X0303 4 2010-08-11 0 0000916457 CALPINE CORP CPN 0001351761 Hill Thad CALPINE CORPORATION 717 TEXAS AVENUE, SUITE 1000 HOUSTON TX 77002 0 1 0 0 EVP & CHIEF COMMERCIAL OFFICER Employee Stock Option (right to buy) 12.64 2010-08-11 4 A 0 900000 0.00 A 2013-08-11 2015-09-01 Common Stock, par value $0.001 per share 900000 900000 D Grant of option pursuant to Calpine Corporation's Amended and Restated 2008 Equity Incentive Plan ("Option"). The Option shall become fully vested and exercisable on August 11, 2013, subject to Mr. Hill's continuous employment with Calpine Corporation during that period. If on the date of exercise of the Option, the New York Stock Exchange closing price of a share of Calpine Corporation's Common Stock exceeds the exercise price plus 25% ($15.80), then the number of shares underlying the Option that may be exercised on that date of exercise shall be reduced, on a straight-line basis, beginning when such closing price on the date of exercise exceeds $15.80 and ending when such closing price equals or exceeds $27.50 per share at which closing price the number of shares underlying the Option shall be reduced to zero shares. The formula is set forth in full in the applicable award agreement. /s/ W. Thaddeus Miller, Attorney-in-Fact 2010-08-13