not sign such a general release of claims, the Executive (or his estate) shall not be entitled to receive any compensation under the provisions of this Agreement except for the Executive’s base
salary earned through the date of death or disability. In the case of disability, if the Executive violates any of the provisions of Sections 13 or 14 of this Agreement, the Company’s obligations to pay the unpaid portion of any approved Bonus
to the Executive shall cease on the date of such violation. 
  
 11. Termination by the Executive. The Executive may terminate his employment at any time during the term of this Agreement by giving sixty (60) days’ prior written notice thereof to the Board of Directors of the Company. In the
event of termination by the Executive under this Section 11, the Company may at its option elect to have the Executive cease to provide services immediately, provided that during such 60-day notice period the Executive shall be entitled to continue
to receive his base salary. 
  
 12. Return of Proprietary
Property. The Executive agrees that all property in the Executive’s possession that he obtains or is assigned in the course of his employment with the Company, including, without limitation, all documents, reports, manuals, memoranda,
customer lists, credit cards, keys, access cards, and all other property relating in any way to the business of the Company, is the exclusive property of the Company, even if the Executive authored, created, or assisted in authoring or creating such
property. The Executive shall return to the Company all such property immediately upon termination of employment or at such earlier time as the Company may request. 
  
 13. Confidential Information. Except as permitted or directed by the Board of Directors of the Company, during the
time the Executive is employed by the Company or at any time thereafter, the Executive shall not divulge, furnish, or make accessible to anyone or use in any way (other than in the ordinary course of the business of the Company) any confidential or
secret information or knowledge of the Company, whether developed by himself or by others. Such confidential and/or secret information encompassed by this Section 13 includes, but is not limited to, the Company’s customer and supplier lists,
business plans, and financial, marketing, and personnel information. The Executive agrees to refrain from any acts or omissions that would reduce the value of any confidential or secret knowledge or information to the Company, both during his
employment hereunder and at any time after the termination of his employment. The Executive’s obligations of confidentiality under this Section 13 shall not apply to any knowledge or information that is now published publicly or that
subsequently becomes generally publicly known, other than as a direct or indirect result of a breach of this Agreement by the Executive. 
  

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 14. Patent and Related Matters. 
  
 (a) The Executive agrees to promptly disclose in writing to the Company complete information concerning each and every
invention, discovery, improvement, device, design, process, or product made, developed, perfected, devised, conceived, or first reduced to practice by the Executive, either solely or in collaboration with others, during the Executive’s term of
employment by the Company, or within six months thereafter, relating to the business, products, practices, or techniques of the Company (hereinafter referred to as “Developments”). The Executive, to the extent that the Executive has
the legal right to do so, hereby acknowledges that any and all of said Developments are the property of the Company and hereby assigns and agrees to assign to the Company any and all of the Executive’s right, title, and interest in and to any
and all of such Developments. 
  
 (b) The provisions of this
Section 14 shall not apply to any Development meeting the following conditions: 
  
 (i) such Development was developed entirely on the Executive’s own time; and 
  
 (ii) such Development was made without the use of any Company equipment, supplies, facilities, or trade secret information; and such Development does not
relate at the time of conception or reduction to practice to (i) to the business of the Company, or (ii) to the Company’s actual or demonstrably anticipated research or development; and 
  
 (iii) such Development does not result from any work performed by the
Executive for the Company. 
  
 (c) Upon request and without
further compensation therefor, but at no expense to the Executive, and whether during the term of the Executive’s employment by the Company or thereafter, the Executive will do all lawful acts, including, but not limited to, the execution of
papers and the giving of testimony, that in the opinion of the Company, its successors, or assigns, may be necessary or desirable in obtaining, sustaining, reissuing, extending, or enforcing Letters Patent, and for perfecting, affirming, and
recording the Company’s complete ownership and title thereto, and to cooperate otherwise in all proceedings and matters relating thereto. 
  

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 15. Restrictive Covenants. 
  
