CALPINE CORP
<DOCUMENT>
<TYPE>EX-10
<SEQUENCE>5
<FILENAME>ex10-4.txt
<TEXT>
EXHIBIT 10.4


Base Salary, Bonus, Stock Option Grant and Restricted Stock Summary Sheet


<TABLE>
<CAPTION>
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                                                                                     2005 Stock Option   2005 Restricted Stock
              Executive Officer           2005 Salary (1)       2004 Bonus (2)           Grant (3)             Grant (4)
--------------------------------------- ------------------- ----------------------- ------------------- ------------------------
--------------------------------------- ------------------- ----------------------- ------------------- ------------------------
<S>                                          <C>                      <C>                 <C>                   <C>
Peter Cartwright, Chairman, President        $1,000,000               $0                  350,500               406,627
and Chief Executive Officer
--------------------------------------- ------------------- ----------------------- ------------------- ------------------------
--------------------------------------- ------------------- ----------------------- ------------------- ------------------------
Ann B. Curtis, Vice Chair,                     $550,000               $0                  350,000               124,247
Executive Vice President
and Corporate Secretary
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--------------------------------------- ------------------- ----------------------- ------------------- ------------------------
Robert D. Kelly,                               $530,000               $0                  500,000               301,205
Executive Vice President,
Chief Financial Officer and
President - Calpine Finance Company
--------------------------------------- ------------------- ----------------------- ------------------- ------------------------
--------------------------------------- ------------------- ----------------------- ------------------- ------------------------
E. James Macias,                               $500,000               $0                  225,000               112,952
Executive Vice President
--------------------------------------- ------------------- ----------------------- ------------------- ------------------------
--------------------------------------- ------------------- ----------------------- ------------------- ------------------------
Thomas R. Mason,                               $500,000               $0                  200,000               112,952
Executive Vice President and
President - Calpine Power Company
--------------------------------------- ------------------- ----------------------- ------------------- ------------------------
<FN>
     (1) No  increases  for 2005,  except that Mr.  Kelly will receive an annual
     base salary of $650,000, effective as of July 1, 2005.

     (2) Bonus awards payable in 2005 for performance during 2004.

     (3) Each  stock  option has an  exercise  price of $3.32  representing  the
     closing price of Calpine common stock on the New York Stock Exchange on the
     date of grant. The options have a seven-year term and will vest in a series
     of four successive equal annual installments  upon completion of each  year
     of continued service as a service provider of the Issuer over the four-year
     period measured from the grant date.

     (4) The  performance-based  restricted  stock has a purchase price of $3.32
     per share representing the closing price of Calpine common stock on the New
     York Stock Exchange on the date of grant and such purchase price is payable
     in past services.  Each  restricted  stock grant has an expiration  date of
     December 31, 2009. The performance-based restricted stock vests as follows:
     50% shall vest upon such time as the closing  selling price of the Issuer's
     common  stock  is  equal  to or  greater  than  $5.00  per  share  for four
     consecutive  trading days, and 50% shall vest upon such time as the closing
     selling  price of the  Issuer's  common  stock is equal to or greater  than
     $10.00 per share for four consecutive trading days.
</FN>
</TABLE>
</TEXT>
</DOCUMENT>
