X0303 4 2011-03-31 0 0001379895 DYNEGY INC. DYN 0001179881 ELWARD THOMAS W 5531 SWAN LAKE DRIVE WEST BLOOMFIELD MI 48322 1 0 0 0 Common Stock 2011-04-01 4 P 0 1700 5.72 A 1700 D Common Stock 2011-04-01 4 P 0 3300 5.71 A 5000 D Phantom Stock 2011-03-31 4 A 0 3070.28 A Common Stock 3070.28 3070.28 D These shares are held in a rabbi trust and are deemed to be phantom stock that are convertible on a 1-for-1 basis. Reflects shares of phantom stock issued to the Reporting Person pursuant to the Dynegy Inc. Deferred Compensation Plan for Certain Directors, as amended, a Rule 16b-3 Plan with the issuer. The shares of phantom stock were issued in connection with the Reporting Person's director compensation for the first quarter of 2011, and the number of shares of phantom stock issued with respect to the quarter was calculated based on the stock price of the issuer's common stock of $5.70 (rounded) on March 31, 2011, the last trading day of the quarter. Upon termination of the Reporting Person's service as a director, the shares of phantom stock become payable, at the election of the Reporting Person, in a lump sum payment or in monthly, quarterly or annual installment payments following such termination. The shares of phantom stock are payable in cash or in shares of the issuer's common stock. /s/ Heidi D. Lewis, Attorney-in-Fact 2011-04-04