 (a) During the employment of the Executive under this Agreement and for a period of one year after termination of such
employment, the Executive shall not at any time (i) compete on his own behalf, or on behalf of any other person or entity, with the Company or any of its affiliates within all territories in which the Company does business with respect to the
business of the Company or any of its affiliates as such business shall be conducted on the date hereof or during the employment of the Executive under this Agreement; (ii) solicit or induce, on his own behalf or on behalf of any other person or
entity, any employee of the Company or any of its affiliates to leave the employ of the Company or any of its affiliates; or (iii) solicit or induce, on his own behalf or on behalf of any other person or entity, any customer of the Company or any of
its affiliates to reduce its business with the Company or any of its affiliates. 
  
 (b) The Executive shall not at any time during or subsequent to his employment by the Company, on his own behalf or on behalf of any other person or entity, disclose any proprietary information of the Company or any
of its affiliates to any other person or entity other than on behalf of the Company or in conducting its business, and the Executive shall not use any such proprietary information for his own personal advantage or make such proprietary information
available to others for use, unless such information shall have come into the public domain other than through unauthorized disclosure. 
  
 (c) The ownership by the Executive of not more than 5% of a corporation, partnership or other enterprise shall not constitute a violation hereof.

  
 (d) If any portion of this Section 15 is found by a court of
competent jurisdiction to be invalid or unenforceable, but would be valid and enforceable if modified, this Section 15 shall apply with such modifications necessary to make this Section 15 valid and enforceable. Any portion of this Section 15 not
required to be so modified shall remain in full force and effect and not be affected thereby. The Executive agrees that the Company shall have the right of specific performance in the event of a breach by the Executive of this Section 15.

  
 16. Assignment. The rights and obligations of the
Company under this Agreement shall inure to the benefit of and shall be binding upon the successors and assigns of the Company. The Executive may not assign this Agreement or any rights hereunder. Any purported or attempted assignment or transfer by
the Executive of this Agreement or any of the Executive’s duties, responsibilities, or obligations hereunder shall be void. 
  

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 17. Company Remedies. The Executive acknowledges that the remedy at law for any breach of any of
the provisions of Sections 12, 13 or 15 will be inadequate, and that the Company shall be entitled, in addition to any remedy at law or in equity, to preliminary and permanent injunctive relief and specific performance. 
  
 18. Other Contracts. The Executive shall not, during the term of this
Agreement, have any other paid employment other than with a subsidiary of the Company, except with the prior approval of the Board of Directors. 
  
 19. Notices. All notices, requests, demands, consents, or other communications required or permitted under this Agreement shall be in writing and
shall be deemed to have been duly given if delivered by overnight courier or express mail service or by postage prepaid registered or certified mail, return receipt requested (the return receipt constituting prima facie evidence the giving of such
notice request, demand or other communication), by personal delivery, or by fax with confirmation of receipt and a copy mailed with postage prepaid, to the following address or such other address of which a party may subsequently give notice to the
other party in accord with the provisions of this Section. Notice is effective immediately if by personal delivery or by fax with confirmation received and a copy mailed the same day. Notice sent by overnight courier or by registered or certified
mail is effective the earlier of actual receipt or the fifth date after the date mailed as evidenced by the sender’s certified or registered receipt. 
  

			
	 To the Company:
	 	MCF Corporation
	 	 	601 Montgomery Street, 18th Floor
	 	 	San Francisco, CA 94111
	 	 	Attn: General Counsel
		
	 To Employee:
	 	D. Jonathan Merriman
	 	 	  

	 	 	  

  
 20. Attorneys
Fees. Should any party hereto retain counsel for the purpose of enforcing, or preventing the breach of, any provision hereof including, but not limited to, the institution of any action or proceeding, whether by arbitration, judicial or
quasi-judicial action, or otherwise, to enforce any provision hereof, or for damages for any alleged breach of any provision hereof, or for a declaration of such party’s rights or obligations hereunder, then whether the matter is settled by
negotiation, or by arbitration or judicial determination, the prevailing party shall be entitled to be reimbursed by the losing party for all costs and expenses incurred thereby, including, but not limited to, reasonable attorney’s fees for the
services rendered to such prevailing party. 
  

