DYNEGY INC /IL/
FIFTH AMENDMENT TO THE DYNEGY INC. 401(K) SAVINGS PLAN
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<TYPE>EX-10.23
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<DESCRIPTION>FIFTH AMENDMENT TO THE DYNEGY INC. 401(K) SAVINGS PLAN
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<TITLE>Fifth Amendment to the Dynegy Inc. 401(k) Savings Plan</TITLE>
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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>Exhibit 10.23 </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="2"><B>FIFTH AMENDMENT TO THE </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>DYNEGY INC. 401(k)&nbsp;SAVINGS PLAN </B></FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">WHEREAS, Dynegy Inc. (the &#147;Company&#148;), has established and maintains the Dynegy Inc. 401(k)&nbsp;Savings Plan (the &#147;Plan&#148;) for the
benefit of its eligible employees and the eligible employees of certain participating companies; and </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">WHEREAS, the Company desires to amend
the Plan; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">NOW, THEREFORE, BE IT RESOLVED that the Plan shall be, and hereby is amended as follows, effective as of January&nbsp;1, 2005:
</FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>I. </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman"
SIZE="2">Section&nbsp;1.1(32) of the Plan is hereby amended in its entirety to provide as follows: </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#147;(32)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><U><B>Employer</B></U>: The Company and each other entity that has been designated to participate in the Plan pursuant to the provisions of Article XVIII.&#148;
</FONT></TD></TR></TABLE> <P STYLE="margin-top:18px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>II. </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The
following provision is hereby added to the end of Section&nbsp;3.9(c) of the Plan to provide as follows: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT FACE="Times New Roman" SIZE="2">&#147;Notwithstanding the
foregoing, if an Eligible Employee&#146;s interest under a qualified plan described in Section&nbsp;401(a)&nbsp;of the Code is distributed in connection with an acquisition of stock or assets by an Employer or a Controlled Entity, the Eligible
Employee&#146;s entire outstanding loan under such plan may be contributed as a Rollover Contribution to this Plan, in accordance with this Section&nbsp;3.9, provided that the transferor plan provides the Committee with a current favorable IRS
determination letter issued to such transferor plan and trust or such other evidence that the Committee in its discretion deems satisfactory to establish that the proposed Rollover Contribution is in fact eligible for rollover to the Plan and is
made pursuant to and in accordance with applicable provisions of the Code and Treasury regulations. The Committee shall determine, in its discretion, whether or not a distribution is made in connection with an acquisition of stock or assets by an
Employer or a Controlled Entity.&#148; </FONT></P>

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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>III. </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">Except as modified herein, the Plan shall remain in full force and effect. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%;padding-bottom:3px;line-height:95%; vertical-align:top"><FONT
FACE="Times New Roman" SIZE="2">IN WITNESS WHEREOF, the undersigned has caused this Fifth Amendment to the Plan to be executed this 28</FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000"><SUP>th</SUP></FONT><FONT FACE="Times New Roman"
SIZE="2" COLOR="#000000"> day of January, 2005, effective as hereinbefore provided. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top" COLSPAN="3"><FONT FACE="Times New Roman" SIZE="2"><B>DYNEGY INC.</B></FONT></TD></TR>
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<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">By:</FONT></TD>
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<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT FACE="Times New Roman" SIZE="2">/s/ Illegible</FONT></TD></TR>
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<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Title:</FONT></TD>
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<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">BPC - Chairman</FONT></TD></TR>
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