Item 5.02—DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS

The amended and restated executive employment agreement (the “Employment Agreement”) between Calpine Corporation (the “Company”) and its Executive Vice President and Chief Legal Officer, W. Thaddeus Miller, dated as of December 18, 2015, is set to expire to its terms on December 31, 2017. Following the expiration of the Employment Agreement, to a letter dated as of December 29, 2017, Mr. Miller will continue to serve in his current role as an at-will employee. Mr. Miller will continue to receive his current annual base salary and be eligible for incentive compensation and employee benefits as were provided for in the Employment Agreement and under the Company’s programs.

W.G (Trey) Griggs III, Executive Vice President and President, Calpine Retail, will be leaving the Company subsequent to the consummation of the merger transaction with Energy Capital Partners and a consortium of investors that was approved by the Company’s stockholders on December 15, 2017. Mr. Griggs will be entitled to separation benefits as a Tier 3 participant under the Calpine Corporation Amended and Restated Change in Control and Severance Benefits Plan. Mr. Griggs’ planned departure is not the result of any disagreement with the Company on any matter relating to the Company’s operations, policies or practices.

About CALPINE CORPORATION (NYSE:CPN)

Calpine Corporation is a power generation company. The Company is engaged in the ownership and operation of primarily natural gas-fired and geothermal power plants in North America. The Company’s segments include West (including geothermal), Texas and East (including Canada). In the Northeast and Mid-Atlantic regions, the Company has generating units capable of burning either natural gas or fuel oil. The Company operates its business through various divisions and subsidiaries. The Company’s portfolio consists of various types of power generation technologies, including natural gas-fired combustion turbines, which include combined-cycle plants and renewable geothermal conventional steam turbines. Its Geysers Assets located in northern California represent the geothermal power generation portfolio in the United States, as well as the producing power generation asset of all renewable energy in the state of California.