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 22. Amendments or Additions. No amendments or additions to this Agreement shall be binding unless
in writing and signed by all parties hereto. 
  
 23. Section
Headings. The section headings used in this Agreement are included solely for convenience and shall not affect, or be used in connection with, the interpretation of this Agreement. 
  
 24. Severability. The provisions of this Agreement shall be deemed severable and the invalidity or unenforceability
of any provision shall not affect the validity or enforceability of the other provisions hereof. 
  
 25. Governing Law. This Agreement shall be governed by the laws of the State of Delaware (other than the choice of law rules thereof). 

 

			
	 MCF CORPORATION

		
	 By:
	 	 /s/    Donald Sledge

	 Name:
	 	 Donald Sledge

	 Title:
	 	 Director, Chairman Compensation Committee

	
	 /s/    D. Jonathan Merriman

	 D. Jonathan Merriman

  

 - 10 -Amendment No. 1 to Collateral Trust and Intercreditor Agreement

 Exhibit 10.2 
  
 EXECUTION COUNTERPART 
  
 AMENDMENT NO. 1 TO COLLATERAL TRUST AND INTERCREDITOR AGREEMENT 
  
 THIS AMENDMENT NO. 1 TO COLLATERAL TRUST AND INTERCREDITOR AGREEMENT dated as of May 28, 2004 (this
“Amendment”) is entered into among Dynegy Holdings, Inc., a Delaware corporation (the “Borrower”), each of the Persons listed on the separate pages hereof under the heading “Grantors” (the
“Grantors”), JPMorgan Chase Bank not in its individual capacity but solely as collateral agent under the Credit Agreement referred to below (together with any successor collateral agent, the “Collateral Agent”),
Wilmington Trust Company, a Delaware banking corporation, not in its individual capacity but solely as corporate trustee under the Collateral Trust Agreement referred to below (together with any successor corporate trustee, the “Corporate
Trustee”) and acknowledged by John M. Beeson, Jr., an individual residing in the State of Delaware, not in his individual capacity but solely as individual trustee under the Collateral Trust Agreement (together with any successor individual
trustee, the “Individual Trustee”, and together with the Corporate Trustee, the “Collateral Trustees”). 
  
 WHEREAS, the Borrower, Dynegy, Inc., an Illinois corporation (the “Parent Guarantor”), the other Guarantors referred to therein, the
Lenders referred to therein, Citibank, N.A. (“Citibank”) and Bank of America, N.A., as Administrative Agents, Citibank, as Payment Agent, Bank One, NA (“Bank One”), as L/C Issuer and Bank One, as Collateral Agent,
are parties to the Credit Agreement dated as of April 1, 2003 (as amended, amended and restated, supplemented, replaced, refinanced or otherwise modified and in effect from time to time, the “Existing DHI Credit Agreement”);

  
 WHEREAS, the Parent Guarantor and the Borrower wish to amend
and restate the Existing DHI Credit Agreement, as the Credit Agreement dated as of May 28, 2004 (as amended, amended and restated, supplemented, replaced, refinanced or otherwise modified and in effect from time to time, the “Credit
Agreement”) among the Borrower, the Parent Guarantor, the other Guarantors party thereto, the Lenders party thereto, Citicorp USA, Inc. and Lehman Commercial Paper Inc., as Administrative Agents, Citicorp USA, Inc., as Payment Agent,
JPMorgan Chase Bank, as Collateral Agent, and the L/C Issuers party thereto; 
  
 WHEREAS, the Parent Guarantor, the Borrower, the other Grantors referred to therein, the Corporate Trustee and the Individual Trustee are parties to the Collateral Trust and Intercreditor Agreement dated as of April
1, 2003 (as amended, amended and restated, supplemented, replaced or otherwise modified and in effect from time to time, the “Collateral Trust Agreement”); 
  
