X0202 4 2005-05-25 0 0000916457 CALPINE CORP CPN 0001202958 SCHWAB SUSAN C 4 MARKET QUAY ANNAPOLIS MD 21401 1 0 0 0 Non-Qualified Stock Option (right to buy) 2.64 2005-05-25 4 A 0 25000 0 A 2005-05-25 2015-05-25 Common Stock 25000 25000 D Grant to reporting person of exempt Rule 16b-3 option under the Automatic Grant Program of the Issuer's 1996 Stock Incentive Plan. The option is immediately exercisable for all of the option shares. The option shares will, however, vest upon completion of one (1) year of continued service as a member of the Issuer's board of Directors measured from the grant date. By: Lisa Bodensteiner For: Susan C. Schwab 2005-05-26