Document:

Registration Rights Agreement

 Exhibit 10.1 
 REGISTRATION RIGHTS AGREEMENT 
 THIS REGISTRATION RIGHTS AGREEMENT (this
“Agreement”) is made as of January 31, 2008 by and among Calpine Corporation, a Delaware corporation (the “Company”), and each Participating Shareholder. Capitalized terms used but not otherwise defined herein
are defined in Section 11 hereof. 
 NOW, THEREFORE, in consideration of the mutual promises made herein and other good
and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, agree as follows: 
 1. Demand Registrations. 
 (a) Requests for Registration. At any time beginning six
(6) months after the Effective Date until the Expiration Date, each Participating Shareholder holding at least 25%, directly or through one or more of its Affiliates, of its Initial Position may request up to two (2) registrations of
underwritten offerings under the Securities Act of all or any portion of their Registrable Securities (a “Demand Registration”); provided that such Participating Shareholder will be entitled to such demand only if the
total offering price of the shares to be sold in such offering, including piggyback shares, (before deduction for underwriting discounts) exceeds $100 million; provided, further, there may only be one (1) such demand by all
Participating Shareholders in the first year after the Effective Date. Any Demand Registration shall be on Form S-3 or any similar short-form registration (“Short-Form Registrations”), if available, and on Form S-1 or any similar
long-form registration if the Company is ineligible to use a Short-Form Registration. 
 (b) Demand Notices. All requests for Demand
Registrations shall be made by giving written notice to the Company (the “Demand Notice”). Each Demand Notice shall specify the approximate number of Registrable Securities requested to be registered and the expected price range
(net of underwriting discounts and commissions) acceptable to the Participating Shareholders making the demand. Within ten (10) days after receipt of any Demand Notice, the Company shall give written notice of such requested registration to all
other holders of Registrable Securities (the “Company Notice”) and, subject to the provisions of Section 1(c) below, shall include in such registration all Registrable Securities with respect to which the Company has
received written requests for inclusion therein within twenty (20) days after sending the Company Notice. 
 (c) Shelf
Registration 
 (i) As soon as practicable following the filing with the Commission of the Company’s Annual report on
Form 10-K for the year ended December 31, 2007, the Company shall file a Shelf Registration statement on Form S-1 covering the resale of the Registrable Securities on a delayed or continuous basis (the “Form S-1 Shelf”). The
Company shall use commercially reasonable efforts to cause the Form S-1 Shelf to become effective within six (6) months following the Effective Date. The Company shall convert the Form S-1 Shelf to a Shelf Registration statement on Form S-3
(the “Form S-3 Shelf”, and together with the Form S-1 Shelf, the “Shelf”) after the Company is eligible 

 
to use Form S-3. The Company shall maintain the Shelf until the Expiration Date. Following the one (1) year anniversary after the Effective Date, if the
Company is not eligible to use Form S-3 for a period of more than 90 days, the Participating Shareholders shall have the right to require the Company to file a Form S-1 Shelf. For the sake of clarity, while the Shelf may permit its use in connection
with underwritten offerings, Participating Shareholders shall have no right to demand such use other than under Section 1(a) hereof. 
 (ii) During the first year following the Effective Date, Participating Shareholders agree not to sell their Registrable Securities pursuant to any Shelf Registration during a Blackout Period. 
 (iii) Notwithstanding anything herein to the contrary, the right to sell Registrable Securities pursuant to any Shelf Registration will
terminate as to any particular Participating Shareholder at such time as such Participating Shareholder could sell all of its remaining securities under Rule 144 of the Securities Act within a three month period. 
 (d) Priority on Demand Registrations. The Company shall not include in any Demand Registration any securities which are not Registrable Securities
without the prior written consent of the holders of a majority of the Registrable Securities included in such registration. If a Demand Registration is an underwritten offering and the managing underwriters advise the Company in writing that in
their opinion the number of Registrable Securities and, if permitted hereunder, other securities requested to be included in such offering exceeds the number of Registrable Securities and other securities, if any, which can be sold in an orderly
manner in such offering within a price range acceptable to the holders of a majority of the Registrable Securities initially requesting registration, the Company shall include in such registration the number which can be so sold in the following
order of priority: (i) first, the Registrable Securities requested to be included in such registration, which in the opinion of such underwriter can be sold in an orderly manner within the price range of such offering, pro rata among the
respective holders of such Registrable Securities on the basis of the number of shares of Common Stock owned by each such holder, and (ii) second, other securities requested to be included in such registration to the extent permitted
hereunder. 
 (e) Restrictions on Demand Registrations 
 (i) The Company shall not be obligated to effect any Demand Registration within 180 days after the effective date of a previous Demand
Registration or a previous registration in which the holders of Registrable Securities were given piggyback rights pursuant to Section 2 and in which no reduction in the number of Registrable Securities requested to be included occurred.
In addition, the Company shall not be obligated to effect any Demand Registration during the period starting with the date that is sixty (60) days prior to the Company’s good faith estimate of the date of filing of, and ending on the date
that is ninety (90) days after the effective date of, a Company initiated underwritten primary registration, provided that the Company is actively employing in good faith all reasonable efforts to cause such registration to become
effective, and provided, further that the aggregate number of days that any one or more Demand Registrations are 

  

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suspended or delayed by operation of this Section 1(e) shall not exceed one-hundred eighty (180) days in any twelve-month period. In the
event of any such suspension or delay, the holders of Registrable Securities initially requesting a Demand Registration that is suspended or delayed by operation of this Section 1(e) shall be entitled to withdraw such request and, if
such request is withdrawn, such Demand Registration shall not count as one of the permitted Demand Registrations hereunder, and the Company shall pay all Registration Expenses in connection with such registration. 
 (ii) Subject to the next sentence of this Section 1(e)(ii), upon written notice to the holders of Registrable Securities
participating in a Demand Registration, the Company shall be entitled to postpone, for a reasonable period of time, the filing of, or suspend the effectiveness of, any registration statement for a Demand Registration or amendment thereto, or suspend
the use of any prospectus and shall not be required to amend or supplement the registration statement, any related prospectus or any document incorporated therein by reference (other than an effective registration statement being used for an
underwritten offering) if the Board determines in its reasonable good faith judgment that it possesses material nonpublic information the disclosure of which would reasonably be expected to have a material adverse effect on any proposal or plan
(collectively, a “Valid Business Reason”) by the Company or any of its direct or indirect Subsidiaries; provided, that (A) the duration of such postponement or suspension (a “Suspension Period”)
may not exceed more than sixty (60) consecutive days or more than one-hundred twenty (120) days in the aggregate in any 12-month period, (B) the Company shall only have the right to postpone or suspend such registration statement so
long as such Valid Business Reason exists, and (C) at least thirty (30) days must elapse between Suspension Periods. Such Suspension Period may be effected only if the Board determines in its good faith that such postponement or suspension
is in the best interest of the Company and its shareholders. If the Company shall so postpone the filing of a registration statement hereunder, the holders of Registrable Securities shall (x) have the right, in the case of a postponement of the
filing or effectiveness of a registration statement, upon the affirmative vote of not less than a majority of the Registrable Securities initially requesting such Demand Registration, to withdraw the request for registration by giving written notice
to the Company within ten (10) days after receipt of such notice (and, if such request is withdrawn, such Demand Registration shall not count as one of the permitted Demand Registrations hereunder and the Company shall pay all Registration
Expenses in connection with such registration), or (y) in the case of a suspension of the right to make sales, receive an extension of the registration period equal to the number of days of the suspension. 
 (f) Selection of Underwriters. The holders of a majority of the Registrable Securities included in such registration hereunder shall have the
right to select the investment banker(s) and manager(s) to administer the offering (which shall consist of one (1) or more reputable nationally recognized investment banks), subject to the Company’s approval which shall not be unreasonably
withheld, conditioned or delayed. 
 (g) Other Registration Rights. The Company represents and warrants that it is not a party to, or
otherwise subject to, any other agreement granting registration rights to any other 
  

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 Person with respect to any securities of the Company. Except as provided in this Agreement, the Company shall not grant
any inconsistent registration rights to any other Persons. 
 (h) Cancellation of Registration. The holders of a majority of the
Registrable Securities participating in a Demand Registration shall have the right to cancel such proposed registration pursuant to this Section 1 when, (i) in their discretion, market conditions are so unfavorable as to be
seriously detrimental to an offering pursuant to such registration or (ii) the request for cancellation is based upon material adverse information relating to the Company that is different from the information known to such holders at the time
of the Demand Request. In the event that the Participating Shareholders pay all expenses incurred by the Participating Shareholders and the Company in connection with the registration prior to the time of cancellation, such cancellation of a
registration shall not be counted as one of the Demand Registrations; provided, however, that, if cancellation is based on clause (ii) of this Section 1(h), such payment of expenses shall not be required. 
 2. Piggyback Registrations. 
 (a) Right to Piggyback. Whenever the Company proposes to register any of its securities, or proposes to offer any of its registered securities pursuant to a shelf registration statement (a “Shelf Takedown”), under
the Securities Act (other than pursuant to a Demand Registration) and the registration form to be used may be used for the registration of Registrable Securities (a “Piggyback Registration”), the Company shall give prompt written
notice to all holders of Registrable Securities of its intention to effect such a registration or Shelf Takedown, as applicable, (which notice shall be given not less than twenty (20) days prior to the expected effective date of the Piggyback
Registration) and shall, subject to the provisions of Sections 2(b) and (c) below, include in such registration or Shelf Takedown, as applicable, all Registrable Securities with respect to which the Company has received written
requests for inclusion therein within twenty (20) days after sending the Company’s notice. Notwithstanding anything to the contrary contained herein, the Company may determine not to proceed with a registration which is the subject of such
notice. 
 (b) Priority on Primary Registrations. If a Piggyback Registration is an underwritten primary registration on behalf of the
Company, and the managing underwriters advise the Company in writing that in their opinion the number of securities requested to be included in such registration exceeds the number which can be sold in an orderly manner in such offering within a
price range acceptable to the Company, the Company shall include in such registration the number which can be so sold in the following order of priority: (i) first, the securities the Company proposes to sell, (ii) second,
the Registrable Securities requested to be included in such registration (pro rata among the holders of such Registrable Securities on the basis of the number of shares of Common Stock owned by each such holder), and (iii) third, other
securities requested to be included in such registration. 
 (c) Priority on Secondary Registrations. If a Piggyback Registration is
an underwritten secondary registration on behalf of holders of the Company’s securities, and the managing underwriters advise the Company in writing that in their opinion the number of securities requested to be included in such registration
exceeds the number which can be sold in an orderly manner in such offering within a price range acceptable to the holders initially 

  

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requesting such registration, the Company shall include in such registration the number which can be so sold in the following order of priority:
(i) first, the securities requested to be included therein by the holders requesting such registration and the Registrable Securities requested to be included in such registration, pro rata among the holders of any such securities on the
basis of the number of securities so requested to be included therein owned by each such holder, and (ii) second, other securities requested to be included in such registration. 
 (d) Selection of Underwriters. If any Piggyback Registration is an underwritten offering, the Company will have the right to select the investment
banker(s) and manager(s) for the offering. 
 (e) Other Registrations. If the Company has previously filed a registration statement
with respect to Registrable Securities pursuant to Section 1 or pursuant to this Section 2, and if such previous registration has not been withdrawn or abandoned, the Company shall not file or cause to be effected any other
registration of any of its equity securities or securities convertible or exchangeable into or exercisable for its equity securities under the Securities Act (except on Form S-8, Form S-4 or any successor forms), whether on its own behalf or at the
request of any holder or holders of such securities, until a period of at least 180 days has elapsed from the effective date of such previous registration. 
 (f) No Impact on Demand Registration. No registration pursuant to this Section 2 shall relieve the Company of its obligation to register Registrable Securities pursuant to a Demand Request, as
contemplated by Section 1 hereof. The rights to piggyback registration may be exercised on an unlimited number of occasions. 
 3. Holdback Agreements. 
 (a) Holders of Registrable Securities. No holder of Registrable Securities shall
effect any public sale or distribution (including sales pursuant to Rule 144) of equity securities of the Company, or any securities convertible into or exchangeable or exercisable for such securities, during (i) the seven (7) days prior
to and the 90-day period beginning on the effective date of such registration, and (ii) upon notice from the Company of the commencement of an underwritten distribution in connection with any Shelf Registration, the seven (7) days prior to
and the 90-day period beginning on the date of commencement of such distribution (each, a “Lock-Up Period”), in each case except as part of such underwritten registration, and in each case (i) unless the underwriters managing
the registered public offering otherwise agree by written consent and (ii) only if such Lock-Up Period is applicable to the Company and some or all executive officers and directors of the Company. Each holder of Registrable Securities agrees to
execute a lock-up agreement in favor of the Company’s underwriters to such effect and, in any event, that the Company’s underwriters in any relevant offering shall be third party beneficiaries of this Section 3(a). The lock-up
restrictions set forth in this Section 3(a) will no longer apply to a Participating Shareholder once such Participating Shareholder ceases to hold Registrable Securities. 
 (b) The Company. The Company shall not effect any public sale or distribution of its equity securities, or any securities convertible into or
exchangeable or exercisable for such securities (except pursuant to registrations on Form S-8, Form S-4 or any successor forms), 

