Form 4: Vistra CEO Executes Option Exercises and Stock Sales

Vistra Corp. President and CEO James A. Burke executed a series of stock option exercises and subsequent sales of common stock in mid-September 2025, pursuant to a pre-arranged 10b5-1 trading plan.

Summary

• James A. Burke, President and CEO of Vistra Corp. (VST), reported transactions involving the exercise of employee stock options and the sale of common stock.
• On September 12, 2025, Burke exercised 47,491 options at $14.03 and 4,800 options at $19.68, acquiring a total of 52,291 shares of common stock.
• Concurrently on September 12, 2025, Burke sold 21,374 shares of common stock at a weighted-average price of $202.84.
• On September 15, 2025, Burke exercised 19,200 options at $14.03 and 4,800 options at $19.68, acquiring a total of 24,000 shares of common stock.
• Also on September 15, 2025, Burke sold 2,162 shares at $210.7 and 19,200 shares at $209.7.
• The sales included shares for cashless exercise of stock options and to cover tax obligations related to the option exercises.
• All reported transactions were conducted under a Rule 10b5-1 trading plan adopted on June 12, 2025.
• Following these transactions, Burke directly owns 222,687 shares of common stock.
• Indirect beneficial ownership includes 701,514 shares through JAMEB, LP, 34,000 shares through the James A. Burke 2012 Irrevocable Trust, and 259 shares through the Marti E. Burke 2012 Irrevocable Trust.

Sentiment

Score: 5

Explanation: The filing reports routine insider transactions under a pre-arranged 10b5-1 plan, which is generally considered neutral in terms of immediate sentiment. The exercise of options indicates value, while sales are for liquidity/tax purposes.

Positives

• The transactions were executed under a pre-arranged Rule 10b5-1 trading plan, indicating planned activity rather than a reaction to immediate market events.
• The exercise of stock options suggests that the options were significantly in-the-money, reflecting an increase in Vistra's stock value since the grant dates.

Negatives

• The sale of common stock by a high-ranking insider, even for tax and liquidity purposes, could be perceived negatively by some investors, although it is a common practice.

Future Outlook

This filing is a report of insider transactions and does not contain any forward-looking statements or guidance regarding the company's future performance.

Industry Context

This Form 4 filing details routine insider transactions and does not provide information relevant to broader industry trends or competitive positioning.

Related Party Transactions

• James A. Burke holds indirect beneficial ownership of 701,514 shares of Common Stock through JAMEB, LP, a limited partnership jointly owned by him and his spouse.
• He also holds indirect beneficial ownership of 34,000 shares through the James A. Burke 2012 Irrevocable Trust, dated December 3, 2012.
• Additionally, he holds indirect beneficial ownership of 259 shares through the Marti E. Burke 2012 Irrevocable Trust, dated October 16, 2012.

Stakeholder Impact

• Shareholders: The transactions represent a routine insider sale for liquidity and tax purposes, which is common and generally has minimal direct impact on other shareholders. The pre-planned nature under Rule 10b5-1 mitigates concerns about opportunistic selling.
• Employees: No direct impact on employees is indicated by this filing.

Key Dates

Keywords

Vistra Corp, VST, Insider Trading, Form 4, Stock Options, CEO, James A. Burke, Stock Sale, 10b5-1 Plan