Document:

DARBY ACQUISITION CORPORATION
                             SUBSCRIPTION AGREEMENT

To:  Darby Acquisition Corporation
     20 Corporate Woods Boulevard
     Albany, New York 12211

Gentlemen:

You have informed me that Darby Acquisition Corporation,  a Delaware corporation
(the "Company"),  is offering up to 120,000 shares of its $.001 par value common
stock (the  "Common  Stock") at a price of $10.00 per share as  described in and
offered  pursuant to the Prospectus  furnished to the undersigned  herewith (the
"Prospectus").  In addition,  you have informed me that the minimum subscription
is 250 shares.

1.  SUBSCRIPTION.  Subject to the terms and conditions  hereof,  the undersigned
hereby  tenders  this  subscription,  together  with  payment  in United  States
currency by check,  bank draft or money order  payable to "Capital  Bank & Trust
Company  as  escrow  agent  for  Darby  Acquisition  Corporation"  or any  other
consideration  satisfactory  to the  Company  (the  "Funds"),  representing  the
payment  of  $10.00  per share for the  number  of  shares of the  Common  Stock
indicated below.

2.  ACCEPTANCE OF  SUBSCRIPTION.  It is  understood  and agreed that the Company
shall have the right to accept or reject this  subscription in whole or in part,
for any reason  whatsoever.  The Company shall reject this  subscription,  if at
all, in writing  within ten business  days after  receipt of this  subscription.
Subscriptions  not  rejected by the Company  within this ten day period shall be
deemed accepted by the Company.  The Company may reduce the number of shares for
which the undersigned has subscribed,  indicating acceptance of less than all of
the shares subscribed on its written form of acceptance.

3.  ACKNOWLEDGMENTS.  The undersigned hereby acknowledges that he has received a
copy of the Prospectus and agrees to be bound by the terms of this Agreement.

4. REVOCATION.  The undersigned agrees that once this Subscription  Agreement is
accepted by the Company,  it may not be withdrawn by him.  Therefore,  until the
earlier of the  expiration  of ten business days after receipt by the Company of
this Subscription  Agreement or acceptance of this Subscription Agreement by the
Company, the undersigned may withdraw his or her subscription and receive a full
refund  of the  subscription  price.  The  undersigned  agrees  that,  except as
provided  in this  Section  4, he shall not  cancel,  terminate  or revoke  this
Subscription  Agreement or any agreement of the  undersigned  made hereunder and
that this  Subscription  Agreement  shall survive the death or disability of the
undersigned.

By executing  this  subscription  agreement,  the  subscriber is not waiving any
rights he may have under federal  securities laws,  including the Securities Act
of 1933, as amended and the Securities Exchange Act of 1934, as amended.

<PAGE>

Please  fill in the  information  requested  below,  make your check  payable to
"Capital Bank & Trust Company as escrow agent for Darby Acquisition Corporation"
and mail Subscription Agreement, Stock Certificate Registration Instructions and
check to the  attention  of Roger D.  Shearer,  President  and  Chief  Executive
Officer, Darby Acquisition  Corporation,  16 Corporate Woods Boulevard,  Albany,
New York 12211.

_______________                                  _____________________________
No. of Shares                                    (Signature of Subscriber)
Subscribed

$______________                                  _____________________________
Funds Tendered ($10.00                           Name (Please Print or Type)
per share subscribed)

Date:______________, 2001 _______

Phone Number:

__________________ (Home)

__________________ (Office)

______________________________
(residence street address)

______________________________
(city, state and zip code)

______________________________
(social security or other taxpayer
identification number)<PAGE>   1

                                                                   EXHIBIT 4.1.2

                          FIRST SUPPLEMENTAL INDENTURE

                            Dated as of July 31, 2000

                                     Between

                              CALPINE CORPORATION,

                                    AS ISSUER

                                       and

                       STATE STREET BANK AND TRUST COMPANY
     (successor trustee to Shawmut Bank Connecticut, National Association),

                                   AS TRUSTEE

                           Supplementing the Indenture
                          Dated as of February 17, 1994

<PAGE>   2

     FIRST SUPPLEMENTAL INDENTURE, dated as of July 31, 2000 (the "First
Supplemental Indenture"), between Calpine Corporation, a Delaware corporation
(the "Company"), and State Street Bank and Trust Company, as successor trustee
to Shawmut Bank Connecticut, National Association (the "Trustee").