  

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during (A) with respect to any underwritten Demand Registration or any underwritten Piggyback Registration in which the holders of Registrable
Securities are participating, the seven (7) days prior to and the 90-day period beginning on the effective date of such registration, and (B) upon notice from any holder(s) of Registrable Securities subject to a Shelf Registration that
such holder(s) intend to effect a distribution of Registrable Securities pursuant to such Shelf Registration (upon receipt of which, the Company will promptly notify all other holders of Registrable Securities of the date of commencement of such
distribution), the seven (7) days prior to and the 90-day period beginning on the date of commencement of such distribution. 
 4.
Registration Procedures. Whenever Registrable Securities are to be registered pursuant to this Agreement, the Company shall use its commercially reasonable efforts to effect the registration and the sale of such Registrable Securities in
accordance with the intended method of disposition thereof, and pursuant thereto the Company shall as expeditiously as possible: 
 (a)
prepare and file with the Commission a registration statement with respect to such Registrable Securities (and, in the case of a Demand Registration, the Company shall use its commercially reasonable efforts to make such filing within sixty
(60) days of its receipt of a Demand Notice) and use its commercially reasonable efforts to cause such registration statement to become effective as soon as practicable after the initial filing thereof, provided that before filing a
registration statement or prospectus or any amendments or supplements thereto, the Company shall furnish to the counsel selected by the holders of a majority of the Registrable Securities covered by such registration statement copies of all such
documents proposed to be filed, which documents shall be subject to the review and comment of such counsel; 
 (b) notify each holder of
Registrable Securities of the effectiveness of each registration statement filed hereunder and prepare and file with the Commission such amendments and supplements to such registration statement and the prospectus used in connection therewith as may
be necessary to keep such registration statement effective for a period of not less than one-hundred twenty (120) days (or, if sooner, until all Registrable Securities have been sold under such Registration Statement) (or, in the case of a
Shelf Registration, a period ending on the earlier of (i) the date on which all Registrable Securities have been sold pursuant to the Shelf Registration or have otherwise ceased to be Registrable Securities, and (ii) the Expiration Date)
and comply with the provisions of the Securities Act with respect to the disposition of all securities covered by such registration statement during such period in accordance with the intended methods of disposition by the sellers thereof set forth
in such registration statement; 
 (c) furnish to each seller of Registrable Securities such number of copies of such registration statement,
each amendment and supplement thereto, the prospectus included in such registration statement (including each preliminary prospectus) and such other documents as such seller may reasonably request in order to facilitate the disposition of the
Registrable Securities owned by such seller; 
 (d) use its commercially reasonable efforts (i) to register or qualify such Registrable
Securities under such other securities or blue sky laws of such jurisdictions as any seller reasonably requests, (ii) to keep such registration or qualification in effect for so long as such 

  

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registration statement remains in effect, and (iii) to do any and all other acts and things which may be reasonably necessary or advisable to enable
such seller to consummate the disposition in such jurisdictions of the Registrable Securities owned by such seller (provided that the Company shall not be required to (i) qualify generally to do business in any jurisdiction where it would not
otherwise be required to qualify but for this subsection, (ii) subject itself to taxation in any such jurisdiction or (iii) consent to general service of process in any such jurisdiction); 
 (e) notify each seller of such Registrable Securities and the managing underwriter (i) at any time when a prospectus relating thereto is required to
be delivered under the Securities Act, (A) upon discovery that, or upon the happening of any event as a result of which, the prospectus included in such registration statement contains an untrue statement of a material fact or omits any fact
necessary to make the statements therein not misleading, and, at the request of any such seller and subject to Section 1(e)(ii) hereof, the Company shall promptly prepare a supplement or amendment to such prospectus and file it with the
Commission so that, as thereafter delivered to the purchasers of such Registrable Securities, such prospectus as so amended or supplemented shall not contain an untrue statement of a material fact or omit to state any fact necessary to make the
statements therein not misleading, (B) as soon as the Company becomes aware of any request by the Commission or any Federal or state governmental authority for amendments or supplements to a registration statement or related prospectus covering
Registrable Securities or for additional information relating thereto, (C) as soon as the Company becomes aware of the issuance or threatened issuance by the Commission of any stop order suspending or threatening to suspend the effectiveness of
a registration statement covering the Registrable Securities or (D) of the receipt by the Company of any notification with respect to the suspension of the qualification or exemption from qualification of any Registrable Security for sale in
any jurisdiction, or the initiation or threatening of any proceeding for such purpose; and (ii) when each registration statement or any amendment thereto has been filed with the Commission and when each registration statement or any
post-effective amendment thereto has become effective; 
 (f) use its commercially reasonable efforts to cause all such Registrable
Securities (i) if the Common Stock is then listed on a securities exchange or included for quotation in a recognized trading market, to continue to be so listed or included for a reasonable period of time after the offering, and (ii) to be
registered with or approved by such other governmental agencies or authorities as may be necessary to enable the sellers thereof to consummate the disposition of the Registrable Securities; 
 (g) provide and cause to be maintained a transfer agent and registrar for all such Registrable Securities from and after the effective date of such
registration statement; 
 (h) enter into such customary agreements (including underwriting agreements in customary form) and take all such
other actions as the holders of a majority of the Registrable Securities being sold or the underwriters, if any, reasonably request in order to expedite or facilitate the disposition of such Registrable Securities (including effecting a stock split,
a combination of shares, or other recapitalization); 
 (i) for a reasonable period prior to the filing of any registration statement or a
Shelf Takedown, as applicable, pursuant to this Agreement, make available for inspection and copying 
  

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 by any seller of Registrable Securities, any underwriter participating in any disposition pursuant to such registration
statement and any attorney, accountant or other agent retained by any such seller or underwriter, all financial and other records, pertinent corporate documents and properties of the Company, and cause the Company’s officers, directors,
employees and independent accountants to supply all information reasonably requested by any such seller, underwriter, attorney, accountant or agent in connection with such registration statement; 
 (j) otherwise use its best efforts to comply with all applicable rules and regulations of the Commission, and make available to its security holders, as
soon as reasonably practicable, but no later than fifteen (15) months after the effective date of any registration statement, an earnings statement covering the period of at least twelve months beginning with the first day of the Company’s
first full calendar quarter after the effective date of the registration statement, which earnings statement shall satisfy the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder; 
 (k) permit any holder of Registrable Securities, any underwriter participating in any disposition pursuant to a registration statement, and any attorney,
accountant or other agent retained by such holder of Registrable Securities or underwriter, to participate (including, but not limited to, reviewing, commenting on and attending all meetings) in the preparation of such registration or comparable
statement and any prospectus supplements relating to a Shelf Takedown, if applicable, and to require the insertion therein of material, furnished to the Company in writing, which in the reasonable judgment of such holder and its counsel should be
included; 
 (l) in the event of the issuance or threatened issuance of any stop order suspending the effectiveness of a registration
statement, or of any order suspending or preventing the use of any related prospectus or suspending the qualification of any Common Stock included in such registration statement for sale in any jurisdiction, the Company shall use its commercially
reasonable efforts promptly to (i) prevent the issuance of any such stop order, and in the event of such issuance, to obtain the withdrawal of such order and (ii) obtain the withdrawal of any order suspending or preventing the use of any
related prospectus or suspending qualification of any Registrable Securities included in such registration statement for sale in any jurisdiction at the earliest practicable date; 
 (m) obtain and furnish to each such holder of Registrable Securities a signed counterpart of (i) a cold comfort letter from the Company’s
independent public accountants and (ii) a legal opinion of counsel to the Company addressed to such holders of Registrable Securities, in each case in customary form and covering such matters of the type customarily covered by such letters as
the managing underwriter and/or holders of a majority of the Registrable Securities being sold reasonably request; 
 (n) provide a CUSIP
number for the Registrable Securities prior to the effective date of the first registration statement including Registrable Securities; 
 (o) promptly notify in writing the Participating Shareholders, the sales or placement agent, if any, therefor and the managing underwriter of the securities being sold, (i) when such registration statement or the prospectus included
therein or any prospectus amendment or 

  

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supplement or post-effective amendment has been filed, and, with respect to any such registration statement or any post-effective amendment, when the same
has become effective and (ii) of any written comments by the Commission and by the blue sky or securities commissioner or regulator of any state with respect thereto; 
 (p)        (i) prepare and file with the Commission such amendments and supplements to each registration
statement as may be necessary to comply with the provisions of the Securities Act, including post-effective amendments to each registration statement as may be necessary to keep such registration statement continuously effective for the applicable
time period required hereunder and if applicable, file any registration statements pursuant to Rule 462(b) under the Securities Act; (ii) cause the related prospectus to be supplemented by any required prospectus supplement, and as so
supplemented to be filed pursuant to Rule 424 (or any similar provisions then in force) promulgated under the Securities Act; (iii) comply with the provisions of the Securities Act and the Exchange Act with respect to the disposition of all
securities covered by such registration statement during such period in accordance with the intended methods of disposition by the sellers thereof set forth in such registration statement as so amended or in such prospectus as so supplemented;
(iv) provide additional information related to each registration statement as requested by the Commission or any Federal or state governmental authority; and (v) if the holders of a majority of the Registrable Securities participating in a
Demand Registration so request, request acceleration of effectiveness from the Commission of the Demand Registration and any post-effective amendments thereto, if any are filed; provided, however, that at the time of such request, the
Company does not in good faith believe that it is necessary to amend further the Registration Statement in order to comply with the provisions of this subparagraph; 
 (q) provide officers’ certificates and other customary closing documents; 
 (r) cooperate with each
Participating Shareholder and each underwriter participating in the disposition of such Registrable Securities and underwriters’ counsel in connection with any filings required to be made with the NASD; 
 (s) use its commercially reasonable efforts to assist a Participating Shareholder in facilitating private sales of Registrable Securities by, among other
things, providing officers’ certificates and other customary closing documents reasonably requested by such Participating Shareholder; and 
 (t) use its commercially reasonable efforts to take all other actions necessary to effect the registration of the Registrable Securities contemplated hereby. 
 5. Registration Expenses. Except as otherwise provided herein, all Registration Expenses shall be borne by the Company. All Selling Expenses relating to Registrable Securities registered shall be borne
by the Participating Shareholders of such Registrable Securities pro rata on the basis of the number of Registrable Securities sold. 
 6.
Indemnification; Contribution. 
 (a) The Company agrees, notwithstanding the termination of this Agreement, to indemnify, to the
fullest extent permitted by law, each holder of Registrable Securities, its 
  

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 officers, directors, employees, advisors, agents and Affiliates and each Person that controls (within the meaning of the
Securities Act) such holder (collectively, “Holder Indemnified Parties”) from and against any and all losses, claims, damages, liabilities and expenses, including attorneys’ fees and disbursements and expenses of investigation
(collectively, “Losses”), caused by any untrue or alleged untrue statement of material fact contained in any registration statement, prospectus or preliminary prospectus or any amendment thereof or supplement thereto, any omission or
alleged omission of a material fact required to be stated therein or necessary to make the statements therein not misleading, or violation or alleged violation by the Company of the Securities Act, the Exchange Act, any applicable state securities
law or any rule or regulation promulgated under the Securities Act, the Exchange Act or any applicable state securities law; provided, however, that the Company shall not be liable to any holder for any Losses that are (i) caused by or
contained in any information furnished in writing to the Company by a Holder Indemnified Party expressly for use therein or (ii) caused by such Holder Indemnified Party’s failure to deliver a copy of the registration statement or
prospectus or any amendments or supplements thereto after the Company has furnished such Holder Indemnified Party in a timely manner with a sufficient number of copies of the same. In connection with an underwritten offering, the Company shall
indemnify such underwriters, their officers and directors and each Person who controls such underwriters (within the meaning of the Securities Act) to the same extent as provided above with respect to the indemnification of the holders of
Registrable Securities. 
 (b) In connection with any registration statement in which a holder of Registrable Securities is participating,
each such holder shall furnish to the Company in writing such information and affidavits as the Company reasonably requests for use in connection with any such registration statement or prospectus and, to the extent permitted by law, shall indemnify
the Company, its directors, officers, employees, agents and Affiliates and each Person who controls (within the meaning of the Securities Act and the Exchange Act) the Company from and against any and all losses, claims, damages, liabilities and
expenses resulting from any untrue or alleged untrue statement of material fact contained in the registration statement, prospectus or preliminary prospectus or any amendment thereof or supplement thereto or any omission or alleged omission of a
material fact required to be stated therein or necessary to make the statements therein not misleading, but only to the extent that such untrue statement or omission is contained in any information or affidavit so furnished in writing by such holder
expressly for use therein; provided that the obligation to indemnify shall be individual, not joint and several, for each holder and shall be limited to the net amount of proceeds received by such holder from the sale of Registrable Securities
pursuant to such registration statement. 
 (c) Any Person entitled to indemnification hereunder shall (i) give prompt written notice to
the indemnifying party of any claim with respect to which it seeks indemnification (provided that the failure to give prompt notice shall not impair any Person’s right to indemnification hereunder to the extent such failure has not prejudiced
the indemnifying party) and (ii) unless in such indemnified party’s reasonable judgment a conflict of interest between such indemnified and indemnifying parties may exist with respect to such claim, permit such indemnifying party to assume
the defense of such claim with counsel reasonably satisfactory to the indemnified party. If such defense is assumed, the indemnifying party shall not be subject to any liability for any settlement made by the indemnified party without its consent
(but such consent shall not be unreasonably withheld). An indemnifying party who is not entitled to, or 

