<HTML>
<HEAD>
<TITLE>8-K</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="margin-left: 0.25in; width: 7.2in; font-family: 'Times New Roman',Times,serif">
<DIV style="font-size: 10pt">
<DIV style="font-size: 1pt; width: 100%; border-bottom: black 2pt solid">&nbsp;</DIV>
<DIV style="font-size: 1pt; width: 100%; border-bottom: black 1pt solid">&nbsp;</DIV>

<P style="font-size: 14pt" align="center"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
<FONT style="font-size: 12pt">Washington, D.C. 20549 </FONT></B>

<P style="font-size: 18pt" align="center"><B>FORM 8-K</B>

<P style="font-size: 12pt" align="center"><B>CURRENT REPORT<BR>
Pursuant to
Section 13 or 15(d) of the Securities Exchange Act of 1934</B>

<P style="font-size: 10pt" align="center"><B>Date of Report (Date of earliest event reported): March 10, 2009 (March 4, 2009)</B>

<P style="font-size: 24pt" align="center"><B>DYNEGY INC.</B><BR>
<FONT style="font-size: 10pt">(Exact name of registrant as specified in its charter)</FONT>

<TABLE style="font-size: 10pt; text-align: center" cellspacing="0" cellpadding="0" width="100%" border="0">

 <TR>
  <TD width="32%">&nbsp;</TD>
  <TD width="1%">&nbsp;</TD>
 <TD width="33%">&nbsp;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD width="32%">&nbsp;</TD>
 </TR>
 <TR valign="bottom">
  <TD style="border-bottom: #000000 1px solid"><B>Delaware</B></TD>
  <TD>&nbsp;</TD>
  <TD style="border-bottom: #000000 1px solid"><B>001-33443</B></TD>
  <TD>&nbsp;</TD>
  <TD style="border-bottom: #000000 1px solid"><B>20-5653152</B></TD>
 </TR>
 <TR valign="top">
  <TD>(State or other Jurisdiction of Incorporation)</TD>
  <TD>&nbsp;</TD>
  <TD>(Commission File Number)</TD>
  <TD>&nbsp;</TD>
  <TD>(IRS Employer Identification No.)</TD>
 </TR>

</TABLE>
<TABLE style="font-size: 10pt; text-align: center" cellspacing="0"
cellpadding="0" width="100%" border="0">

 <TR>
  <TD width="49%">&nbsp;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD width="49%">&nbsp;</TD>
 </TR>
 <TR valign="bottom">
  <TD style="border-bottom: #000000 1px solid"><B>1000 Louisiana, Suite 5800,
Houston, Texas<BR>
</B></TD>
  <TD>&nbsp;</TD>
  <TD style="border-bottom: #000000 1px solid"><B>77002</B></TD>
 </TR>
 <TR valign="top">
  <TD>(Address of Principal Executive Offices)</TD>
  <TD>&nbsp;</TD>
  <TD>(Zip Code)</TD>
 </TR>

</TABLE>


<P style="font-size: 10pt" align="center">Registrant&#8217;s telephone number,
including area code: <B>(713) 507-6400</B>
<TABLE style="font-size: 10pt; text-align: center" cellspacing="0"
cellpadding="0" width="30%" border="0">

 <TR>
  <TD width="100%">&nbsp;</TD>
 </TR>
 <TR>
  <TD style="border-bottom: #000000 1px solid" nowrap><B>N.A.<BR>
</B></TD>
 </TR>
 <TR>
  <TD nowrap>(Former name or former address if changed since last report.)</TD>
 </TR>

</TABLE>


<P style="font-size: 10pt" align="left">Check the appropriate box below if the
Form 8-K filing is intended to simultaneously satisfy the filing obligation of
the registrant under any of the following provisions:

<P style="font-size: 10pt" align="left"><FONT face="Wingdings">o</FONT> Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)<BR>
<BR>
<FONT face="Wingdings">o</FONT> Soliciting material pursuant
to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)<BR>
<BR>
<FONT
face="Wingdings">o</FONT> Pre-commencement communications pursuant to Rule
14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))<BR>
<BR>
<FONT
face="Wingdings">o</FONT> Pre-commencement communications pursuant to Rule
13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))<BR>


<DIV style="margin-top: 10pt; font-size: 1pt; width: 100%; border-bottom: black 1pt solid">&nbsp;</DIV>
<DIV style="font-size: 1pt; width: 100%; border-bottom: black 2pt solid">&nbsp;</DIV>
</DIV>