     WHEREAS, the Company executed and delivered the Indenture dated as of
February 17, 1994 (the "Indenture"), to the Trustee's predecessor to provide for
the issuance of $105,000,000 of the Company's 9 1/4% Senior Notes due 2004;

     WHEREAS, the Holders (as defined in the Indenture) of a majority in
principal amount of such Senior Notes have approved certain amendments proposed
by the Company to certain provisions of the Indenture, and the Company desires
to supplement and amend the Indenture accordingly as contemplated by Section 8.2
thereof;

     WHEREAS, all things necessary to make this First Supplemental Indenture a
valid agreement of the Company and the Trustee in accordance with its terms and
a valid amendment and supplement to the Indenture, have been done.

     NOW THEREFORE, for and in consideration of the premises and mutual
covenants herein contained, the Company and the Trustee agree as follows:

                                    ARTICLE I
                                   DEFINITIONS

     Section 1.1 Definition of Terms

     Unless the context otherwise requires

     (a)  capitalized terms used herein that are not otherwise defined herein
shall have the meaning assigned to such terms in the Indenture;

     (b)  the singular includes the plural and vice versa;

     (c)  headings are for convenience of reference only and do not affect
interpretation.

                                   ARTICLE II
                           AMENDMENTS TO THE INDENTURE

     Section 2.1 Amendments

     (a)  The following definitions in Section 1.1 of the Indenture are amended
to read in their entirety as follows:

     "Non-Recourse Debt" means Indebtedness of the Company or any Restricted
     Subsidiary that is Incurred to finance the exploration, drilling,

                                       2

<PAGE>   3

     development, construction or purchase of or by, or repairs, improvements or
     additions to, property or assets of the Company or any Restricted
     Subsidiary, provided that such Indebtedness is without recourse to the
     Company or any Restricted Subsidiary or to any property or assets of the
     Company or any Restricted Subsidiary other than property or assets
     (including Capital Stock) subject to a Lien permitted pursuant to Section
     3.7 (f) or (p).

     "Subsidiary" means, as applied to any Person, any corporation, limited or
     general partnership, trust, association or other business entity of which
     an aggregate of at least 50% of the outstanding Voting Shares or an
     equivalent controlling interest therein, of such Person is, at the time,
     directly or indirectly, owned by such Person and/or one or more
     Subsidiaries of such Person.

     (b)  Clause (vii) of Section 3.4(b) is amended to read in its entirety:

     Non-Recourse Debt of a Restricted Subsidiary.

     (c)  Section 3.7(f) of the Indenture is amended to read in its entirety:

          (1)  Liens incurred by the Company or any Restricted Subsidiary
     securing Indebtedness Incurred by the Company or such Restricted
     Subsidiary, as the case may be, to finance the exploration, drilling,
     development, construction or purchase of or by, or repairs, improvements or
     additions to, property or assets of the Company or such Restricted
     Subsidiary, as the case may be, which Liens may include Liens on the
     Capital Stock of such Restricted Subsidiary or (2) Liens incurred by any
     Restricted Subsidiary that does not own, directly or indirectly, at the
     time of such original incurrence of such a Lien under this clause (2) any
     operating properties or assets, securing Indebtedness Incurred to finance
     the exploration, drilling, development, construction or purchase of or by,
     or repairs, improvements or additions to, property or assets of any
     Restricted Subsidiary that does not, directly or indirectly, own any
     operating properties or assets at the time of such original incurrence of
     such Lien, which Liens may include Liens on the Capital Stock of one or
     more Restricted Subsidiaries that do not, directly or indirectly, own any
     operating properties or assets at the time of such original incurrence of
     such Lien, provided, however, that the Indebtedness secured by any such
     Lien may not be issued more than 365 days after the later of the
     exploration, drilling, development, completion of construction, purchase,
     repair, improvement, addition or commencement of full commercial operation
     of the property or asset being so financed;

     (d)  Section 3.7(l) is deleted in its entirety and the term "[Deleted]" is
inserted in lieu thereof.