  

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elects not to, assume the defense of a claim shall not be obligated to pay the fees and expenses of more than one (1) counsel (plus one (1) local
counsel in each applicable jurisdiction) for all parties indemnified by such indemnifying party with respect to such claim, unless in the reasonable judgment of any indemnified party a conflict of interest may exist between such indemnified party
and any other of such indemnified parties with respect to such claim. 
 The indemnified party shall have the right to employ separate
counsel in any such action and participate in the defense thereof, but the fees and expenses of such counsel shall be paid by the indemnified party unless (x) the indemnifying party agrees to pay the same, (y) the indemnifying party fails
to assume the defense of such action with counsel satisfactory to the indemnified party in its reasonable judgment or (z) the indemnified party reasonably believes that the joint representation of the indemnified party and any other party in
such proceeding (including but not limited to the indemnifying party) would be inappropriate under applicable standards of professional conduct. In the case of clause (y) above and (z) above, the indemnifying party shall not have the right
to assume the defense of such action on behalf of such indemnified party. No indemnifying party shall, without the written consent of the indemnified party, effect the settlement or compromise of, or consent to the entry of any judgment with respect
to, any pending or threatened action or claim in respect of which indemnification or contribution may be sought hereunder (whether or not the indemnified party is an actual or potential party to such action or claim) unless such settlement,
compromise or judgment (1) includes an unconditional release of the indemnified party from all liability arising out of such action or claim and (2) does not include a statement as to, or an admission of, fault, culpability or a failure to
act by or on behalf of any indemnified party. The rights afforded to any indemnified party hereunder shall be in addition to any rights that such indemnified party may have at common law, by separate agreement or otherwise. 
 (d) The indemnification provided for under this Agreement shall remain in full force and effect regardless of any investigation made by or on behalf of
the indemnified party or any officer, director or controlling Person of such indemnified party and shall survive the transfer of Registrable Securities. 
 (e) If the indemnification required by this Section 6 from the indemnifying party is unavailable or insufficient to hold harmless an indemnified party hereunder in respect of any losses, claims, damages,
liabilities or expenses referred to in this Section 6: 
  

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 (i) The indemnifying party, in lieu of indemnifying such indemnified party, shall
contribute to the amount paid or payable by such indemnified party as a result of such losses, claims, damages, liabilities or expenses in such proportion as is appropriate to reflect the relative fault of the indemnifying party and indemnified
parties in connection with the actions which resulted in such losses, claims, damages, liabilities or expenses, as well as any other relevant equitable considerations. The relative fault of such indemnifying party and indemnified parties shall be
determined by reference to, among other things, whether any action in question has been committed by, or relates to information supplied by, such indemnifying party or indemnified parties, and the parties’ relative intent, knowledge, access to
information and opportunity to correct or prevent such action in question. The amount paid or payable by a party as a result of the losses, claims, damages, liabilities and expenses referred to above shall be deemed to include, subject to the
limitations set forth in Section 6(a) and Section 6(b), any legal or other fees or expenses reasonably incurred by such party in connection with any investigation or proceeding. 
 (ii) The parties hereto agree that it would not be just and equitable if contribution pursuant to this Section 6(e) were
determined by pro rata allocation or by any other method of allocation which does not take into account the equitable considerations referred to in Section 6(e)(i). No Person guilty of fraudulent misrepresentation (within the meaning of
Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation. 
 7. Participation in Underwritten Registrations. 
 (a) No Person may participate in any
registration hereunder which is underwritten unless such Person (i) agrees to sell such Person’s securities on the basis provided in any underwriting arrangements approved by the Person or Persons entitled hereunder to approve such
arrangements and (ii) completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents reasonably required under the terms of such underwriting arrangements; provided, that no holder
of Registrable Securities included in any underwritten registration shall be required to make any representations or warranties to the Company or the underwriters (other than representations and warranties regarding (1) such holder’s
ownership of its Registrable Securities to be sold or transferred, (2) such holder’s power and authority to effect such transfer and (3) such matters pertaining to compliance with securities laws as may be reasonably requested) or to
undertake any indemnification obligations to the Company with respect thereto, except as otherwise provided in Section 6(b) hereof, or to the underwriters with respect thereto, except to the extent of the indemnification being given to
the Company and its controlling persons in Section 6(b) hereof. 
 (b) Each Person that is participating in any registration
hereunder agrees that, upon receipt of any notice from the Company of the happening of any event of the kind described in Section 4(e) above, such Person will forthwith discontinue the disposition of its Registrable Securities pursuant
to the applicable registration statement until such Person’s receipt of the copies of a supplemented or amended prospectus as contemplated by Section 4(e). In the event the Company shall give any such notice, the applicable time
period mentioned in Section 4(b) 

  

 12 

 
during which a Registration Statement is to remain effective shall, to the extent possible, be extended by the number of days during the period from and
including the date of the giving of such notice pursuant to this section to and including the date when each seller of a Registrable Security covered by such registration statement shall have received the copies of the supplemented or amended
prospectus contemplated by Section 4(e). 
 8. Rule 144 and Rule 144A; Other Exemptions. With a view to making available
to the Participating Shareholders the benefits of Rule 144 and Rule 144A promulgated under the Securities Act and other rules and regulations of the Commission that may at any time permit a Participating Shareholder to sell securities of the Company
to the public without registration, the Company covenants that it will (i) file in a timely manner all reports and other documents required to be filed by it under the Securities Act and the Exchange Act and the rules and regulations adopted by
the Commission thereunder and (ii) take such further action as each Participating Shareholder may reasonably request (including, but not limited to, providing any information necessary to comply with Rule 144 and Rule 144A, if available with
respect to resales of the Registrable Securities under the Securities Act), at all times, all to the extent required from time to time to enable such Participating Shareholder to sell Registrable Securities without registration under the Securities
Act within the limitation of the exemptions provided by (x) Rule 144 and Rule 144A (if available with respect to resales of the Registrable Securities) under the Securities Act, as such rules may be amended from time to time or
(y) any other rules or regulations now existing or hereafter adopted by the Commission. For the avoidance of doubt, this Section 8 shall not limit any obligation of the Company under its Amended and Restated Certificate of
Incorporation, as the same may be amended or restated from time to time (the “Certification of Incorporation”). 
 9.
Effective Time. This Agreement shall be effective in accordance with the terms and conditions set forth in the Plan and the confirmation order related thereto. 
 10. Transfer of Registration Rights. The rights of a Participating Shareholder hereunder may be transferred or assigned on a pro rata basis in connection with any transfer of Registrable Securities to
any transferee or assignee provided that all of the following additional conditions are satisfied: (a) such transfer or assignment is effected in accordance with applicable securities laws; (b) such transferee or assignee agrees in writing
to become subject to the terms of this Agreement; and (c) the Company is given written notice by such Participating Shareholder of such transfer or assignment, stating the name and address of the transferee or assignee and identifying the
Registrable Securities with respect to which such rights are being transferred or assigned. 
 11. Definitions. 
 “Affiliate” of any particular Person means any other Person directly or indirectly controlling, controlled by or under common control
with such Person and any direct or indirect partner or member of a Person which is a partnership or limited liability company. 
 “Agreement” has the meaning specified in the first paragraph hereof. 
  

 13 

 “Blackout Period” means the period beginning on the fifteenth day of the third month of
the quarter (i.e. March, June, September, and December) and ends at the end of the second trading day after the release by the Company of its quarterly (or, in the case of the fourth quarter, annual) financial results by press release to the
national wire services. 
 “Board” means the board of directors of the Company. 
 “Certificate of Incorporation” has the meaning specified in Section 8. 
 “Commission” means the United States Securities and Exchange Commission or any successor governmental agency. 
 “Common Stock” means the common stock, par value $0.001 per share, of the Company, having the rights and preferences set forth with
respect thereto in the certificate of incorporation of the Company, and any such security into which such common stock shall have been converted or exchanged by way of a stock dividend or stock split or in connection with a combination of shares,
recapitalization, merger, consolidation or other reorganization. 
 “Company” has the meaning specified in the first
paragraph hereof. 
 “Company Notice” has the meaning specified in Section 1(b). 
 “control” (including the terms “controlling,” “controlled by” and “under common control with”) means the
possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a person, whether through the ownership of voting shares, by contract, or otherwise. 
 “Debtors” has the meaning specified in the Plan. 
 “Demand Notice” has the meaning specified in Section 1(b). 
 “Demand
Registration” has the meaning specified in Section 1(a). 
 “Effective Date” has the meaning assigned
to such term in the Plan. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time.

 “Expiration Date” means December 31 of the year which is ten years after the Effective Date. 
 “Form S-1 Shelf” has the meaning specified in Section 1(c). 
 “Form S-3 Shelf” has the meaning specified in Section 1(c). 
 “Holder Indemnified Parties” has the meaning specified in Section 6(a). 
 “Initial Position” means the amount of Registrable Securities owned by a Participating Shareholder as of the Effective Date, as set
forth on Schedule I attached hereto. 
  

 14 

 “Lock-Up Period” has the meaning specified in Section 3(a). 
 “Losses” has the meaning specified in Section 6(a). 
 “NASD” means the National Association of Securities Dealers, Inc. 
 “Participating Shareholders” means all shareholders receiving, together with their Affiliates, Common Stock constituting 10% or more of
the outstanding shares of the Company immediately following consummation of the Plan. 
 “Person” means an individual, a
partnership, a corporation, a limited liability company, an association, a joint stock company, a trust, a joint venture, an unincorporated organization and a governmental entity or any department, agency or political subdivision thereof.

 “Piggyback Registration” has the meaning specified in Section 2(a). 
 “Plan” means the Debtors’ Sixth Amended Joint Plan of Reorganization, dated as of December 19, 2007, filed in In re
Calpine Corporation, et al, case no. 05-60200 (BRL) (jointly administered), in the United States Bankruptcy Court for the Southern District of New York. 
 “Registrable Securities” means any shares of Common Stock (i) issued on or after the Effective Date to Persons who are parties hereto as of the Effective Date or become a party hereto or
(ii) held or deemed to be held by such Persons, including any Common Stock issued pursuant to the Plan, upon the conversion or exercise of any of the other securities, and any Common Stock issued or issuable with respect to any of the foregoing
securities by way of a stock dividend or stock split or in connection with a combination of shares, recapitalization, merger, consolidation or other reorganization, or upon conversion or exercise of any such securities; provided that such
securities shall cease to be Registrable Securities when they have (A) been effectively registered under the Securities Act and disposed of in accordance with the registration statement covering them, (B) been distributed to the public
through a broker, dealer or market maker pursuant to Rule 144 under the Securities Act (or any similar rule promulgated by the Commission then in force) or (C) become eligible to be sold by the holder thereof within a three month period
pursuant to Rule 144 of the Securities Act (or any similar rule by the Commission then in force). 
 “Registration Expenses”
means all expenses (other than underwriting discounts and commissions) arising from or incident to the registration of Registrable Securities in compliance with this Agreement, including, without limitation, (i) Commission, stock exchange, NASD
and other registration and filing fees, (ii) all fees and expenses incurred in connection with complying with any securities or blue sky laws (including, without limitation, fees, charges and disbursements of counsel in connection with blue sky
qualifications of the Registrable Securities), (iii) all printing, messenger and delivery expenses, (iv) the fees, charges and disbursements of counsel to the Company and of its independent public accountants and any other accounting and
legal fees, charges and expenses incurred by the Company (including, without limitation, any expenses arising from any special audits or “comfort letters” required in connection with or incident to any registration), (v) the fees,
charges and disbursements of any special experts retained by the Company in connection with any registration pursuant to the terms of this Agreement, (vi) all internal expenses of the Company (including, without 

  

 15 

 
limitation, all salaries and expenses of its officers and employees performing legal or accounting duties), (vii) the fees and expenses incurred in
connection with the listing of the Registrable Securities on any securities exchange or NASDAQ and (viii) Securities Act liability insurance (if the Company elects to obtain such insurance), regardless of whether any registration statement
filed in connection with such registration is declared effective. “Registration Expenses” shall also include (A) fees, charges and disbursements of one (1) firm of counsel to all of the Participating Shareholders participating in
any underwritten public offering pursuant to this Agreement (which shall be selected by the holders of a majority of the Registrable Securities participating in a registration statement) and (B) for the reasonable fees and disbursements of each
additional counsel retained by any holder of Registrable Securities solely for the purpose of rendering a legal opinion to underwriters on behalf of such holder in connection with any underwritten Demand Registration or Piggyback Registration.

