Grant Date Uses in EXERCISE OF OPTION Clause

EXERCISE OF OPTION from Non Qualified Stock Option Agreement

OPTION granted on _____________ (the "Grant Date") by Calpine Corporation, a Delaware corporation (the "Corporation"), to Thaddeus Miller (the "Grantee") pursuant to this Non-Qualified Stock Option Agreement ("Stock Option Agreement").

EXERCISE OF OPTION. The Option shall become vested and exercisable as to 100% of the Total Shares on the third anniversary date of the Grant Date, provided the Grantee has been continuously employed by the Corporation or an Affiliate during the period commencing on the Grant Date and ending on the third anniversary of the Grant Date. For purposes of this Stock Option Agreement, continuous employment includes any leave of absence approved by the Company or any Affiliate.Notwithstanding any other provision herein to the contrary, upon the occurrence of a Change in Control (as defined in the Plan), the Option shall become immediately vested in full.Upon full payment of the Exercise Price and satisfaction of all applicable tax obligations, and subject to the applicable terms and conditions of the Plan and the terms and conditions of this Stock Option Agreement, the Corporation shall cause certificates for the shares purchased hereunder to be delivered to the Grantee or cause a noncertificated book-entry representing such shares to be made to the extent not prohibited by any applicable law or the rules of any stock exchange.

EXERCISE OF OPTION from Non Qualified Stock Option Agreement

OPTION granted on _____________ (the "Grant Date") by Calpine Corporation, a Delaware corporation (the "Corporation"), to _______________________ (the "Grantee") pursuant to this Non-Qualified Stock Option Agreement ("Stock Option Agreement").

EXERCISE OF OPTION. The Option shall become vested and exercisable as to 100% of the Total Shares on the third anniversary date of the Grant Date, provided the Grantee has been continuously employed by the Corporation or an Affiliate during the period commencing on the Grant Date and ending on the third anniversary of the Grant Date. For purposes of this Stock Option Agreement, continuous employment includes any leave of absence approved by the Company or any Affiliate.Notwithstanding any other provision herein to the contrary, upon the occurrence of a Change in Control (as defined in the Plan), the Option shall become immediately vested in full.Upon full payment of the Exercise Price and satisfaction of all applicable tax obligations, and subject to the applicable terms and conditions of the Plan and the terms and conditions of this Stock Option Agreement, the Corporation shall cause certificates for the shares purchased hereunder to be delivered to the Grantee or cause a noncertificated book-entry representing such shares to be made to the extent not prohibited by any applicable law or the rules of any stock exchange.

EXERCISE OF OPTION from Non Qualified Stock Option Agreement

OPTION granted on February 15, 2017 (the "Grant Date") by Calpine Corporation, a Delaware corporation (the "Corporation"), to Charles M. Gates (the "Grantee") pursuant to this Non-Qualified Stock Option Agreement ("Stock Option Agreement").

EXERCISE OF OPTION. The Option shall become vested and exercisable as to 100% of the Total Shares on the third anniversary date of the Grant Date, provided the Grantee has been continuously employed by the Corporation or an Affiliate during the period commencing on the Grant Date and ending on the third anniversary of the Grant Date. For purposes of this Stock Option Agreement, continuous employment includes any leave of absence approved by the Company or any Affiliate.Notwithstanding any other provision herein to the contrary, upon the occurrence of a Change in Control (as defined in the Plan), the Option shall become immediately vested in full.Upon full payment of the Exercise Price and satisfaction of all applicable tax obligations, and subject to the applicable terms and conditions of the Plan and the terms and conditions of this Stock Option Agreement, the Corporation shall cause certificates for the shares purchased hereunder to be delivered to the Grantee or cause a noncertificated book-entry representing such shares to be made to the extent not prohibited by any applicable law or the rules of any stock exchange.

Exercise of Option from Stock Option Agreement

THIS STOCK OPTION AGREEMENT (THE "AGREEMENT") MAY BE EXERCISED ONLY IN ACCORDANCE WITH THE TERMS AND CONDITIONS OF THE COMPANY'S JUNE 2014 STOCK INCENTIVE PLAN, INCORPORATED HEREIN BY REFERENCE. A COPY OF THE JUNE 2014 STOCK INCENTIVE PLAN WILL BE PROVIDED TO THE OPTIONEE AT THE TIME OF ISSUING THIS OPTION. THE GRANT OF THIS OPTION SHALL NOT IMPOSE AN OBLIGATION UPON THE OPTIONEE TO EXERCISE THIS OPTION.

