DJ Enron CEO -2: Also To Get Reimbursed For Tax Penalties --

  WASHINGTON (Dow Jones)--Enron Corp. (ENE) Chief Executive Kenneth Lay could
receive a lump sum payment as much as $80 million as a result of Dynegy Inc.'s
(DYN) plan to acquire Enron, according to a regulatory filing released Tuesday
by the Securities and Exchange Commission. 
  Under Lay's employment agreement, which originally extended through Dec. 31,
2003, Lay was entitled to a lump sum payment equal to the number of full
calendar years remaining under his contract multiplied by $20.2 million if he
terminated his employment within 60 days of a change of control. 
  In August, Lay, chairman of Enron, resumed his position as CEO following the
resignation of Jeffrey K. Skilling, Enron's then-president and CEO. At that
time, his contract was extended to Dec. 31, 2005. 
  In addition to the lump sum payment, Lay is entitled to an amount for any
related tax penalties if the payment were held to constitute an "excess
parachute payment," according to the filing. 
  Dynegy plans to acquire Enron in a stock swap valued around $10.12 billion. 
  The deal is expected to close sometime next year, in which case Lay is
entitled to $60.6 million under his contract if he terminates his employment
within the 60 days. 
  Houston-based Enron is a utilities and communications company. -Dan Lowrey;
Dow Jones Newswires; 202-393-7402; dan.lowrey@dowjones.com 
 
  (END) Dow Jones Newswires  13-11-01
  1428GMT(AP-DJ-11-13-01 1428GMT)

Symbols:
  US;DYN US;ENE 

  13-Nov-2001  14:28:54 GMT
Source DJES   - Dow Jones Energy Service
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