 “Securities Act” means the Securities Act of 1933, as amended from time to time. 
 “Selling Expenses” means the underwriting fees, discounts, selling commissions and stock transfer taxes applicable to all Registrable
Securities registered by the Participating Shareholders and any other expenses of the Participating Shareholders, including legal expenses, not included within the definition of Registration Expenses. 
 “Shelf” has the meaning specified in Section 1(c). 
 “Shelf Registration” means a registration statement filed with the Commission in accordance with and pursuant to Rule 415 promulgated
under the Securities Act (or any successor rule then in effect). 
 “Shelf Takedown” has the meaning specified in
Section 2(a). 
 “Short-Form Registration” has the meaning specified in Section 1(a). 
 “Suspension Period” has the meaning specified in Section 1(c)(ii). 
 “Valid Business Reason” has the meaning specified in Section 1(e)(ii). 
 12. Amendment, Modification and Waivers; Further Assurances 
 (a) Amendment. This Agreement may be amended with the consent of the Company and the Company may take any action herein prohibited, or omit to perform any act herein required to be performed by it, only if the
Company shall have obtained the written consent of the holders of at least a majority of the Registrable Securities then outstanding to such amendment, action or omission to act; provided that if any such amendment or waiver is to a provision
in this Agreement that requires a specific vote to take an action thereunder or to take an action with respect to the matters described therein, such amendment or waiver shall not be effective unless such vote is obtained with respect to such
amendment or waiver. 
 (b) Effect of Waiver. No waiver of any terms or conditions of this Agreement shall operate as a waiver of any
other breach of such terms and conditions or any other term or condition, nor shall any failure to enforce any provision hereof operate as a waiver of such 

  

 16 

 
provision or of any other provision hereof. No written waiver hereunder, unless it by its own terms explicitly provides to the contrary, shall be construed
to effect a continuing waiver of the provisions being waived and no such waiver in any instance shall constitute a waiver in any other instance or for any other purpose or impair the right of the party against whom such waiver is claimed in all
other instances or for all other purposes to require full compliance with such provision. 
 (c) Further Assurances. Each of the
parties hereto shall execute all such further instruments and documents and take all such further action as any other party hereto may reasonably require in order to effectuate the terms and purposes of this Agreement. 
 13. Miscellaneous. 
 (a) No
Inconsistent Agreements. The Company shall not hereafter enter into any agreement with respect to its securities which is inconsistent with or violates the rights granted to the holders of Registrable Securities in this Agreement. 
 (b) Adjustments Affecting Registrable Securities. The Company shall not take any action, or permit any change to occur, with respect to its
securities which would materially and adversely affect the ability of the holders of Registrable Securities to include such Registrable Securities in a registration undertaken pursuant to this Agreement or which would materially and adversely affect
the marketability of such Registrable Securities in any such registration (including effecting a stock split or a combination of shares). 
 (c) Remedies; Specific Performance. Any Person having rights under any provision of this Agreement shall be entitled to enforce such rights specifically, to recover damages caused by reason of any breach of any provision of this
Agreement and to exercise all other rights existing in their favor. The parties hereto agree and acknowledge that money damages would not be an adequate remedy for any breach of the provisions of this Agreement and that any party may in its sole
discretion apply to any court of law or equity of competent jurisdiction for specific performance and/or injunctive relief (without posting any bond or other security) in order to enforce or prevent violation of the provisions of this Agreement and
shall not be required to prove irreparable injury to such party or that such party does not have an adequate remedy at law with respect to any breach of this Agreement (each of which elements the parties admit). The parties hereto further agree and
acknowledge that each and every obligation applicable to it and contained in this Agreement shall be specifically enforceable against it and hereby waives and agrees not to assert any defenses against an action for specific performance of their
respective obligations hereunder. 
 (d) Successors and Assigns. All covenants and agreements in this Agreement by or on behalf of any
of the parties hereto shall bind and inure to the benefit of the respective successors and assigns of the parties hereto (including any trustee in bankruptcy) whether so expressed or not. In addition, whether or not any express assignment has been
made, the provisions of this Agreement which are for the benefit of purchasers or holders of Registrable Securities are also for the benefit of, and enforceable by, any subsequent holder of Registrable Securities. Neither this Agreement nor any of
the rights, interests or obligations hereunder shall be assigned or delegated by the Company without the prior written consent of the Holders owning Registrable 

  

 17 

 
Securities possessing a majority in number of the Registrable Securities outstanding on the date as of which such delegation or assignment is to become
effective. 
 (e) Severability. Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be
effective and valid under applicable law, but if any provision of this Agreement is held to be prohibited by or invalid under applicable law, such provision shall be ineffective only to the extent of such prohibition or invalidity, without
invalidating the remainder of this Agreement. 
 (f) Counterparts. This Agreement may be executed simultaneously in two or more
counterparts, any one of which need not contain the signatures of more than one party, but all such counterparts taken together shall constitute one and the same Agreement. 
 (g) Descriptive Headings; Interpretation; No Strict Construction. The descriptive headings of this Agreement are inserted for convenience only and
do not constitute a substantive part of this Agreement. Whenever required by the context, any pronoun used in this Agreement shall include the corresponding masculine, feminine or neuter forms, and the singular forms of nouns, pronouns, and verbs
shall include the plural and vice versa. Reference to any agreement, document, or instrument means such agreement, document, or instrument as amended or otherwise modified from time to time in accordance with the terms thereof, and, if applicable,
hereof. The words “include”, “includes” or “including” in this Agreement shall be deemed to be followed by “without limitation”. The use of the words “or,” “either” or “any” shall
not be exclusive. The parties hereto have participated jointly in the negotiation and drafting of this Agreement. If an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the parties
hereto, and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any of the provisions of this Agreement. 
 (h) Governing Law. All other issues and questions concerning the construction, validity, enforcement and interpretation of this Agreement and the exhibits and schedules hereto shall be governed by, and
construed in accordance with, the laws of the State of New York, without giving effect to any choice of law or conflict of law rules or provisions (whether of the State of New York or any other jurisdiction) that would cause the application of the
laws of any jurisdiction other than the State of New York. In furtherance of the foregoing, the internal law of the State of New York shall control the interpretation and construction of this Agreement (and all schedules and exhibits hereto), even
though under that jurisdiction’s choice of law or conflict of law analysis, the substantive law of some other jurisdiction would ordinarily apply. 
 (i) Notices. All notices, demands or other communications to be given or delivered under or by reason of the provisions of this Agreement shall be in writing and shall be deemed to have been given when
(a) delivered personally to the recipient, (b) telecopied to the recipient (with hard copy sent to the recipient by reputable overnight courier service (charges prepaid) that same day) if telecopied before 5:00 p.m. New York, New York time
on a business day, and otherwise on the next business day, or (c) one business day after being sent to the recipient by reputable overnight courier service (charges prepaid). Such notices, demands and other communications shall be sent to the
Company at the address set forth below and to any holder of Registrable Securities at the address set forth on Schedule I, or at such address or to the attention 

  

 18 

 
of such other person as the recipient party has specified by prior written notice to the sending party. The Company’s address is: 
 Calpine Corporation 
 717 Texas Avenue, Suite 1000 
 Houston, Texas 77002 
 Attn.: Gregory L. Doody 
   Executive Vice President, General Counsel, and Secretary 
 Facsimile:
713-830-8708 
 with a copy to: 
 Kirkland & Ellis LLP 
 200 East Randolph Drive 
 Chicago, Illinois 60601 6636 
 Attn: Marc Kieselstein, P.C. 
 David R. Seligman 
 Carter W. Emerson, P.C. 
 Gerald T. Nowak 
 Facsimile: 312-861-2200 
 If any time period for giving notice or taking action hereunder expires on a day which is a Saturday,
Sunday or legal holiday in the State of New York or the jurisdiction in which the Company’s principal office is located, the time period shall automatically be extended to the business day immediately following such Saturday, Sunday or legal
holiday. 
 (j) Delivery by Facsimile. This Agreement, the agreements referred to herein, and each other agreement or instrument
entered into in connection herewith or therewith or contemplated hereby or thereby, and any amendments hereto or thereto, to the extent signed and delivered by means of a facsimile machine or other electronic means, shall be treated in all manner
and respects as an original agreement or instrument and shall be considered to have the same binding legal effect as if it were the original signed version thereof delivered in person. At the request of any party hereto or to any such agreement or
instrument, each other party hereto or thereto shall reexecute original forms thereof and deliver them to all other parties. No party hereto or to any such agreement or instrument shall raise the use of a facsimile machine or other electronic means
to deliver a signature or the fact that any signature or agreement or instrument was transmitted or communicated through the use of a facsimile machine or other electronic means as a defense to the formation or enforceability of a contract and each
such party forever waives any such defense. 
 (k) Waiver of Jury Trial. Each of the parties to this Agreement hereby agrees to waive
its respective rights to a jury trial of any claim or cause of action based upon or arising out of this Agreement. The scope of this waiver is intended to be all-encompassing of any and all disputes that may be filed in any court and that relate to
the subject matter of this Agreement, including contract claims, tort claims and all other common law and statutory claims. Each party hereto acknowledges that this waiver is a material inducement to enter into this Agreement, that each has already
relied on this waiver in entering into this Agreement, and that each will continue to 
  

 19 

 
rely on this waiver in their related future dealings. Each party hereto further warrants and represents that it has reviewed this waiver with its legal
counsel and that it knowingly and voluntarily waives its jury trial rights following consultation with legal counsel. THIS WAIVER IS IRREVOCABLE, MEANING THAT IT MAY NOT BE MODIFIED EITHER ORALLY OR IN WRITING (OTHER THAN BY A MUTUAL WRITTEN WAIVER
SPECIFICALLY REFERRING TO THIS SECTION 13(k) AND EXECUTED BY EACH OF THE PARTIES HERETO), AND THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THIS AGREEMENT. In the event of litigation, this
Agreement may be filed as a written consent to a trial by the court. 
 (l) Arm’s Length Agreement. Each of the parties to this
Agreement agrees and acknowledges that this Agreement has been negotiated in good faith, at arm’s length, and not by any means prohibited by law. 
 (m) Sophisticated Parties; Advice of Counsel. Each of the parties to this Agreement specifically acknowledges that (a) it is a knowledgeable, informed, sophisticated Person capable of understanding and
evaluating the provisions set forth in this Agreement and (ii) it has been fully advised and represented by legal counsel of its own independent selection and has relied wholly upon its independent judgment and the advice of such counsel in
negotiating and entering into this Agreement. 
 (n) Entire Agreement. This Agreement, together with the Schedules hereto and any
certificates, documents, instruments and writings that are delivered pursuant hereto, constitutes the entire agreement and understanding of the parties in respect of the subject matter hereof and supersedes all prior understandings, agreements or
representations by or among the parties, written or oral, to the extent they relate in any way to the subject matter hereof. 
 *     *     *     *     * 
  

 20 

 IN WITNESS WHEREOF, the parties hereto have executed this Registration Rights Agreement as of the date
first written above. 
  