Exercise of Option. Options shall be exercisable, in full or in part, at any time after vesting, until termination; provided, however, that any Optionee who is subject to the reporting and liability provisions of Section 16 of the Exchange Act (as defined in the Plan) with respect to the Common Stock shall be precluded from selling or transferring any Common Stock or other security underlying an Option during the six months immediately following the Grant Date. If less than all of the shares of Common Stock included in the vested portion of any Option are purchased, the remainder may be purchased at any subsequent time prior to the termination of the Option. Each exercise of the Options shall be by means of delivery of a notice of election to exercise (which may be in the form attached hereto as Exhibit B) to the Company at its principal executive office, specifying the number of shares of Common Stock to be purchased and including such representations and agreements regarding the Optionee's investment intent and access to information and other matters, if any, as may be required by the Company to comply with applicable securities laws, together with payment in the amount of the full exercise price for the Common Stock to be purchased. Upon receipt and acceptance by the Company of such notice accompanied by the payment specified, the Optionee shall be deemed to be the record owner of the shares of Common Stock purchased, notwithstanding that the stock transfer books of Company may then be closed or that certificates representing the shares of Common Stock purchased under this Option may not then be actually delivered to the Optionee.

EXERCISE OF OPTION from Stock Purchase

EXERCISE OF OPTION. The option granted to a participant pursuant to Section 11 above shall be exercised automatically on the Exercise Date. The Exercise Date shall be the sixteenth day of the month immediately following the Grant Date (provided that if such day is not a business day, the Exercise Date shall be the first business day immediately following such day). Immediately following the Exercise Date, the funds credited to a participant's stock purchase account will be used by the Administrator to purchase from the Company the stock subject to the option and each participant will have allocated to his or her account the number of shares of Company common stock purchased pursuant to the option. The participant's account will be debited for the price of said shares. Any monies left over in a participant's account after the Exercise Date due to the application of the limits set forth in Section 11 above shall be returned to the participant. Shares which have been allocated to the account of a participating employee shall remain in the custody of the Company or its agent, as Custodian, unless otherwise directed as provided in Section 14. All dividends and other distributions and all voting rights with respect to shares which have been allocated to the account of a participant but not yet distributed to the participant shall belong to and be vested in such participant, except that, at the written request of the participant, such dividends, distributions and voting rights may belong to and be vested in him or her jointly with another person or persons, or in the name or names of any other person or persons, jointly or severally.

Exercise of Option from Stock Incentive Plan

This Option is not intended to qualify as an incentive stock option under Section 422 of the Internal Revenue Code of 1986, as amended. By accepting this Grant Notice, Participant acknowledges that he or she has received and read, and agrees that this Option shall be subject to, the terms of this Grant Notice, the Plan and the Standard Terms and Conditions.

Exercise of Option. The Option shall not be exercisable as of the Grant Date set forth in the Grant Notice. After the Grant Date, to the extent not previously exercised, and subject to termination or acceleration as provided in these Standard Terms and Conditions and the Plan, the Option shall be exercisable only to the extent it becomes vested, as described in the Grant Notice or the terms of the Plan, to purchase up to that number of shares of Common Stock as set forth in the Grant Notice, provided that (except as set forth in Section 4(a) below) the Participant remains employed with the Company and does not experience a Termination of Employment. The vesting period and/or exercisability of an Option may be adjusted by the Administrator to reflect the decreased level of employment during any period in which the Participant is on an approved leave of absence or is employed on a less than full time basis. To exercise the Option (or any part thereof), the Participant shall deliver to the Company a "Notice of Exercise" in a form specified by the Administrator, specifying the number of whole shares of Common Stock the Participant wishes to purchase and how the Participant's shares of Common Stock should be registered (in the Participant's name only or in the Participant's and the Participant's spouse's names as community property or as joint tenants with right of survivorship).

Exercise of Option from Stock Incentive Plan

This Option is intended to qualify as an incentive stock option under Section 422 of the Internal Revenue Code of 1986, as amended. By accepting this Grant Notice, Participant acknowledges that he or she has received and read, and agrees that this Option shall be subject to, the terms of this Grant Notice, the Plan and the Standard Terms and Conditions.

Exercise of Option. The Option shall not be exercisable as of the Grant Date set forth in the Grant Notice. After the Grant Date, to the extent not previously exercised, and subject to termination or acceleration as provided in these Standard Terms and Conditions and the Plan, the Option shall be exercisable only to the extent it becomes vested, as described in the Grant Notice or the terms

EXERCISE OF OPTION from Stock Incentive Plan

This Option is not intended to qualify as an incentive stock option under Section 422 of the Internal Revenue Code of 1986, as amended.