<P style="font-size: 10pt" align="center">&nbsp;

<P style="display: none; font-size: 10pt" align="center">1
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV
style="margin-left: 0.25in; width: 7.2in; font-family: 'Times New Roman',Times,serif">

<P>
<TABLE style="font-size: 10pt" cellspacing="0" cellpadding="0" width="100%"
border="0">

 <TR
style="font-size: 10pt; background: none transparent scroll repeat 0% 0%; color: #000000"
valign="top">
  <TD nowrap align="left" width="3%"><B>Item&nbsp;5.02</B></TD>
  <TD width="1%">&nbsp;</TD>
  <TD><B>Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.</B></TD>
 </TR>

</TABLE>


<P style="font-size: 10pt; text-indent: 3%" align="left">On March&nbsp;4, 2009,
the Compensation and Human Resources Committee of Dynegy Inc.&#8217;s Board of
Directors (the &#8220;Committee&#8221;) granted performance unit incentive
awards for Dynegy&#8217;s executive officers and other key personnel. These
performance unit awards are generally payable in three years based
Dynegy&#8217;s stock price and the attainment of certain Adjusted EBITDA goals
over the three year performance period. Actual payments, if any, pursuant to
these awards, which are reflected as units valued at $100 each and payable in
cash or shares of Dynegy&#8217;s Class&nbsp;A common stock at the
Committee&#8217;s discretion, may range from zero to 200% of the performance
target payment levels. In the event a change in control occurs during the
performance period, payout will be made at 100% of performance target payment
levels. The forms of performance award agreements are attached hereto as
Exhibits 10.1 and 10.2.

<P style="font-size: 10pt; text-indent: 3%" align="left">Also, on March&nbsp;4,
2009, the Committee approved the Dynegy Inc. 2009 Phantom Stock Plan, attached
hereto as Exhibit 10.3, and granted phantom stock units under such plan, which
provides only for cash-settled awards. The form of phantom stock award
agreements are attached hereto as Exhibits 10.4 and 10.5. The phantom stock
units are initially valued at the closing price of Dynegy&#8217;s Class&nbsp;A
common stock on the award date and payout will be made based on the closing
price on the vesting date. The awards generally vest after three years,
assuming continued employment, and vesting accelerates upon the occurrence of
certain events, such as full vesting in the event of a change in control. The
granted phantom stock units are as follows: Bruce Williamson, 1,592,291; Holli
Nichols, 398,231; Kevin Blodgett, 296,184; Lynn Lednicky, 296,184; and Charles
Cook, 278,762.

<P style="font-size: 10pt; text-indent: 3%" align="left">The foregoing
descriptions do not purport to be complete and are qualified in their entirety
by reference to the complete text of the documents, which are attached hereto
and hereby incorporated by reference.

<P style="font-size: 10pt" align="left"><B>Item&nbsp;9.01 Financial Statements
and Exhibits.</B>

<P style="font-size: 10pt; text-indent: 3%" align="left">(d)&nbsp;Exhibits:
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" cellpadding="0" width="100%"
border="0">
<!-- Begin Table Head -->

 <TR valign="bottom">
  <TD width="8%">&nbsp;</TD>
  <TD width="5%">&nbsp;</TD>
  <TD width="87%">&nbsp;</TD>
 </TR>
<!-- End Table Head -->

<!-- Begin Table Body -->
 <TR valign="bottom">
  <TD valign="top" align="left" style="border-bottom: #000000 1px solid">Exhibit<BR>No.</TD>
  <TD>&nbsp;</TD>
  <TD valign="bottom" align="left" style="border-bottom: #000000 1px solid">Document</TD>
 </TR>

 <TR valign="bottom">
  <TD valign="top">10.1</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">Form of Performance Award Agreement</TD>
 </TR>

 <TR valign="bottom">
  <TD valign="top">10.2</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">Form of Performance Award Agreement between Dynegy Inc., all of its affiliates and
Bruce A. Williamson</TD>
 </TR>

 <TR valign="bottom">
  <TD valign="top">10.3</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">Dynegy Inc. 2009 Phantom Stock Plan</TD>
 </TR>

 <TR valign="bottom">
  <TD valign="top">10.4</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">Form of Phantom Stock Unit Award Agreement (for Managing Directors and Above)</TD>
 </TR>

 <TR valign="bottom">
  <TD valign="top">10.5</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">Form of Phantom Stock Unit Award Agreement between Dynegy Inc., all of its affiliates, and Bruce A.
Williamson</TD>
 </TR>