			
	CALPINE CORPORATION
	
	
	
	/s/ Gregory L. Doody
	By:	 	Gregory L. Doody
	Its:	 	Executive Vice President, General Counsel and Secretary

 (Signature page for Registration Rights Agreement) 

 PARTICIPATING SHAREHOLDERS 
 Farrington Capital, LP 
 LSP Cal Holdings I LLC 
 LSP Cal Holdings II LLC 
 Luminus Asset Partners, LP 
 Luminus Energy Partners Master Fund Ltd. 
 Harbinger Capital Partners Master Fund I, Ltd. 
 Harbinger Capital Partners Special Situations Fund L.P. 
 SPO Partners II,
L.P. 
 San Francisco Partners II, L.P.Change in Control and Severance Benefits Plan

 Exhibit 10.4 
 CALPINE CORPORATION 
 CHANGE IN CONTROL AND SEVERANCE 
 BENEFITS PLAN 
 Calpine Corporation, a
Delaware corporation (the “Company”) has adopted the Calpine Corporation Change in Control and Severance Benefits Plan (the “Plan’”) for the benefit of certain Participant employees of the Company and its subsidiaries, on
the terms and conditions hereinafter stated. The Plan is intended to help retain qualified employees, maintain a stable work environment and provide financial security to certain Participant employees of the Company in the event of a Change in
Control and in the event of a termination of employment in connection with or without a Change in Control. The Plan, as a “severance pay arrangement” within the meaning of section 3(2)(B)(i) of ERISA, is intended to be excepted from the
definitions of “employee pension benefit plan” and “pension plan” set forth under Section 3(2) of ERISA, and is intended to meet the descriptive requirements of a plan constituting a “severance pay plan” within the
meaning of regulations published by the Secretary of Labor at Title 29, Code of Federal Regulations ss. 2510.3-2(b). 
 ARTICLE I

 DEFINITIONS AND INTERPRETATIONS 
 Section 1.01 Definitions. Capitalized terms used in this Plan shall have the following respective meanings, except as otherwise provided or as the context shall otherwise require: 
 “Annual Salary” shall mean the base salary paid to a Participant immediately prior to his or her Termination Date on an annual basis exclusive
of any bonus payments or additional payments under any Benefit Plan. 
 “Benefit Plan” shall mean any “employee benefit
plan” (including any employee benefit plan within the meaning of Section 3(3) of ERISA); program, arrangement or practice maintained, sponsored or provided by the Company, including those relating to compensation, bonuses, profit-sharing,
stock option, or other stock related rights or other forms of incentive or deferred compensation, vacation benefits, insurance coverage (including any self-insured arrangements) health or medical benefits, disability benefits, workers’
compensation, supplemental unemployment benefits, severance benefits and post-employment or retirement benefits (including compensation, pension, health, medical or life insurance or other benefits). 
 “Board” means the Board of Directors of the Company. 
 “Cause” shall have the meaning set forth in any individual employment, severance or similar agreement between the Company and a Participant, or in the event that a Participant is not party to such an
agreement, Cause shall mean: 
 (i) the Participant’s act of fraud, dishonesty, misappropriation, or embezzlement with
respect to the Company; 

 (ii) the Participant’s conviction of, or plea of guilty or no contest to, any
felony; 
 (iii) the Participant’s violation of the Company’s drug policy or anti-harassment policy; 
 (iv) the Participant’s admission of liability of, or finding by a court or the SEC (or a similar agency of any applicable state) of
liability for, the violation of any “Securities Laws” (as hereinafter defined) (excluding any technical violations of the Securities Laws which are not criminal in nature). As used herein, the term “Securities Laws” means any
Federal or state law, rule or regulation governing the issuance or exchange of securities, including without limitation the Securities Act of 1933, the Securities Exchange Act of 1934 and the rules and regulations promulgated thereunder; 

(v) the Participant’s failure after reasonable prior written notice from the Company to comply with any valid and legal directive
of the Chief Executive Officer or the Board that is not remedied within thirty (30) days of the Participant being provided written notice thereof from the Company or the Participant’s gross negligence in performance, or willful
non-performance, of any of the Participant’s duties and responsibilities with respect to the Company that is not remedied within thirty (30) days of the Participant being provided written notice thereof from the Company; or 
 (vi) other than as provided in clauses (i) through (v) above, the Participant’s material breach of any material provision
of this Plan that is not remedied within thirty (30) days of the Participant being provided written notice thereof. 
 The Participant shall not have acted in a “willful” manner if the Participant acted, or failed to act, in a manner that he believed in good faith to be in, or not opposed to, the best interests of the Company. Cause shall be
determined by the Governance and Nominating Committee of the Board in its sole discretion. 
 “Change in Control” shall mean:

 (i) the acquisition (other than from the Company) by any person, entity or “group” (within the meaning of
Sections 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, but excluding, for this purpose, the Company or its subsidiaries, or any employee benefit plan of the Company or its subsidiaries which acquires beneficial ownership of voting
securities of the Company) of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Securities Exchange Act of 1934) of a majority of either the then-outstanding shares of Common Stock or the combined voting power of the
Company’s then-outstanding voting securities entitled to vote generally in the election of directors; or 
 (ii)
individuals who, as of the Effective Date, constitute the Board of Directors (as of such date, the “Incumbent Board”) cease for any reason to constitute at least a majority of the Board; provided, however, that any person becoming a
director subsequent to such date whose election, or nomination for election, was approved by a vote of at least a majority of the directors then constituting the Incumbent Board or was 

  

 -2- 

 
effected in satisfaction of a contractual requirement that was approved by at least a majority of the directors when constituting the Incumbent Board (in
each case, other than an election or nomination of an individual whose initial assumption of office is in connection with an actual or threatened election contest relating to the election of directors of the Company) shall be, for purposes of this
Section 16(b), considered as though such person were a member of the Incumbent Board; or 
 (iii) consummation of a
reorganization, merger, consolidation or share exchange, in each case with respect to which persons who were the stockholders of the Company immediately prior to such reorganization, merger, consolidation or share exchange do not, immediately
thereafter, own more than 50% of the combined voting power entitled to vote generally in the election of directors of the reorganized, merged, consolidated or other surviving entity’s then-outstanding voting securities, or approval by the
stockholders of the Company of a liquidation or dissolution of the Company or consummation of the sale of all or substantially all of the assets of the Company (determined on a consolidated basis). 
 “COBRA” shall mean Consolidated Omnibus Budget Reconciliation Act of 1985, as amended. 
 “Code” shall mean the Internal Revenue Code of 1986, as amended. Reference in this Plan to any section of the Code shall be deemed to include
any amendments or successor provisions to such section and any regulations under such section. 
 “Common Stock” means common stock
of the Company. 
 “Compensation Committee” shall mean the Compensation Committee of the Board. 
 “Disability” shall have the meaning set forth in Section 409A(a) (2) (C) of the Code. 
 “Effective Date” shall mean the “effective date” of the Company’s “Joint Plan of Reorganization Pursuant to Chapter 11 of
the United States Bankruptcy Code Dated August 27, 2007.” 
 “ERISA” shall mean the Employee Retirement Income Security
Act of 1974, as amended, and the rules and regulations promulgated thereunder. 
 “Exchange Act” means the Securities Exchange Act
of 1934, as amended, and the rules and regulations promulgated thereunder. 
 “Good Reason” shall mean, when used with reference to
any Participant, any of the following actions or failures to act, but in each case only if it occurs while such Participant is employed by the Company and then only if it is not consented to by such Participant in writing: 
 (i) assignment of a position that is of a lesser rank than held by the Participant prior to the assignment and that results in such
Participant ceasing to be an executive officer of a company with securities registered under the Securities Exchange Act of 1934; 
  

 -3- 

 (ii) a material reduction in such Participant’s base salary or target bonus
opportunity (including an adverse change in performance criteria or a decrease in ultimate target bonus opportunity) in effect the day prior to the Effective Date; or 
 (iii) any change of more than fifty (50) miles in the location of the principal place of employment of such Participant immediately
prior to the effective date of such change. 
 For purposes of this definition, none of the actions described in clauses (i) and
(ii) above shall constitute “Good Reason” with respect to any Participant if it was an isolated and inadvertent action not taken in bad faith by the Company and if it is remedied by the Company within thirty (30) days after
receipt of written notice thereof given by such Participant (or, if the matter is not capable of remedy within thirty (30) days, then within a reasonable period of time following such thirty (30) day period, provided that the Company has
commenced such remedy within said thirty (30) day period); provided that “Good Reason” shall cease to exist for any action described in clauses (i) through (iii) above on the sixtieth (60th) day following the later of
the occurrence of such action or the Participant’s knowledge thereof, unless such Participant has given the Company written notice thereof prior to such date. 
 “Participant” shall mean an employee of the Company who is included on Schedule A hereto, as that schedule may be amended in accordance with Section 2.01. 
 “Plan” shall mean this Calpine Corporation Change in Control and Severance Benefits Plan, as amended, supplemented or modified from time to
time in accordance with its terms. 
 “Potential Change in Control” shall be deemed to have occurred if the event set forth in any
one of the following paragraphs shall have occurred: 
 (i) the Company enters into an agreement, the consummation of which
would result in the occurrence of a Change in Control; or 
 (ii) the Company or any person, entity or “group”
(within the meaning of Sections 13(d)(3) or 14(d)(2) of the Exchange Act, but excluding, for this purpose, the Company or its subsidiaries, or any employee benefit plan of the Company or its subsidiaries which acquires beneficial ownership of voting
securities of the Company) publicly announces an intention to take or to consider taking actions which, if consummated, would constitute a Change in Control; or 
 (iii) the acquisition (other than from the Company) by any person, entity or “group” (within the meaning of Sections 13(d)(3) or
14(d)(2) of the Exchange Act, but excluding, for this purpose, the Company or its subsidiaries, or any employee benefit plan of the Company or its subsidiaries which acquires beneficial ownership of voting securities of the Company) of beneficial
ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of fifteen (15%) or more of either the then-outstanding shares of Common Stock or the combined voting power of the Company’s then-outstanding voting securities
entitled to vote generally in the election of Directors; or 
  

 -4- 

 (iv) the Compensation Committee adopts a resolution to the effect that a Potential Change
in Control has occurred. 
 “Successor” shall mean a successor to all or substantially all of the business, operations or assets of
the Company. 
 “Termination Date” shall mean, with respect to any Participant, the termination date specified in the Termination
Notice delivered by such Participant to the Company in accordance with Section 2.02 or as set forth in any Termination Notice delivered by the Company, or as applicable, the Participant’s date of death or a Tier 1 Participant’s
voluntary termination under Section 5.01. 
 “Termination Notice” shall mean, as appropriate, written notice from (a) a
Participant to the Company purporting to terminate such Participant’s employment for Good Reason in accordance with Section 2.02 or (b) the Company to any Participant purporting to terminate such Participant’s employment for
Cause or Disability in accordance with Section 2.03. 
 “Tier 1 Participant” shall mean each Participant designated in
Schedule A hereto as a Tier 1 Participant, as that schedule may be amended in accordance with section 2.01. 
 “Tier 2 Participant”
shall mean each Participant designated in Schedule A hereto as a Tier 2 Participant, as that schedule may be amended in accordance with Section 2.01. 
 “Tier 3 Participant” shall mean each Participant designated in Schedule A hereto as a Tier 3 Participant, as that schedule may be amended in accordance with Section 2.01. 
 “Tier 4 Participant” shall mean each Participant designated in Schedule A hereto as a Tier 4 Participant, as that schedule may be amended in
accordance with Section 2.01. 
 Section 1.02 Interpretation. In this Plan, unless a clear contrary intention appears,
(a) the words “herein,” “hereof” and “hereunder” refer to this Plan as a whole and not to any particular Article, Section or other subdivision, (b) reference to any Article or Section, means such Article or
Section hereof and (c) the words “including” (and with correlative meaning “include”) means including, without limiting the generality of any description preceding such term. The Article and Section headings herein are for
convenience only and shall not affect the construction hereof. 
 ARTICLE II 
 ELIGIBILITY AND BENEFITS 
 Section 2.01 Eligible Employees.

 (a) An employee of the Company shall be a “Participant” in the Plan during each calendar year (or partial calendar year) for
which he or she has been designated as a Participant (and in the Tier so designated) by the Compensation Committee and for each succeeding calendar year, unless the Participant is given written notice by October 31 of the preceding year of the
determination of the Compensation Committee that such Participant shall 

  

 -5- 

 
cease to be a Participant or shall participate in a different Tier for such succeeding calendar year. Notwithstanding the foregoing, a Participant may not be
removed from the Plan, nor placed in a lower tier (with Tier 1 being the highest Tier and Tier 4 being the lowest Tier), during the pendency of, or within six (6) months following, a Potential Change in Control or within two years following a
Change in Control. 
 (b) This Plan is only for the benefit of Participants, and no other employees, personnel, consultants or independent
contractors shall be eligible to participate in this Plan or to receive any rights or benefits hereunder. 
 Section 2.02 Termination
Notices from Participants. For purposes of this Plan, in order for any Participant to terminate his or her employment for Good Reason, such Participant must give a Termination Notice to the Company, which notice shall be signed by such
Participant, shall be dated the date it is given to the Company, shall specify the Termination Date and shall state that the termination is for Good Reason and shall set forth in reasonable detail the facts and circumstances claimed to provide a
basis for such Good Reason. Any Termination Notice given by a Participant that does not comply in all material respects with the foregoing requirements as well as the “Good Reason” definition provisions set forth in Section 1.01 shall
be invalid and ineffective for purposes of this Plan. If the Company receives from any Participant a Termination Notice that it believes is invalid and ineffective as aforesaid, it shall promptly notify such Participant of such belief and the
reasons therefor. Any termination of employment by the Participant that either does not constitute Good Reason or fails to meet the Termination Notice requirements set forth above shall be deemed a termination by the Participant without Good Reason.