                                       3

<PAGE>   4

     (e)  Section 3.7(p) is amended to read in its entirety:

     Liens to secure any refinancing, refunding, extension, renewal or
     replacement (or successive refinancings, refundings, extensions, renewals
     or replacements) as a whole, or in part, of any Indebtedness secured by any
     Lien referred to in the foregoing clauses (f), (g), (h) and (i), provided,
     however, that (x) such new Lien shall be limited to all or part of the same
     property or assets that secured the original Lien (plus repairs,
     improvements or additions to such property or assets and Liens on the stock
     or other ownership interest in one or more Restricted Subsidiaries
     beneficially owning such property or assets) and (y) the amount of the
     Indebtedness secured by such Lien at such time (or, if the amount that may
     be realized in respect of such Lien is limited, by contract or otherwise,
     such limited lesser amount) is not increased (other than by an amount
     necessary to pay fees and expenses, including premiums, related to the
     refinancing, refunding, extension, renewal or replacement of such
     Indebtedness);

                                   ARTICLE III
                                  MISCELLANEOUS

     Section 3.1 Notification to Holders.

     The Company shall notify the Holders in accordance with Section 8.2 of the
Indenture of the execution of this First Supplemental Indenture.

     Section 3.2 Ratification of Indenture.

     The Indenture, as supplemented by this First Supplemental Indenture, is in
all respects ratified and confirmed, and this First Supplemental Indenture shall
be deemed part of the Indenture in the manner and to the extent herein and
therein provided.

     Section 3.3 Governing Law.

     This First Supplemental Indenture shall be deemed to be a contract made
under the laws of the State of New York, and for all purposes shall be construed
in accordance with the laws of said State.

     Section 3.4 Separability.

     In case any one or more of the provisions contained in this First
Supplemental Indenture shall for any reason be held to be invalid, illegal or
unenforceable in any respect, such invalidity, illegality or unenforceability
shall not affect any other provisions of this First Supplemental Indenture but
this First Supplemental Indenture shall be construed as if such invalid or
illegal or unenforceable provision had never been contained herein or therein.

                                       4

<PAGE>   5

     Section 3.5 Counterparts.

     This First Supplemental Indenture may be executed in any number of
counterparts each of which shall be an original; but such counterparts shall
together constitute but one and the same instrument.

     Section 3.6 Effectiveness.

     This First Supplemental Indenture shall be effective and binding when
executed by the Company and the Trustee.

     Section 3.7 Trustee Not Responsible for Recitals.

     The recitals herein contained are made by the Company and not by the
Trustee, and the Trustee assumes no responsibility for the correctness thereof.
The Trustee makes no representation as to the validity or sufficiency of this
First Supplemental Indenture.

     Section 3.8 Performance by Trustee.

     The Trustee, for itself and its successors accepts the Trust of the
Indenture as amended by this First Supplemental Indenture and agrees to perform
the same, but only upon the terms and conditions set forth in the Indenture,
including the terms and provisions defining and limiting the liability and
responsibility of the Trustee.

                                      * * *

                                       5

<PAGE>   6

     IN WITNESS WHEREOF, the parties hereto have caused this First Supplemental
Indenture to be duly executed as of the day and year first above written.

                                        CALPINE CORPORATION

                                        By: /s/ ANN B. CURTIS
                                           -------------------------------------
                                           Ann B. Curtis
                                           Executive Vice President and
                                           Chief Financial Officer

                                        STATE STREET BANK AND TRUST COMPANY
                                        successor trustee to Shawmut Bank
                                        Connecticut, National Association

                                        By: /s/ SUSAN T. KELLER
                                           -------------------------------------
                                           Name: Susan T. Keller
                                           Title: Vice President

                                       6

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