<!-- End Table Body -->

</TABLE>
</DIV>


<P style="font-size: 10pt" align="center">&nbsp;

<P style="display: none; font-size: 10pt" align="center">2
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV
style="margin-left: 0.25in; width: 7.2in; font-family: 'Times New Roman',Times,serif">

<P style="font-size: 10pt" align="center"><B>SIGNATURES</B>

<P style="font-size: 10pt; text-indent: 2%" align="left">Pursuant to the
requirements of the Securities Exchange Act of 1934, as amended, the registrant
has duly caused this report to be signed on its behalf by the undersigned
hereunto duly authorized. &nbsp;


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" cellpadding="0" width="100%" border="0">
<!-- Begin Table Head -->

 <TR valign="bottom">
  <TD width="48%">&nbsp;</TD>
  <TD width="4%">&nbsp;</TD>
  <TD width="48%">&nbsp;</TD>
 </TR>
<!-- End Table Head -->

<!-- Begin Table Body -->
 <TR valign="bottom">
  <TD>&nbsp;</TD>
  <TD valign="top" align="left" colspan="2"><B>DYNEGY INC.</B><BR>
(Registrant)</TD>
 </TR>

<TR><TD>&nbsp;</TD></TR>


 <TR valign="bottom">
  <TD align="left">Dated: March&nbsp;10, 2009</TD>
  <TD valign="top" align="left">By: </TD>
  <TD valign="top" align="left" style="border-bottom: #000000 1px solid">/s/ KENT R. STEPHENSON</TD>
 </TR>

 <TR valign="bottom">
  <TD>&nbsp;</TD>
  <TD valign="top" align="left" colspan="2">Name: Kent R. Stephenson<BR>
Title: Senior Vice President, Deputy General Counsel</TD>
</TR>
<!-- End Table Body -->

</TABLE>
</DIV>

<P style="font-size: 10pt" align="center">&nbsp;

<P style="display: none; font-size: 10pt" align="center">3
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV
style="margin-left: 0.25in; width: 7.2in; font-family: 'Times New Roman',Times,serif">

<P style="font-size: 10pt" align="center"><B>EXHIBIT INDEX</B>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" cellpadding="0" width="100%"
border="0">
<!-- Begin Table Head -->

 <TR valign="bottom">
  <TD width="8%">&nbsp;</TD>
  <TD width="5%">&nbsp;</TD>
  <TD width="87%">&nbsp;</TD>
 </TR>
<!-- End Table Head -->

<!-- Begin Table Body -->
 <TR valign="bottom">
  <TD valign="top" align="left" style="border-bottom: #000000 1px solid"><B>Exhibit<BR>No.</B></TD>
  <TD>&nbsp;</TD>
  <TD valign="bottom" align="left" style="border-bottom: #000000 1px solid"><B>Document</B></TD>
 </TR>

 <TR valign="bottom">
  <TD valign="top">10.1</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">Form of Performance Award Agreement</TD>
 </TR>

 <TR valign="bottom">
  <TD valign="top">10.2</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">Form of Performance Award Agreement between Dynegy Inc., all of its affiliates and
Bruce A. Williamson</TD>
 </TR>

 <TR valign="bottom">
  <TD valign="top">10.3</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">Dynegy Inc. 2009 Phantom Stock Plan</TD>
 </TR>

 <TR valign="bottom">
  <TD valign="top">10.4</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">Form of Phantom Stock Unit Award Agreement (for Managing Directors and Above)</TD>
 </TR>

 <TR valign="bottom">
  <TD valign="top">10.5</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">Form of Phantom Stock Unit Award Agreement between Dynegy Inc., all of its affiliates, and Bruce A.
Williamson</TD>
 </TR>


<!-- End Table Body -->

</TABLE>
</DIV>

<P style="font-size: 10pt" align="center">&nbsp;