 Section 2.03 Termination Notices from Company. For purposes of this Plan, in order for the Company to terminate any
Participant’s employment for Cause, the Company must give a Termination Notice to such Participant, which notice shall be dated the date it is given to such Participant, shall specify the Termination Date and shall state that the termination is
for Cause and shall set forth in reasonable detail the particulars thereof. For purposes of this Plan, in order for the Company to terminate any Participant’s employment for Disability, the Company must give a Termination Notice to such
Participant, which notice shall be dated the date it is given to such Participant, shall specify the Termination Date and shall state that the termination is for Disability and shall set forth in reasonable detail the particulars thereof. Any
Termination Notice given by the Company that does not comply, in all material respects, with the foregoing requirements shall be invalid and ineffective for purposes of this Plan. Any Termination Notice purported to be given by the company to any
Participant after the death or retirement of such Participant shall be invalid and ineffective. 
 ARTICLE III 
 CHANGE IN CONTROL BENEFITS 
 Section 3.01 Accelerated Vesting of Equity. Upon the occurrence of a Change in Control, notwithstanding the provisions of any Benefit Plan or agreement (except as provided in this Section 3.01): 
 (a) each outstanding option to purchase Company Common Stock (each, a “Stock Option”) shall become automatically vested and exercisable and

  

 -6- 

 (i) in the case of those Stock Options outstanding as of the Effective Date, shall remain
exercisable by such Participant until the later of the 15th day of the third month following the date at which, or December 31 of the calendar year in which, the Stock Option would have otherwise expired, but in no event beyond the original
term of such Stock Option; and 
 (ii) in the case of all Stock Options granted to a Participant after the Effective Date,
shall remain exercisable by such Participant for a period of (x) three years in the case of a Tier 1 Participant, (y) two years in the case of a Tier 2 Participant or (z) one year in the case of a Tier 3 Participant, beyond the date
at which the Stock Option would have otherwise expired, but in no event beyond the original term of such Stock Option; 
 (b) the vesting
restrictions on all other awards relating to Common Stock (including but not limited to restricted stock, restricted stock units and stock appreciation rights) held by a Participant shall immediately lapse and in the case of restricted stock units
and stock appreciation rights shall become immediately payable. 
 ARTICLE IV 
 SEVERANCE AND RELATED BENEFITS 
 WHICH ARE NOT IN CONNECTION WITH 

 A CHANGE IN CONTROL 
 Section 4.01 Termination of Employment. In the event that a Participant’s employment is terminated (i) by the Participant for Good Reason or (ii) by the Company without Cause, then in each case, such Participant
(or his or her beneficiary) shall be entitled to receive, and the Company shall be obligated to pay to the Participant, subject to Sections 4.02 through 4.03 and Section 7.15 hereof: 
 (a) In the case of a Tier 1 Participant, (i) a lump sum payment within sixty (60) days following such Participant’s Termination Date in an
amount equal to 2.0 times the sum of (A) the Participant’s highest Annual Salary in the three years preceding the Termination Date plus (B) the Participant’s highest target bonus for the year of termination; plus (ii) a lump
sum payment equal to all unused vacation time accrued by such Participant as of the Termination Date under the Company’s vacation policy plus (iii) all accrued but unpaid compensation earned by such Participant as of the Termination Date
to be paid by the Company as soon as practicable following the Termination Date ((ii) and (iii), together referred to herein as the “Accrued Obligations”). In addition, for a period of twenty-four months following the Termination Date,
such Participant and his or her dependents shall continue to be covered by all health care, medical and dental insurance plans and programs (excluding disability) maintained by the Company under which the Participant was covered immediately prior to
the Termination Date (collectively the “Continued Health Care Benefits”) at the same cost sharing between the Company and Participant as a similarly situated active employee, and the Continued Health Care Benefits shall be provided
concurrently with any health care benefit required under COBRA. 
  

 -7- 

 (b) In the case of a Tier 2 Participant, (i) a lump sum payment within sixty (60) days
following such Participant’s Termination Date in an amount equal to 1.5 times the sum of (A) the Participant’s highest Annual Salary in the three years preceding the Termination Date plus (B) the Participant’s highest target
bonus for the year of termination; plus (ii) payment of all Accrued Obligations as soon as practicable following the Termination Date. In addition, for a period of eighteen months following the Termination Date, such Participant and his or her
dependents shall receive Continued Health Care Benefits at the same cost sharing between the Company and Participant as a similarly situated active employee, and the Continued Health Care Benefit shall be provided concurrently with any health care
benefit required under COBRA. 
 (c) In the case of a Tier 3 Participant, (i) a lump sum payment within sixty (60) days following
such Participant’s Termination Date in an amount equal to 1.5 times the sum of (A) the Participant’s highest Annual Salary in the three years preceding the Termination Date plus (B) the Participant’s highest target bonus for
the year of termination; plus (ii) payment of all Accrued Obligations as soon as practicable following the Termination Date. In addition, for a period of eighteen months following the Termination Date, such Participant and his or her dependents
shall receive Continued Health Care Benefits at the same cost sharing between the Company and Participant as a similarly situated active employee, and the Continued Health Care Benefit shall be provided concurrently with any health care benefit
required under COBRA. 
 (d) In the case of a Tier 4 Participant, (i) a lump sum payment within sixty (60) days following such
Participant’s Termination Date in an amount equal to the sum of (A) the Participant’s highest Annual Salary in the three years preceding the Termination Date plus (B) the Participant’s highest target bonus for the year of
termination; plus (ii) payment of all Accrued Obligations as soon as practicable following the Termination Date. In addition, for a period of twelve months following the Termination Date, such Participant and his or her dependents shall receive
Continued Health Care Benefits at the same cost sharing between the Company and Participant as a similarly situated active employee, and the Continued Health Care Benefit shall be provided concurrently with any health care benefit required under
COBRA. 
 (e) Notwithstanding anything herein to the contrary, if a Participant is a “specified employee” as defined in
Section 409A(a)(2)(B)(i) of the Code (“Specified Employee”), then any severance payment as set forth in Section 4.01(a), (b), (c) and (d) above which is not otherwise exempt from Section 409A of the Code shall be
paid during a 30 day period which commences on the date which is the day after the six month anniversary of such Specified Employee’s Termination Date. In any event, all Accrued Obligations shall be paid to the Participant as soon as
practicable following the Termination Date and no later than sixty (60) days following the Termination Date. Except as provided below with respect to a Specified Employee, the payment of any health or medical claims for the health and medical
coverage provided in Sections 4.01(a), (b), (c) and (d) shall be made to a Participant as soon as administratively practicable after the Participant has provided the appropriate claim documentation, but in no event shall the payment for
any such health or medical claim be paid later than the last day of the calendar year following the calendar year in which the expense was incurred. Notwithstanding anything herein to the contrary, to the extent required by Section 

  

 -8- 

 
409A of the Code: (1) the amount of medical claims eligible for reimbursement or to be provided as an in-kind benefit under this Plan during a calendar
year may not affect the medical claims eligible for reimbursement or to be provided as an in-kind benefit in any other calendar year, and (2) the right to reimbursement or in-kind benefits under this Plan shall not be subject to liquidation or
exchange for another benefit. With respect to a Specified Employee during the six month period commencing the date after the Specified Employee’s Termination Date, the cost of any health or medical claims for health and medical coverage
provided in this Section 4.01 which are not otherwise exempt from Section 409A of the Code shall be paid by the Specified Employee to the health and medical service provider and reimbursed by the Company after the completion of such six
month period but no later than the last day of the calendar year following the calendar year in which such health and medical expenses were incurred. 
 (f) Each Participant whose termination of employment entitles him or her to severance pay as set forth in 4.01 (a), (b), (c) and (d) above shall be entitled to receive outplacement benefits from the Company
at its expense beginning on a Participant’s Termination Date and ending on the monthly anniversary date of such Termination Date as set forth below: 
  

			
	 Participant
	  	Monthly Anniversary Date
of the Termination
Date
	 Tier 1
	  	24 Month
	 Tier 2
	  	18 Month
	 Tier 3
	  	18 Month
	 Tier 4
	  	12 Month

 Except as provided below with respect to a Specified Employee, the payment of any outplacement
benefits provided in this Section 4.01(f) shall be made to a Participant as soon as administratively practicable after the Participant has provided the appropriate claim documentation, but in no event shall the payment for any such outplacement
benefits be paid later than the last day of the calendar year following the calendar year in which the expense was incurred. Notwithstanding anything herein to the contrary, to the extent required by Section 409A of the Code: (1) the
amount of outplacement benefits eligible for reimbursement or to be provided as an in-kind benefit under this Plan during a calendar year may not affect the outplacement benefits eligible for reimbursement or to be provided as an in-kind benefit in
any other calendar year, and (2) the right to reimbursement or in-kind benefits under this Plan shall not be subject to liquidation or exchange for another benefit. With respect to a Specified Employee during the six month period commencing the
date after the Specified Employee’s Termination Date, the cost of any outplacement benefits provided in this Section 4.01(f) which are not otherwise exempt from Section 409A of the Code shall be paid by the Specified Employee to the
outplacement service provider and reimbursed by the Company after the completion of such six month period but no later than the last day of the calendar year following the calendar year in which such outplacement benefits were incurred. 

 

 -9- 

 Section 4.02 Condition to Receipt of Severance Benefits. As a condition to receipt of any
payment or benefits under this Article IV, such Participant must enter into a Non-Solicitation, Non-Disclosure, Non-Disparagement and Release Agreement with the Company and its affiliates in the form then currently used by the Company which
terminates on the monthly anniversary date of each Participant’s Termination Date as set forth below: 
  

			
	 Participant
	  	Monthly Anniversary Date
of the Termination
Date
	 Tier 1
	  	24 Month
	 Tier 2
	  	18 Month
	 Tier 3
	  	18 Month
	 Tier 4
	  	12 Month

 Section 4.03 Limitation of Benefits. 
 (a) Anything in this Plan to the contrary notwithstanding, the Company’s obligation to provide the Continued Benefits shall cease if and when the
Participant becomes employed by a third party that provides such Participant with substantially comparable health and welfare benefits. 
 (b) Any amounts payable under this Plan shall be in lieu of and not in addition to any other severance or termination payment under any other plan or agreement with the Company. Without limiting the generality of the foregoing, in the event
that a Participant becomes entitled to any payment under this Plan, such Participant shall not be entitled to receive any payment under any Company severance plan. As a condition to receipt of any payment under this Plan, the Participant shall waive
any entitlement to any other severance or termination payment by the Company. 
 ARTICLE V 
 SEVERANCE AND RELATED TERMINATION BENEFITS 
 WHICH ARE IN CONNECTION WITH A CHANGE IN CONTROL 
 Section 5.01 Termination of Employment. In the event
that a Participant’s employment is terminated within twenty-four months following a Change in Control or within three (3) months following a Potential Change in Control provided that a Change in Control occurs within six (6) months
following such Potential Change in Control, and upon the occurrence of (i) a Tier 1 Participant’s termination of employment for any reason other than by the Company for Cause or (ii) a Tier 2 Participant’s, Tier 3
Participant’s or Tier 4 Participant’s (a) termination of his or her employment for Good Reason or (B) a Tier 2 Participant’s, Tier 3 Participant’s or Tier 4 Participant’s employment being terminated by the Company
without Cause, then in each case, such Participant (or his or her beneficiary) shall be entitled to receive, and the Company shall be obligated to pay to the Participant, subject to Sections 5.03 through 5.04 and Section 7.15 hereof:

 (a) In the case of a Tier 1 Participant, (i) a lump sum payment within sixty (60) days following such Participant’s
Termination Date in an amount equal to 2.99 times the sum of (A) the Participant’s highest Annual Salary in the three years preceding the Termination Date plus (B) the Participant’s highest target bonus for the year of
termination or for the year in which the Change in Control occurred, whichever is larger; plus (ii) payment of all Accrued Obligations as soon as practicable following the Termination Date. In addition, for a period of thirty-six months
following the Termination Date, such Participant and his or her dependents shall receive Continued Health Care Benefits at the same cost sharing between the Company and Participant as a similarly situated active employee, and the Continued Health
Care Benefit shall be provided concurrently with any health care benefit required under COBRA. 
  