 WHEREAS, Section 9.01(h) of the Collateral Trust Agreement provides that no consent of the Representatives (other than the
Required Representative, which, as of the date hereof, is the Collateral Agent) shall be required to amend the Collateral Trust Agreement solely to reflect the facts of a replacement, refinancing or modification to the Existing DHI Credit Agreement
and the credit facilities provided in the Credit Agreement; 
  

 WHEREAS, the Borrower and the Grantors, with the consent of the Required Representative and the Corporate
Trustee, wish to amend the Collateral Trust Agreement to reflect the amendment and restatement of the Existing DHI Credit Agreement, as the Credit Agreement; 
  
 NOW, THEREFORE, the parties hereto hereby agree as follows: 
  
 SECTION 1. Definitions. Except as otherwise defined in this Amendment, terms defined in the Collateral Trust Agreement are used herein as defined
therein (and the principles of interpretation set forth in Section 1.02 of the Collateral Trust Agreement shall apply to such terms). 
  
 SECTION 2. Credit Agreement. The Collateral Trust Agreement shall be amended as follows: 
  
 (a) Each reference to “Credit Agreement” and “Initial Credit
Agreement” in the Collateral Trust Agreement shall be construed as a reference to the Credit Agreement, and definitions incorporated from the Credit Agreement shall be construed accordingly; 
  
 (b) each reference to “Lenders” shall be construed as a reference
to the Lenders (as defined in the Credit Agreement); 
  
 (c) each
reference to “Credit Agreement Administrative Agents” shall be construed as a reference to the Administrative Agents (as defined in the Credit Agreement); 
  
 (d) each reference to “Credit Agreement Collateral Agent” shall be construed as a reference to the Collateral
Agent (as defined in the Credit Agreement); 
  
 (e) each reference
to “Term A Commitment” shall be amended to be a reference to the Term Commitment (as defined in the Credit Agreement); 
  
 (f) each reference to “Junior Secured Obligations” and “Junior Secured Parties” and each provision relating to such references shall
be deleted or amended, as applicable, in a manner to reflect the termination of the Term B Facility (as defined in the Existing DHI Credit Agreement) and the absence of any such facility in the Credit Agreement; and 
  
 (g) for the avoidance of doubt, each reference to (i) “Senior Secured
Credit Agreement Obligations” shall be construed in accordance with the amendments in this Section 2, including definitions incorporated from the Credit Agreement, and shall include the L/C Obligations (as defined in the Credit
Agreement) and all of the Obligations of the Loan Parties in respect of the Term Loans and the Revolving Credit Loans (each as defined in the Credit Agreement) under the Loan Documents and (ii) “Credit Agreement Obligations” shall be
construed in accordance with the amendments in this Section 2, including definitions incorporated from the Credit Agreement, and shall include all Obligations of the Loan Parties under the Credit Agreement and the Notes issued pursuant
thereto. 
  
 SECTION 3. Shared Collateral Documents. The
Borrower and the Grantors confirm that (i) references in the Shared Collateral Documents to the Existing DHI Credit 

  

 
Agreement, as modified (whether by amendment, amendment and restatement, supplement, replacement, modification or other like description of modification),
now refer to the Credit Agreement and (ii) the Obligations under the Credit Agreement remain secured under the Shared Collateral Documents. Without limiting the foregoing, the Borrower and the Grantors confirm that (i) references in the Shared
Security Agreement to the Existing DHI Credit Agreement, as modified (whether by amendment, amendment and restatement, supplement, replacement, modification or other like description of modification), now refer to the Credit Agreement and (ii) the
Shared Secured Obligations (as defined in the Credit Agreement) remain and constitute Shared Secured Obligations under the Shared Security Agreement and are secured thereunder. 
  
 SECTION 4. Conditions Precedent. The provisions set forth in Section 2 and Section 3 shall become
effective as of the date of the satisfaction of each of the conditions precedent set forth in this Section 4: 
  
 (a) the conditions required for the Closing Date (as defined in the Credit Agreement) to occur shall have been satisfied or waived in accordance with
their respective terms; and 
  
 (b) each of the parties hereto
have delivered executed counterparts of this Amendment to the Collateral Trustees. 
  