<P style="display: none; font-size: 10pt" align="center">4
</DIV>
</BODY>
</HTML>
[{"type": "8-K", "sequence": "1", "filename": "c82336e8vk.htm", "description": "8-K", "secsgml_size_bytes": 12078}]
{"company-data": {"conformed-name": "DYNEGY INC.", "cik": "0001379895", "assigned-sic": "4911", "irs-number": "205653152", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-33443", "film-number": "09669343"}, "business-address": {"street1": "1000 LOUISIANA STREET, SUITE 5800", "city": "HOUSTON", "state": "TX", "zip": "77002", "phone": "(713) 507-6400"}, "mail-address": {"street1": "1000 LOUISIANA STREET, SUITE 5800", "city": "HOUSTON", "state": "TX", "zip": "77002"}, "former-company": [{"former-conformed-name": "Dynegy Inc..", "date-changed": "20070404"}, {"former-conformed-name": "Dynegy Acquisition, Inc..", "date-changed": "20070403"}, {"former-conformed-name": "Dynegy Acquisition, Inc.", "date-changed": "20061102"}]}
8-K
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to
Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): March 10, 2009 (March 4, 2009)
DYNEGY INC.
(Exact name of registrant as specified in its charter)
Delaware
001-33443
20-5653152
(State or other Jurisdiction of Incorporation)
(Commission File Number)
(IRS Employer Identification No.)
1000 Louisiana, Suite 5800,
Houston, Texas
77002
(Address of Principal Executive Offices)
(Zip Code)
Registrant's telephone number,
including area code:
(713) 507-6400
N.A.
(Former name or former address if changed since last report.)
Check the appropriate box below if the
Form 8-K filing is intended to simultaneously satisfy the filing obligation of
the registrant under any of the following provisions:
o
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
o
Soliciting material pursuant
to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement communications pursuant to Rule
14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule
13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 5.02
Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.
On March 4, 2009,
the Compensation and Human Resources Committee of Dynegy Inc.'s Board of
Directors (the "Committee") granted performance unit incentive
awards for Dynegy's executive officers and other key personnel. These
performance unit awards are generally payable in three years based
Dynegy's stock price and the attainment of certain Adjusted EBITDA goals
over the three year performance period. Actual payments, if any, pursuant to
these awards, which are reflected as units valued at $100 each and payable in
cash or shares of Dynegy's Class A common stock at the
Committee's discretion, may range from zero to 200% of the performance
target payment levels. In the event a change in control occurs during the
performance period, payout will be made at 100% of performance target payment
levels. The forms of performance award agreements are attached hereto as
Exhibits 10.1 and 10.2.
Also, on March 4,
2009, the Committee approved the Dynegy Inc. 2009 Phantom Stock Plan, attached
hereto as Exhibit 10.3, and granted phantom stock units under such plan, which
provides only for cash-settled awards. The form of phantom stock award
agreements are attached hereto as Exhibits 10.4 and 10.5. The phantom stock
units are initially valued at the closing price of Dynegy's Class A
common stock on the award date and payout will be made based on the closing
price on the vesting date. The awards generally vest after three years,
assuming continued employment, and vesting accelerates upon the occurrence of
certain events, such as full vesting in the event of a change in control. The
granted phantom stock units are as follows: Bruce Williamson, 1,592,291; Holli
Nichols, 398,231; Kevin Blodgett, 296,184; Lynn Lednicky, 296,184; and Charles
Cook, 278,762.
The foregoing
descriptions do not purport to be complete and are qualified in their entirety
by reference to the complete text of the documents, which are attached hereto
and hereby incorporated by reference.
Item 9.01 Financial Statements
and Exhibits.
(d) Exhibits:
Exhibit
No.
Document
10.1
Form of Performance Award Agreement
10.2
Form of Performance Award Agreement between Dynegy Inc., all of its affiliates and
Bruce A. Williamson
10.3
Dynegy Inc. 2009 Phantom Stock Plan
10.4
Form of Phantom Stock Unit Award Agreement (for Managing Directors and Above)
10.5
Form of Phantom Stock Unit Award Agreement between Dynegy Inc., all of its affiliates, and Bruce A.
Williamson
SIGNATURES
Pursuant to the
requirements of the Securities Exchange Act of 1934, as amended, the registrant
has duly caused this report to be signed on its behalf by the undersigned
hereunto duly authorized.
DYNEGY INC.
(Registrant)
Dated: March 10, 2009
By:
/s/ KENT R. STEPHENSON
Name: Kent R. Stephenson
Title: Senior Vice President, Deputy General Counsel
EXHIBIT INDEX
Exhibit
No.
Document
10.1
Form of Performance Award Agreement
10.2
Form of Performance Award Agreement between Dynegy Inc., all of its affiliates and
Bruce A. Williamson
10.3
Dynegy Inc. 2009 Phantom Stock Plan
10.4
Form of Phantom Stock Unit Award Agreement (for Managing Directors and Above)
10.5
Form of Phantom Stock Unit Award Agreement between Dynegy Inc., all of its affiliates, and Bruce A.
Williamson