 -10- 

 (b) In the case of a Tier 2 Participant, (i) a lump sum payment within sixty (60) days
following such Participant’s Termination Date in an amount equal to 2.99 times the sum of (A) the Participant’s highest Annual Salary in the three years preceding the Termination Date plus (B) the Participant’s highest
target bonus for the year of termination or for the year in which the Change in Control occurred, whichever is larger; plus (ii) payment of all Accrued Obligations as soon as practicable following the Termination Date. In addition, for a period
of thirty-six months following the Termination Date, such Participant and his or her dependents shall receive Continued Health Care Benefits at the same cost sharing between the company and Participant as a similarly situated active employee, and
the Continued Health Care Benefit shall be provided concurrently with any health care benefit required under COBRA. 
 (c) In the case of a
Tier 3 Participant, (i) a lump sum payment within sixty (60) days following such Participant’s Termination Date in an amount equal to 2.99 times the sum of (A) the Participant’s highest Annual Salary in the three years
preceding the Termination Date plus (B) the Participant’s highest target bonus for the year of termination or for the year in which the Change in Control occurred, whichever is larger; plus (ii) payment of all Accrued Obligations as
soon as practicable following the Termination Date. In addition, for a period of thirty-six months following the Termination Date, such Participant and his or her dependents shall receive Continued Health Care Benefits at the same cost sharing
between the Company and Participant as a similarly situated active employee, and the Continued Health Care Benefit shall be provided concurrently with any health care benefit required under COBRA. 
 (d) In the case of a Tier 4 Participant, (i) a lump sum payment within sixty (60) days following such Participant’s Termination Date in an
amount equal to 1.99 times the sum of (A) the Participant’s highest Annual Salary in the three years preceding the Termination Date plus (B) the Participant’s highest target bonus for the year of termination or for the year in
which the Change in Control occurred, whichever is larger; plus (ii) payment of all Accrued Obligations as soon as practicable following the Termination Date. In addition, for a period of twenty-four months following the Termination Date, such
Participant and his or her dependents shall receive Continued Health Care Benefits at the same cost sharing between the Company and Participant as a similarly situated active employee, and the Continued Health Care Benefit shall be provided
concurrently with any health care benefit required under COBRA. 
  

 -11- 

 (e) Notwithstanding anything herein to the contrary, if a Participant is a Specified Employee, then any
severance payment as set forth in Sections 5.01(a), (b), (c) and (d) above which is not otherwise exempt from Section 409A of the Code shall be paid during a 30 day period which commences on the date which is the day after the six
month anniversary of such Specified Employee’s Termination Date. In any event, all Accrued Obligations shall be paid to the Participant as soon as practicable following the Termination Date and no later than sixty (60) days following the
Termination Date. Except as provided below with respect to a Specified Employee, the payment of any health or medical claims for the health and medical coverage provided in Sections 5.01(a), (b), (c) and (d) shall be made to a Participant
as soon as administratively practicable after the Participant has provided the appropriate claim documentation, but in no event shall the payment for any such health or medical claim be paid later than the last day of the calendar year following the
calendar year in which the expense was incurred. Notwithstanding anything herein to the contrary, to the extent required by Section 409A of the Code: (1) the amount of medical claims eligible for reimbursement or to be provided as an
in-kind benefit under this Plan during a calendar year may not affect the medical claims eligible for reimbursement or to be provided as an in-kind benefit in any other calendar year, and (2) the right to reimbursement or in-kind benefits under
this Plan shall not be subject to liquidation or exchange for another benefit. With respect to a Specified Employee, during the six month period commencing the date after the Specified Employee’s Termination Date, the cost of any health or
medical claims for health and medical coverage provided in this Section 5.01 which are not otherwise exempt from Section 409A of the Code shall be paid by the Specified Employee to the health and medical service provider and reimbursed by
the Company after the completion of such six month period but no later than the last day of the calendar year following the calendar year in which such health and medical expenses were incurred. 
 (f) Each Participant whose termination of employment entitles him or her to severance pay as set forth in 5.01 (a), (b), (c) and (d) above
shall be entitled to receive outplacement benefits from the Company at its expense beginning on a Participant’s Termination Date and ending on the monthly anniversary date of such Termination Date as set forth below: 
  

			
	 Participant
	  	Monthly Anniversary Date
of the Termination
Date
	 Tier 1
	  	24 Month
	 Tier 2
	  	18 Month
	 Tier 3
	  	18 Month
	 Tier 4
	  	12 Month

 Except as provided below with respect to a Specified Employee, the payment of any outplacement
benefits provided in this Section 5.01(f) shall be made to a Participant as soon as administratively practicable after the Participant has provided the appropriate claim documentation, but in no event shall the payment for any such outplacement
benefits be paid later than the last day of the calendar year following the calendar year in which the expense was incurred. Notwithstanding anything herein to the contrary, to the extent required by Section 409A of the Code: (1) the
amount of outplacement benefits eligible for reimbursement or to be 

  

 -12- 

 
provided as an in-kind benefit under this Plan during a calendar year may not affect the outplacement benefits eligible for reimbursement or to be provided
as an in-kind benefit in any other calendar year, and (2) the right to reimbursement or in-kind benefits under this Plan shall not be subject to liquidation or exchange for another benefit. With respect to a Specified Employee, during the six
month period commencing the date after the Specified Employee’s Termination Date, the cost of any outplacement benefits provided in this Section 5.01(f) which are not otherwise exempt from Section 409A of the Code shall be paid by the
Specified Employee to the outplacement service provider and reimbursed by the Company after the completion of such six month period but no later than the last day of the calendar year following the calendar year in which such outplacement benefits
were incurred. 
 Section 5.02 Golden Parachute Tax. 
 (a) If any benefit or payment by the Company or its subsidiaries to a Tier 1, Tier 2, or Tier 3 Participant (whether paid or payable or distributed or
distributable pursuant to the terms of this Plan or otherwise, including any acceleration of vesting or payment) (a “Payment”) is determined to be subject to the excise tax imposed by Section 4999 of the Code or any interest or
penalties are incurred by such Tier 1, Tier 2, or Tier 3 Participant with respect to such excise tax (such excise tax, together with any such interest and penalties, being herein collectively referred to as the “Excise Tax”), then the Tier
1, Tier 2, or Tier 3 Participant shall be entitled to receive an additional payment (the “Gross-Up Payment”) in an amount such that the net amount of such additional payment retained by Executive, after payment of all federal, state and
local income and employment taxes (including, without limitation, any federal, state, and local income and employment taxes and Excise Tax imposed on the Gross-Up Payment), shall be equal to the Excise Tax imposed on the Payment. The payment of any
Gross-Up Payment shall be made prior to the date the Tier 1, Tier 2, or Tier 3 Participant is to remit the Excise Tax as provided under the Code. 
 (b) Anything in this Plan to the contrary notwithstanding, in the event it shall be determined that any Payment would be subject to the Excise Tax, then in the case of a Tier 4 Participant, after taking into account any reduction in the
Payments provided by reason of section 280G of the Code in such other plan, arrangement or agreement, the cash severance payments shall first be reduced, and the noncash severance payments shall thereafter be reduced, to the extent necessary so that
no portion of the Payments is subject to the Excise Tax but only if (A) the net amount of such Payments, as so reduced (and after subtracting the net amount of federal, state and local income taxes on such reduced Payments and after taking into
account the phase out of itemized deductions and personal exemptions attributable to such reduced Total Payments) is greater than or equal to (B) the net amount of such Payments without such reduction (but after subtracting the net amount of
federal, state and local income taxes on such Total Payments and the amount of Excise Tax to which the Tier 4 Participant would be subject in respect of such unreduced Payments and after taking into account the phase out of itemized deductions and
personal exemptions attributable to such unreduced Payments); provided, however, that the Tier 4 Participant may elect to have the noncash severance payments reduced (or eliminated) prior to any reduction of the cash severance payments. 

(c) Subject to the provisions of Section 5.02(d) hereto, all determinations required to be made under this Section 5.02, including whether
and when a Gross-Up Payment is 

  

 -13- 

 
required and the amount of such Gross-Up Payment and the assumptions to be utilized in arriving at such determination, shall be made by an independent
accounting firm of nationally recognized standing selected by the Company and which is not serving as accountant or auditor for the Company or the individual, entity or group effecting the Change in Control (the “Accounting Firm”), which
shall provide detailed supporting calculations both to the Company and the Participant within 30 business days of the receipt of the notice from the Participant that there has been a Payment or such earlier time as is requested by the Company. All
fees and expenses of the Accounting Firm shall be borne solely by the Company. Any determination by the Accounting Firm shall be binding upon the Company and the Participant. As a result of the uncertainty in the application of Section 4999 of
the Code at the time of the initial determination by the Accounting Firm hereunder, it is possible that Gross-Up Payments will not have been made by the Company which should have been made (“Underpayment”), consistent with the calculations
required to be made hereunder. In the event that the Company exhausts its remedies pursuant to Section 5.02(d) hereof and a Tier 1, Tier 2, or Tier 3 Participant thereafter is required to make a payment of any Excise Tax, the Accounting Firm
shall determine the amount of the Underpayment that has occurred and the amount of the Underpayment shall be promptly paid by the Company to or for the benefit of the Tier 1, Tier 2, or Tier 3 Participant. 
 (d) A Tier 1, Tier 2, or Tier 3 Participant shall notify the Company in writing of any claim by the Internal Revenue Service that, if successful, would
require the payment by the Company of a Gross-Up Payment. Such notification shall be given as soon as practicable but no later than ten business days after a Tier 1, Tier 2, or Tier 3 Participant is informed in writing of such claim and shall
apprise the Company of the nature of such claim and the date on which such claim is requested to be paid. A Tier 1, Tier 2, or Tier 3 Participant shall not pay such claim prior to the expiration of the 30-day period following the date on which it
gives such notice to the Company (or such shorter period ending on the date that any payment of taxes with respect to such claim is due). If the Company notifies a Tier 1, Tier 2, or Tier 3 Participant in writing prior to the expiration of such
period that it desires to contest such claim, a Tier 1, Tier 2, or Tier 3 Participant shall: 
 (i) give the Company any
information reasonably requested by the Company relating to such claim; 
 (ii) take such action in connection with contesting
such claim as the Company shall reasonably request in writing from time to time, including without limitation, accepting legal representation with respect to such claim by an attorney reasonably selected by the Company; 
 (iii) cooperate with the Company in good faith in order to effectively contest such claim; and 
 (iv) permit the Company to participate in any proceedings relating to such claim; provided, however, that the Company shall bear and pay
directly all costs and expenses (including additional interest and penalties) incurred in connection with such contest and shall indemnify and hold a Tier 1, Tier 2, or Tier 3 Participant harmless, on an after-tax basis, for any Excise Tax or
federal, state and local income and employment tax (including interest and penalties with respect thereto) imposed as a result of such 

  

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representation and payment of costs and expenses. Without limitation on the foregoing provisions of this Section 5.02(d), the Company shall control all
proceedings taken in connection with such contest and, at its sole option, may pursue or forgo any and all administrative appeals, proceedings, hearings and conferences with the taxing authority in respect of such claim and may, at its sole option,
either direct a Tier 1, Tier 2, or Tier 3 Participant to pay the tax claimed and sue for a refund or to contest the claim in any permissible manner, and the Tier 1, Tier 2, or Tier 3 Participant agrees to prosecute such contest to a determination
before any administrative tribunal, in a court of initial jurisdiction and in one or more appellate courts, as the Company shall determine; provided, however, that if the Company directs a Tier 1, Tier 2, or Tier 3 Participant to pay such claim and
sue for a refund, the Company shall advance the amount of such payment to the Tier 1, Tier 2, or Tier 3 Participant, on an after-tax basis, and shall hold Tier 1, Tier 2, or Tier 3 Participant harmless from any Excise Tax or federal, state or local
income or employment tax (including interest or penalties with respect thereto) imposed with respect to such advance or with respect to any imputed income with respect to such advance; and further provided that any extension of the statute of
limitations relating to payment of taxes for the taxable year of the Tier 1, Tier 2, or Tier 3 Participant with respect to which such contested amount is claimed to be due is limited solely to such contested amount. The Company’s control of the
contest, however, shall be limited to issues with respect to which a Gross-Up Payment would be payable hereunder, and the Tier 1, Tier 2, or Tier 3 Participant shall be entitled to settle or contest, as the case may be, any other issue raised by the
Internal Revenue Service or any other taxing authority. 
 (e) If, after the receipt by a Tier 1, Tier 2, or Tier 3 Participant of an amount
advanced by the Company pursuant to Section 5.02(d), a Tier 1, Tier 2, or Tier 3 Participant becomes entitled to receive any refund with respect to such claim, the Tier 1, Tier 2, or Tier 3 Participant shall (subject to the Company’s
complying with the requirements of Section 5.02(d)) promptly pay to the Company the amount of such refund (together with any interest paid or credited thereon after taxes applicable thereto). If, after the receipt by a Tier 1, Tier 2, or Tier 3
Participant of an amount advanced by the Company pursuant to Section 5.02(d), a determination is made that the Tier 1, Tier 2, or Tier 3 Participant shall not be entitled to any refund with respect to such claim and the Company does not notify
the Tier 1, Tier 2, or Tier 3 Participant in writing of its intent to contest such denial of refund prior to the expiration of 30 days after such determination, then such advance shall be forgiven and shall not be required to be repaid and the
amount of such advance shall offset, to the extent thereof, the amount of Gross-Up Payment required to be paid. 
 (f) In the event that the
Excise Tax is subsequently determined to be less than initially determined by the Accounting Firm, a Tier 1, Tier 2, or Tier 3 Participant shall repay to the Company at the time that the amount of such reduction in Excise Tax is determined (but, if
previously paid to the taxing authorities, not prior to the time the amount of such reduction is refunded to the Tier 1, Tier 2, or Tier 3 Participant or otherwise realized as a benefit by a Tier 1, Tier 2, or Tier 3 Participant) the portion of the
Gross-Up Payment that would not have been paid if the Excise Tax as subsequently determined had been applied in initially calculating the Gross-Up Payment, with the amount of such repayment determined by the Accounting Firm. 
  

