Fourth Amendment to Employment Agreement between Dynegy Inc. and Bruce A. Williamson (August 23, 2007)
This document is the fourth amendment to the employment agreement between Dynegy Inc. and Bruce A. Williamson. It extends the term of Williamson's employment, stating that the agreement will automatically renew for one year unless either party gives at least 30 days' written notice before the renewal date. All other terms of the prior agreement remain unchanged and in effect.
August 23, 2007
Mr. Bruce A. Williamson
79 Wincrest Falls
Cypress, Texas 77429
RE: Fourth Amendment to October 18, 2002 Employment Agreement
Dear Bruce:
Reference is made to your October 18, 2002 Employment Agreement (the "Original Agreement") with Dynegy Inc. (the "Company") as amended effective August 17, 2005, September 15, 2005 and March 16, 2006 (as amended, the "Prior Agreement"). This letter sets forth the Company's agreement with you with respect to amending the Prior Agreement as set forth in this Fourth Amendment to the Original Agreement (the "Fourth Amendment").
In consideration of the premises and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, you and the Company agree to amend the Prior Agreement as provided herein.
Paragraph 2(a) of the Prior Agreement is hereby amended and restated in its entirety as follows:
"(a) Unless earlier terminated as provided for herein, the term of this Agreement commenced on the date of execution of the Second Amendment to the Original Agreement and shall end on December 31, 2007 (such period, and any extensions thereof pursuant to the next succeeding sentence, the 'Term'). At the time the Term would otherwise expire, the Term shall automatically be extended for an additional one (1) year period unless either the Company or you provide written notice not less than thirty (30) days prior to the date on which this Agreement would otherwise be automatically extended that such party is electing not to so extend the Term."
The provisions of this Fourth Amendment, when executed, shall constitute an agreement supplemental to and in amendment of the Prior Agreement, and shall be construed with and as a part of the Prior Agreement. Except as modified and expressly amended by this Fourth Amendment, the Prior Agreement is in all respects ratified and confirmed, and all of the terms, provisions and conditions thereof shall be and remain in full force and effect.
If the foregoing reflects your understanding of the terms amending your Prior Agreement with the Company, please execute this Fourth Amendment in the space provided below and return a copy to me.
DYNEGY INC.
By: /s/ J. Kevin Blodgett
J. Kevin Blodgett
General Counsel and
Executive Vice President, Administration
AGREED AND ACCEPTED
this 23rd dayof August, 2007
/s/ Bruce A. Williamson
Bruce A. Williamson
Chairman and Chief Executive Officer
