X0306 4 2017-02-15 0 0000916457 CALPINE CORP CPN 0001437010 RAUF ZAMIR CALPINE CORPORATION 717 TEXAS AVENUE, SUITE 1000 HOUSTON TX 77002 0 1 0 0 EVP, Chief Financial Officer Employee Stock Option (right to buy) 11.69 2017-02-15 4 A 0 108001 0 A 2020-02-15 2027-02-15 Common Stock 108001 108001 D Performance Stock Units 2017-02-15 4 A 0 34914 0 A Common Stock 34914 34914 D Granted pursuant to Calpine Corporation's (the "Company") Amended and Restated 2008 Equity Plan. The option vests 100% on February 15, 2020. The number of performance share units ("PSUs") reported represents the "target" number of PSUs that may be earned. Each PSU represents a contingent right to receive 0-150% of the target award. PSUs will vest and be paid in cash (in an amount equal to the product of the number of earned PSUs multiplied by the fair market value of one share of common stock of the Company as of the last trading day of the performance cycle) upon achievement of the specified thresholds of the Company's total shareholder return over the three-year performance period of January 1, 2017 through December 31, 2019, following the Compensation Committee's certification of performance as soon as practicable following completion of the performance period. /s/ W. Thaddeus Miller by Power of Attorney 2017-02-17