 SECTION 5. Miscellaneous. 
  
 (a) This Amendment may be executed in separate counterparts, each of which shall be an original and all of which taken together shall constitute one and the same instrument. Delivery of an executed counterpart of this Amendment by
fax shall be effective as delivery of an original executed counterpart of this Amendment. 
  
 (b) If any provision of this Amendment is held to be illegal, invalid or unenforceable, (i) the legality, validity and enforceability of the remaining provisions of this Amendment shall not be affected or impaired
thereby and (ii) the parties shall endeavor in good faith negotiations to replace the illegal, invalid or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the illegal, invalid or
unenforceable provisions. The invalidity of a provision in a particular jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 
  
 (c) The execution, delivery and effectiveness of this Amendment shall not, except as expressly provided herein, operate as a
waiver of any right, power or remedy of any Collateral Trustee under the Collateral Trust Agreement or the other Shared Collateral Documents or constitute a waiver of any provision of the Collateral Trust Agreement or any other Shared Collateral
Document. 
  
 (d) On and after the effectiveness of this
Amendment, each reference in the Collateral Trust Agreement to “this Agreement”, “hereunder”, “hereof” or words of like import referring to the Collateral Trust Agreement, and each reference in the other Loan Documents
to “the Collateral Trust Agreement”, “thereunder”, “thereof”, or words of like import referring to the Collateral Trust Agreement shall mean and be a reference to the Collateral Trust Agreement, as amended by this
Amendment. 
  

 (e) The provisions of this Amendment creating a trust for the benefit of the Representatives on behalf of
the Secured Parties (as defined in the Collateral Trust Agreement) and setting forth the rights, duties, obligations and responsibilities of the Collateral Trustees hereunder shall be governed by and construed in accordance with the laws of the
State of Delaware, so long as Wilmington Trust Company shall serve as Corporate Trustee under the Collateral Trust Agreement. In all other respects, including, without limitation, all matters governed by the Uniform Commercial Code, and if
Wilmington Trust Company shall cease to serve as Corporate Trustee under the Collateral Trust Agreement, this Amendment shall be governed by and construed in accordance with the laws of the State of New York, except as otherwise required by
mandatory provisions of law. 
  

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed as of the day and
year first above written. 
  

			
	 DYNEGY HOLDINGS INC.

		
	By:	 	 /s/ Charles C. Cook

	 	 	 Charles C. Cook
 Vice President and Assistant Treasurer

	
	 DYNEGY INC.

		
	By:	 	 /s/ Charles C. Cook

	 	 	 Charles C. Cook
 Vice President and Assistant Treasurer

	
	 BG HOLDINGS, INC.
 BLACK MOUNTAIN COGEN, INC.
 BLACK THUNDER MEMBER, INC.
 BLUE RIDGE GENERATION INC.
 BLUEGRASS GENERATION, INC.
 CALCASIEU POWER, INC.
 CHESAPEAKE POWER, INC.
 CHICKAHOMINY GENERATING COMPANY
 COGEN POWER, INC.
 DELTA COGEN, INC.
 DES NORTHEAST, INC.
 DMG ENTERPRISES, INC.
 DMT HOLDINGS, INC.
 DPC II INC.
 DPC COLOMBIA – OPON POWER RESOURCES COMPANY
 DPC POWER RESOURCES HOLDING COMPANY
 DRY CREEK POWER, INC.
 DYNEGY ADMINISTRATIVE SERVICES COMPANY
 DYNEGY CATLIN MEMBER,
INC.

