X0306 4 2015-02-26 0 0000916457 CALPINE CORP CPN 0001351761 Hill Thad CALPINE CORPORATION 717 TEXAS AVENUE, SUITE 1000 HOUSTON TX 77002 1 1 0 0 President & Chief Oper.Officer Common Stock, par value $0.001 per share 2015-02-26 4 A 0 76887 0 A 481653 D Common Stock, par value $0.001 per share 2015-02-26 4 F 0 3377 21.46 D 478276 D Common Stock, par value $0.001 per share 2015-02-28 4 F 0 3409 21.20 D 474867 D Award of restricted stock pursuant to Calpine Corporation's (the "Company's") Amended and Restated 2008 Equity Incentive Plan (the "Equity Plan"). The award vests in three equal installments on the first, second, and third anniversary dates of the grant date. The total reflects a correction of an inadvertent typo in the number of shares following the reported transactions disclosed on the previously filed Form 4, which was 404,766 shares as of December 21, 2015. Represents shares withheld by the Company, at the reporting person's request, as permitted under the Equity Plan, to satisfy the reporting person's tax withholding obligation in connection with the vesting on Thursday, February 26, 2015 of certain shares of restricted stock previously awarded to the reporting person. There was no open market sale of shares by the reporting person. Closing market price per share of the Company common stock on the transaction date. Represents shares withheld by the Company, at the reporting person's request, as permitted under the Equity Plan, to satisfy the reporting person's tax withholding obligation in connection with the vesting on Saturday, February 28, 2015 of certain shares of restricted stock previously awarded to the reporting person. There was no open market sale of shares by the reporting person. Closing market price of the Company common stock on Friday, February 27, 2015, representing the closing price per share on the next immediately preceding day on which the New York Stock Exchange was open for trading preceding the Saturday, February 28, 2015 vesting date, as provided under the Equity Plan. /s/ W. Thaddeus Miller by Power of Attorney 2015-03-02