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 Section 5.03 Condition to Receipt of Severance Benefits. As a condition to receipt of any
payment or benefits under this Article V, such Participant must enter into a Non-Solicitation, Non-Disclosure, Non-Disparagement and Release Agreement with the Company and its affiliates in the form then currently used by the company which
terminates on the monthly anniversary date of each Participant’s Termination Date as set forth below: 
  

			
	 Participant
	  	Monthly Anniversary Date
of the Termination
Date
	 Tier 1
	  	36 Month
	 Tier 2
	  	36 Month
	 Tier 3
	  	36 Month
	 Tier 4
	  	24 Month

 Section 5.04 Limitation of Benefits. 
 (a) Anything in this Plan to the contrary notwithstanding, the Company’s obligation to provide the Continued Benefits shall cease if and when the
Participant becomes employed by a third party that provides such Participant with substantially comparable health and welfare benefits. 
 (b) Any amounts payable under this Plan shall be in lieu of and not in addition to any other severance or termination payment under any other plan or agreement with the Company. Without limiting the generality of the foregoing, in the event
that a Participant becomes entitled to any payment under this Plan, such Participant shall not be entitled to receive any payment under the Company’s Executive Severance Plan. As a condition to receipt of any payment under this Plan, the
Participant shall waive any entitlement to any other severance or termination payment by the Company. 
 ARTICLE VI 
 DISPUTE RESOLUTION 
 Section 6.01
Negotiation. In case a claim, dispute or controversy shall arise between any Participant (or any person claiming by, through or under any Participant) and the Company (including the Compensation Committee) relating to or arising out of this
Plan, either disputant shall give written notice to the other disputant (“Dispute Notice”) that it wishes to resolve such claim, dispute or controversy by negotiations, in which event the disputants shall attempt in good faith to negotiate
a resolution of such claim, dispute or controversy. If the claim, dispute or controversy is not so resolved within 30 days after the effective date of the Dispute Notice (as described in section 7.08), either disputant may initiate arbitration of
the claim, dispute or controversy as provided in Section 6.02, except in the case of a dispute regarding the determination of Good Reason which shall be adjudicated by the [Bankruptcy Court]. All negotiations pursuant to this Section 6.01
shall be held at the Company’s principal offices in Houston, Texas (or such other place as the disputants shall mutually agree) and shall be treated as compromise and settlement negotiations for the purposes of the federal and state rules of
evidence and procedure. 
  

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 Section 6.02 Arbitration. Any claim, dispute or controversy arising out of or relating to
this Plan which has not been resolved by negotiations in accordance with Section 6.01 within 30 days of the effective date of the Dispute Notice (as described in Section 7.08) shall, upon the written request of either disputant, be finally
settled by arbitration conducted expeditiously in accordance with the commercial arbitration rules of the American Arbitration Association regarding resolution of employment-related disputes. The arbitrator may, without limitation, award injunctive
relief, but shall not be empowered to award damages in excess of compensatory damages and each disputant shall be deemed to have irrevocably waived any damages in excess of compensatory damages, such as punitive damages. The arbitrator’s
decision shall be final and legally binding on the disputants and their successors and assigns, and judgment by the arbitrator may be entered in any court having jurisdiction. Each party shall pay its own fees, disbursements, and costs relating to
or arising out of any arbitration, provided that the Company shall pay on behalf of the Participant all fees, disbursements, and costs relating to or arising out of any arbitration in respect of any claim brought by a Participant at any time
following a Change in Control. All arbitration conferences and hearings shall be held within a thirty (30) mile radius of Houston, Texas. 
 ARTICLE VII 
 MISCELLANEOUS PROVISIONS 
 Section 7.01 Cumulative Benefits. Except as provided in Sections 4.02 and 5.03, the rights and benefits provided to any Participant under this Plan are in addition to and shall not be a replacement of, all
of the other rights and benefits provided to such Participant under any Benefit Plan or any agreement between such Participant and the Company except for any severance or termination benefits. 
 Section 7.02 No Mitigation. No Participant shall be required to mitigate the amount of any payment provided for in this Plan by seeking or
accepting other employment following a termination of his or her employment with the Company or otherwise. Except as otherwise provided in Sections 4.03 and 5.04, the amount of any payment provided for in this Plan shall not be reduced by any
compensation or benefit earned by a Participant as the result of employment by another employer or by retirement benefits. The Company’s obligations to make payments to any Participant required under this Plan shall not be affected by any set
off, counterclaim, recoupment, defense or other claim, right or action that the Company may have against such Participant. 
 Section 7.03 Amendment or Termination. The Board may amend or terminate the Plan at any time; provided, however, that the Plan may not be amended or terminated during the pendency of, or within six (6) months following, a
Potential Change in Control, or within two (2) years following a Change in Control. Notwithstanding the foregoing, nothing herein shall abridge the authority of the Compensation Committee to designate a new Participant or to determine that a
Participant shall no longer be entitled to participate in the Plan in accordance with section 2.01(a) hereof. The Plan shall terminate when all of the obligations to Participants hereunder have been satisfied in full. 
 Section 7.04 Enforceability. The failure of Participants or the Company to insist upon strict adherence to any term of the Plan on any
occasion shall not be considered a waiver of such party’s rights or deprive such party of the right thereafter to insist upon strict adherence to that term or any other term of the Plan. 
  

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 Section 7.05 Administration. 
 (a) The Compensation Committee shall have full and final authority, subject to the express provisions of the Plan, with respect to designation of
Participants and administration of the Plan, including but not limited to, the authority to construe and interpret any provisions of the Plan and to take all other actions deemed necessary or advisable for the proper administration of the Plan.

 (b) The Company shall indemnify and hold harmless each member of the Compensation Committee and any other employee of the Company that
acts at the direction of the Compensation Committee against any and all expenses and liabilities arising out of his or her administrative functions or fiduciary responsibilities, including any expenses and liabilities that are caused by or result
from an act or omission constituting the negligence of such member in the performance of such functions or responsibilities, but excluding expenses and liabilities that are caused by or result from such member’s or employee’s own gross
negligence or willful cause. Expenses against which such member or employee shall be indemnified hereunder shall include, without limitation, the amounts of any settlement or judgment, costs, counsel fees, and related charges reasonably incurred in
connection with a claim asserted or a proceeding brought or settlement thereof. 
 Section 7.06 Consolidations, Mergers, Etc. In
the event of a merger, consolidation or other transaction, nothing herein shall relieve the Company from any of the obligations set forth in the Plan; provided, however, that nothing in this Section 5.06 shall prevent an acquirer of or
Successor to the Company from assuming the obligations, or any portion thereof, of the Company hereunder pursuant to the terms of the Plan provided that such acquirer or Successor provides adequate assurances of its ability to meet this obligation.
In the event that an acquirer of or Successor to the Company agrees to perform the Company’s obligations, or any portion thereof, hereunder, the Company shall require any person, firm or entity which becomes its Successor to expressly assume
and agree to perform such obligations in writing, in the same manner and to the same extent that the Company would be required to perform hereunder if no such succession had taken place. 
 Section 7.07 Successors and Assigns. This Plan shall be binding upon and inure to the benefit of the Company and its Successors and assigns.
This Plan and all rights of each Participant shall inure to the benefit of and be enforceable by such Participant and his or her personal or legal representatives, executors, administrators, heirs and permitted assigns. If any Participant should die
while any amounts are due and payable to such Participant hereunder, all such amounts, unless otherwise provided herein, shall be paid in accordance with the terms of this Plan to such Participant’s devisees, legatees or other designees or, if
there be no such devisees, legatees or other designees, to such Participant’s estate. No payments, benefits or rights arising under this Plan may be assigned or pledged by any Participant, except under the laws of descent and distribution.

  

 -18- 

 Section 7.08 Notices. All notices and other communications provided for in this Plan shall be
in writing and shall be sent, delivered or mailed, addressed as follows: (a) if to the Company, at the Company’s principal office address or such other address as the Company may have designated by written notice to all Participants for
purposes hereof, directed to the attention of the General Counsel, and (b) if to any Participant, at his or her residence address on the records of the Company or to such other address as he or she may have designated to the Company in writing
for purposes hereof. Each such notice or other communication shall be deemed to have been duly given or mailed by United States certified or registered mail, return receipt requested, postage prepaid, except that any change of notice address shall
be effective only upon receipt. 
 Section 7.09 Tax Withholding. The Company shall have the right to deduct from any payment
hereunder all taxes (federal, state or other) which it is required to withhold therefrom. 
 Section 7.10 No Employment Rights
Conferred. This Plan shall not be deemed to create a contract of employment between any Participant and the Company and/or its affiliates. Nothing contained in this Plan shall (i) confer upon any Participant any right with respect to
continuation of employment with the Company or (ii) subject to the rights and benefits of any Participant hereunder, interfere in any way with the right of the Company to terminate such Participant’s employment at any time. 
 Section 7.11 Entire Plan. This Plan contains the entire understanding of the Participants and the Company with respect to severance
arrangements maintained on behalf of the Participants by the Company. There are no restrictions, agreements, promises, warranties, covenants or undertakings between the Participants and the Company with respect to the subject matter herein other
than those expressly set forth herein. 
 Section 7.12 Prior Agreements. Except as provided in Section 7.15 below, this Plan
supersedes all prior agreements, programs and understandings (including verbal agreements and understandings) between the Participants and the Company regarding the terms and conditions of Participant’s severance arrangements in the event of a
Change in Control. 
 Section 7.13 Severability. If any provision of the Plan is, becomes or is deemed to be invalid, illegal or
unenforceable in any respect, the validity, legality and enforceability of the remaining provisions of this Plan shall not be affected thereby. 
 Section 7.14 Governing Law. This Plan shall be governed by and construed in accordance with the laws of the State of Delaware, without giving effect to its conflict of laws rules, and applicable federal law. 
 Section 7.15 Employment Agreements. Notwithstanding anything herein to the contrary, if any Participant has entered into an employment
agreement with the Company, then the severance benefits provided for in such employment agreement shall be the only severance benefits such Participant shall be entitled to, and the severance benefits under the employment agreement shall supersede
the severance benefits provided under this Plan. 
  

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 IN WITNESS WHEREOF, and as conclusive evidence of the adoption of this Plan by the Calpine Corporation
Board of Directors, Calpine Corporation has caused this Plan to be duly executed in its name and behalf by its proper officer thereunto duly authorized as of the Effective Date. 
  

			
	 CALPINE CORPORATION

		
	 By:
	 	 /s/ Gregory L. Doody

			
		
	 Printed Name:
	 	 Gregory L. Doody

			
		
	 Title:
	 	 Executive Vice President, General Counsel and

		 	 Secretary

  

 -20- 

 CALPINE CORPORATION 
 CHANGE IN CONTROL AND SEVERANCE 
 BENEFITS PLAN 
 Schedule “A” 
 Tier 1
Participants 
 Chief Executive Officer 
 Tier 2
Participants 
 Chief Operating Officer 
 Tier 3
Participants 
 Executive Vice Presidents 
 Tier 4
Participants 
 Senior Vice Presidents 
  

 -21-

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