MIRANT CORP
MATERIAL CONTRACTS
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<TYPE>EX-10.55
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<FILENAME>a06-1906_1ex10d55.htm
<DESCRIPTION>MATERIAL CONTRACTS
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit
10.55</font></b></p>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2006 Short-term
Incentive Plan Description</font></p>

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<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Under Mirant
Corporation&#146;s short-term incentive plan, annual cash bonuses are awarded taking
into account an individual&#146;s &#147;target bonus percentage&#148; (a percentage of such
participant&#146;s base salary) and Mirant&#146;s performance against established
business and financial goals. Each of Mirant&#146;s named executive officers is a
participant in the short-term incentive program. For 2006, the Compensation
Committee of the Board of Directors established certain criteria upon which the
corporate payout factor in the 2006 fiscal year will be based. Two-thirds of
the corporate payout factor will be dependent on achievement of a range of
targeted Adjusted earnings before interest, taxes, depreciation and
amortization (EBITDA). The level of Adjusted EBITDA necessary to earn 50%, 100%
and 200% of the target percentage was set taking into consideration Mirant&#146;s
projected Adjusted EBITDA under its 2006 operating plan. Bonus amounts between
the threshold and the target and between the target and maximum will be based
on interpolated performance levels between the specified levels. The remainder
will be dependent upon the achievement of other operational and strategic
metrics. The Compensation Committee will be responsible for assessing Mirant&#146;s
achievement of such operational and strategic metrics.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

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