		
	By:	 	 /s/ Charles C. Cook

	 	 	 Charles C. Cook
 Vice President and Assistant Treasurer

  

 [Signature Page to Amendment to Collateral Trust Agreement] 

			
	 DYNEGY ENERGY SERVICES, INC
 DYNEGY ENGINEERING, INC.
 DYNEGY GLOBAL ENERGY, INC.
 DYNEGY GP INC.
 DYNEGY I.T., INC.
 DYNEGY MIDSTREAM G.P., INC.
 DYNEGY MIDWEST GENERATION, INC.
 DYNEGY NORTHEAST GENERATION, INC.
 DYNEGY OPERATING COMPANY
 DYNEGY PARTS AND TECHNICAL SERVICES, INC.
 DYNEGY POWER CORP.
 DYNEGY POWER DEVELOPMENT COMPANY
 DYNEGY POWER HOLDINGS, INC.
 DYNEGY POWER INVESTMENTS, INC.
 DYNEGY POWER MANAGEMENT SERVICES, INC.
 DYNEGY POWER MARKETING, INC.
 DYNEGY POWER NEVADA, INC.
 DYNEGY POWER SERVICES, INC.
 DYNEGY RENAISSANCE POWER, INC.
 DYNEGY SERVICES, INC.
 DYNEGY STRATEGIC INVESTMENTS LP, INC.
 DYNEGY TECHNOLOGY CAPITAL CORP.
 FLORIDA MERCANTILE POWER, INC.
 GASIFICATION SERVICES, INC.
 GEORGIA MERCANTILE POWER, INC.
 HART COUNTY IPP, INC.
 HARTWELL INDEPENDENT POWER PARTNERS, INC.
 HARTWELL POWER COMPANY
 HEP COGEN, INC.
 ILLINOIS POWER ENERGY, INC.
 JAMES RIVER ENERGY CORP.

		
	By:	 	 /s/ Charles C. Cook

	 	 	 Charles C. Cook
 Vice President and Assistant Treasurer

  

 [Signature Page to Amendment to Collateral Trust Agreement] 

			
	 MICHIGAN COGEN, INC.
 MICHIGAN POWER, INC.
 MICHIGAN POWER HOLDINGS, INC.
 NGC STORAGE, INC.
 NIPC, INC.
 NORTHWAY COGEN, INC.
 OCG COGEN, INC.
 OYSTER CREEK COGEN, INC.
 PARISH POWER, INC.
 PORT ARTHUR COGEN, INC.
 RIVERSIDE GENERATION, INC.
 ROLLING HILLS GENERATION, INC.
 RRP COMPANY
 BLUE RIDGE GENERATION LLC
 BLUEGRASS GENERATION
     COMPANY, L.L.C.
 CALCASIEU POWER, LLC
 CHICKAHOMINY POWER, LLC
 DEM GP, LLC
 DFS GENERAL PARTNER, LLC
 DFS L.P., LLC
 DMT G.P., L.L.C.
 DYNEGY CABRILLO II LLC
 DYNEGY COAL TRADING & TRANSPORTATION, L.L.C.
 DYNEGY DANSKAMMER,
L.L.C.
 DYNEGY ENERGY PIPELINE COMPANY LLC
 DYNEGY HOLDING COMPANY, L.L.C.
 DYNEGY HUDSON POWER RETAIL, L.L.C.
 DYNEGY INTRASTATE PIPELINE, LLC
 DYNEGY LIQUIDS G.P. L.L.C.

		
	 	 	 By: Dynergy Midstream Services,
 Limited Partnereship, its sole member

		
	By:	 	 /s/ Charles C. Cook

	 	 	 Charles C. Cook
 Vice President and Assistant Treasurer

  

 [Signature Page to Amendment to Collateral Trust Agreement] 

			
	 DYNEGY NGL PIPELINE COMPANY, LLC
 DYNEGY OPI, LLC
 DYNEGY REGULATED HOLDINGS, LLC
 DYNEGY ROSETON, L.L.C.
 DYNEGY STRATEGIC INVESTMENTS GP, L.L.C.
 DYNEGY UPPER HOLDINGS, L.L.C.
 HAVANA DOCK ENTERPRISES, LLC
 HEARD COUNTY POWER, L.L.C.
 HUDSON POWER, L.L.C.
 MIDSTREAM BARGE COMPANY, L.L.C.
 PALMETTO POWER, L.L.C.
 RENAISSANCE POWER, L.L.C. 
 RIVERSIDE GENERATING COMPANY, L.L.C.

