Form 4: Vistra CEO Burke Exercises Options, Sells Shares

Vistra Corp. President and CEO James A. Burke reported exercising stock options and selling common stock shares under a pre-arranged 10b5-1 trading plan.

Summary

• James A. Burke, President and CEO of Vistra Corp., engaged in multiple transactions involving Vistra Common Stock and employee stock options.
• Transactions occurred on December 11, 2025, and December 12, 2025, under a Rule 10b5-1 trading plan adopted on June 12, 2025.
• On December 11, 2025, Burke acquired 22,251 shares of Common Stock by exercising options at $14.03 per share.
• Concurrently on December 11, 2025, he sold 22,251 shares at $162.05 per share, which included 4,158 shares for cashless option exercise and 18,043 shares to cover taxes.
• Also on December 11, 2025, 27,745 shares of Common Stock were disposed of at $0, reducing his beneficial ownership.
• On December 12, 2025, Burke acquired 27,749 shares of Common Stock by exercising options at $14.03 per share.
• The transactions on December 12, 2025, represent the final transactions to be executed under the adopted Rule 10b5-1 trading plan.
• Following these transactions, Burke's direct beneficial ownership of Common Stock is 298,002 shares, and 1 derivative security (2016 Employee Stock Option).

Sentiment

Score: 6

Explanation: The filing reports routine insider transactions under a pre-arranged plan, with the executive realizing significant gains from option exercises. While there's a reduction in direct ownership due to sales and a $0 disposition, it's part of a planned liquidity event rather than a negative signal.

Positives

• The executive realized significant gains by exercising options with an exercise price of $14.03 and selling shares at $162.05.
• The transactions were conducted under a pre-arranged Rule 10b5-1 trading plan, indicating a structured and compliant approach to insider trading.

Negatives

• The disposition of 27,745 shares at $0 on December 11, 2025, reduced the executive's direct beneficial ownership without a cash inflow.
• A portion of the shares acquired through option exercise were immediately sold to cover taxes and for cashless exercise, reducing the executive's direct equity exposure.

Future Outlook

This Form 4 does not contain forward-looking statements or guidance.

Industry Context

This filing is a routine insider transaction report and does not provide information to analyze broader industry trends or competitors.

Stakeholder Impact

• Shareholders: The transactions represent a planned reduction in direct equity exposure by a key executive, which is a routine event under a 10b5-1 plan.

Next Steps

• The transactions on December 12, 2025, were the final ones to be executed under the Rule 10b5-1 trading plan.

Key Dates

Keywords

Vistra Corp, VST, James A. Burke, SEC Form 4, Insider Trading, Stock Options, Rule 10b5-1 Plan, Equity Sales, CEO, Director