EXERCISE OF OPTION. The Option shall not be exercisable as of the Grant Date set forth in the Grant Notice. After the Grant Date, to the extent not previously exercised, and subject to termination or acceleration as provided in these Standard Terms and Conditions and the Plan, the Option shall be exercisable only to the extent it becomes vested, as described in the Grant Notice, the terms of the Plan and these Standard Terms and Conditions, to purchase up to that number of Shares as set forth in the Grant Notice, provided that (except as set forth in Section 4.A, Section 5 and Section 6 below) the Participant remains employed with the Company and does not experience a Termination of Employment prior to the end of the applicable performance period. The vesting period and/or exercisability of an Option may be adjusted by the Administrator to reflect the decreased level of employment during any period in which the Participant is on an approved leave of absence or is employed on a less than full time basis. Notwithstanding any provision of any employment or other agreement between the Company and the Participant, in no event shall any portion of the Option vest or become exercisable prior to the first anniversary of the Grant Date, other than as provided in these Standard Terms and Conditions in connection with the Participants death or Disability or the occurrence of a Change in Control. To exercise the Option (or any part thereof), the Participant shall deliver to the Company a Notice of Exercise in a form specified by the Administrator, specifying the number of whole Shares the Participant wishes to purchase and how the Participants Shares should be registered (in the Participants name only or in the Participants and the Participants spouses names as community property or as joint tenants with right of survivorship). This may also be accomplished via the Companys electronic Plan administration system. The exercise price (the Exercise Price) of the Option is set forth in the Grant Notice. The Company shall not be obligated to issue any Shares until the Participant shall have paid the total Exercise Price for that number of Shares. The Exercise Price shall be paid pursuant to an irrevocable commitment by a broker to pay over such amount from a sale of the Shares issuable under the Option unless the Participant elects to pay such Exercise Price in Shares, cash or a combination thereof, including through the delivery of previously owned Shares, or in such other manners as may be permitted by the Administrator. Fractional shares may not be exercised. Shares will be issued as soon as practical after exercise. Notwithstanding the above, the Company shall not be obligated to deliver any Shares during any period when the Company determines that the exercisability of the Option or the delivery of Shares hereunder would violate any federal, state or other applicable laws.

EXERCISE OF OPTION from Nonqualified Stock Option Agreement

EXERCISE OF OPTION. (a) The Option, subject to the provisions of the ICP, shall be exercised by submitting a request to exercise to the Company's stock option administrator, in accordance with the Company's current exercise policies and procedures, specifying the number of Shares to be purchased, which number may not be less than one hundred (100) Shares (unless the number of Shares purchased is the total balance which is then exercisable). An exercise by Participant of all or part of this Option shall effected through the Company's "cashless exercise" procedures. Otherwise, at the time of exercise, Participant shall tender to the Company cash or cash equivalent for the aggregate option price of the Shares Participant has elected to purchase or certificates for Shares of Common Stock of the Company owned by Participant for at least six (6) months with a fair market value at least equal to the aggregate option price of the Shares Participant has elected to purchase, or a combination of the foregoing. (b) Prior to its expiration or termination and except as otherwise provided herein, the Option will become vested in accordance with the vesting schedule set forth below, each date on which vesting occurs a "Vesting Date", and any vested Option will be exercisable by Participant prior to the expiration of its term so long as Participant has maintained continuous employment with the Company or a subsidiary of the Company from the Grant Date through the exercise date: (i) 25% of the Option shall vest on the 1st anniversary of the Grant Date;(ii)25% of the Option shall vest on the 2nd anniversary of the Grant Date;(iii)25% of the Option shall vest on the 3rd anniversary of the Grant Date;(iv)25% of the Option shall vest on the 4th anniversary of the Grant Date.

EXERCISE OF OPTION from Stock Incentive Plan

This Option is not intended to qualify as an incentive stock option under Section 422 of the Internal Revenue Code of 1986, as amended.

EXERCISE OF OPTION. The Option shall not be exercisable as of the Grant Date set forth in the Grant Notice. After the Grant Date, to the extent not previously exercised, and subject to termination or acceleration as provided in these Standard Terms and Conditions and the Plan, the Option shall be exercisable only to the extent it becomes vested, as described in the Grant Notice, these Standard Terms and Conditions and/or the terms of the Plan, to purchase up to that number of shares of Common Stock as set forth in the Grant Notice, provided that (except as may be provided otherwise in Section 4 below) the Participant remains employed with the Company and does not experience a termination of employment. The exercise price (the "Exercise Price") of the Option is set forth in the Grant Notice. The Company shall not be obligated to issue any shares of Common Stock until the Participant shall have paid the total Exercise Price for that number of shares of Common Stock. To exercise the Option (or any part thereof), the Participant shall deliver to the Company appropriate notice specifying the number of whole shares of Common Stock the Participant wishes to purchase accompanied by valid payment in the form of (i) a check, (ii) an attestation form confirming the Participant's current ownership of whole shares of Common Stock equal in value to the total Exercise Price for that number of shares of Common Stock, and/or (iii) an authorization to sell shares equal in value to the total Exercise Price for that number of shares of Common Stock. Notices and authorizations shall be delivered and all checks shall be payable to the Company's third party stock plan administrator, or as otherwise directed by the Company. Fractional shares may not be exercised. Shares of Common Stock will be issued as soon as practicable after exercise. Notwithstanding the above, for administrative or other reasons, including, but not limited to the Company's determination that exercisability of the Option would