ROCKINGHAM POWER, L.L.C.
 ROLLING HILLS GENERATING L.L.C.
 TERMO SANTANDER HOLDING, LLC
 COGEN POWER, L.P.
     By: CoGen Power, Inc., its general partner
 DMT HOLDINGS,
L.P.
     By: DMT L.P., LLC, its general partner
 DYNEGY BROADBAND MARKETING AND TRADE
 DYNEGY ENERGY MARKETING, LP
     By: DEM GP, LLC, its general partner
 DYNEGY FINANCIAL
SERVICES, LIMITED PARTNERSHIP
 DYNEGY LIQUIDS MARKETING AND TRADE
 DYNEGY MARKETING AND TRADE
 DYNEGY MIDSTREAM SERVICES, LIMITED PARTNERSHIP

		
	By:	 	 /s/ Charles C. Cook

	 	 	 Charles C. Cook
 Vice President and Assistant Treasurer

  

 [Signature Page to Amendment to Collateral Trust Agreement] 

			
	 DYNEGY MARKETING AND TRADE
 DYNEGY MIDSTREAM SERVICES, LIMITED PARTNERSHIP
 DYNEGY POWER MANAGEMENT SERVICES, L.P.
     By: Dynegy Services, Inc., its general partner
 DYNEGY STRATEGIC INVESTMENTS, L.P.

		
	By:	 	 /s/ Charles C. Cook

	 	 	 Charles C. Cook
 Vice President and Assistant Treasurer

	
	 DMS LP, INC.
 DYNEGY MANAGEMENT, INC.
 DEM LP, LLC
 DMT L.P., L.L.C.

		
	By:	 	 /s/ Richard W. Eimer

	 	 	 Richard W. Eimer
 President

  

 [Signature Page to Amendment to Collateral Trust Agreement] 

			
	 DYNEGY POWER MANAGEMENT SERVICES, L.P.
     By: Dynegy Services, Inc., its general partner
 DYNEGY STRATEGIC INVESTMENTS, L.P.

		
	By:	 	 /s/ Charles C. Cook

	 	 	 Charles C. Cook
 Vice President and Assistant Treasurer

	
	 DMS LP, INC.
 DYNEGY MANAGEMENT, INC.
 DEM LP, LLC
 DMT L.P., L.L.C.

		
	By:	 	 /s/ Richard W. Eimer

	 	 	 Richard W. Eimer
 President

  

 [Signature Page to Amendment to Collateral Trust Agreement] 

			
	 ILLINOVA CORPORATION
 ILLINOVA GENERATING COMPANY
 IGC GRIMES COUNTY, INC.
 IGC GRIMES FRONTIER, INC.
 IPG FERNDALE, INC.
 IPG PARIS, INC.
 CHARTER OAK (PARIS) INC.
 ILLINOVA ENERGY PARTNERS, INC.

		
	By:	 	 /s/ Charles C. Cook

	 	 	 Charles C. Cook
 Vice President and Assistant Treasurer

  

 [Signature Page to Amendment to Collateral Trust Agreement] 

					
	CONSENTED TO BY:
	
	 JPMORGAN CHASE BANK,
         As Collateral Agent

		
	By:	 	/s/ Janice Ott Rotunno
	 	 	 Name:
	 	 Janice Ott Rotunno

	 	 	 Title:
	 	 Vice President

  

 [Signature Page to Amendment to Collateral Trust Agreement] 

					
	CONSENTED TO BY:
	
	 WILMINGTON TRUST COMPANY,
         as Corporate Trustee

		
	By:	 	 /s/ James A. Hanley

	 	 	 Name:
	 	 James A. Hanley

	 	 	 Title:
	 	 Senior Financial Services Officer

  

 [Signature Page to Amendment to Collateral Trust Agreement] 

					
	ACKNOWLEDGED BY:
	
	 JOHN M. BEESON, JR,
         as Individual Trustee

		
	By:	 	 /s/ John M. Beeson

	 	 	 Name:
	 	 John M. Beeson

	 	 	 Title:
	 	 

  

 [Signature Page to Amendment to Collateral Trust Agreement]

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