VG insider: Chief Commercial Officer exercises options and sells 1,000,000+ shares

Rhea-AI Filing Summary

Reporting person: Earl Thomas (listed at C/O Venture Global, Inc., Arlington, VA) and identified as Chief Commercial Officer.

On 09/11/2025 and 09/12/2025 the filing discloses exercises and immediate sales of Class A Common Stock. On 09/11/2025, 840,076 shares were reported acquired at an exercise/price of $0.79 and sold at a weighted average sale price of $13.74, leaving 0 shares from that lot. On 09/12/2025, 159,924 shares were acquired at $0.79 and sold at a weighted average sale price of $13.59, leaving 0 shares from that lot. The filing also shows stock options (exercise price $0.79) fully vested and exercisable with post-transaction beneficial ownership reported as 8,200,587 and 8,040,663 shares for the respective option grants. Footnotes note weighted-average sale price ranges and that the options were adjusted for a prior stock split.

Positive

• Clear disclosure of exercise and sale transactions with weighted-average prices and explanatory footnotes
• Options are fully vested and exercisable, and post-transaction option-based beneficial ownership is reported

Negative

• No remaining shares from the reported exercised lots (post-transaction holdings for those specific shares are reported as 0)

Insights

Securities Analyst

TL;DR: Officer exercised low-price options and sold resulting shares shortly after, while retaining substantial option holdings.

The Form 4 shows the Chief Commercial Officer exercising stock options at an exercise price of $0.79 on 09/11/2025 and 09/12/2025 for 840,076 and 159,924 shares respectively, and selling those same shares at weighted-average sale prices of $13.74 and $13.59. The filing reports the options are fully vested and exercisable with large post-transaction option-based beneficial ownership balances (8.2M and 8.04M). Footnotes disclose the sale prices are weighted averages across multiple executions and that option counts were adjusted for a prior stock split. This is a routine insider liquidity event supported by vested option exercises.

Corporate Governance Expert

TL;DR: Insider executed and sold exercised shares; disclosure includes required footnote detail and attorney-in-fact signature.

The filing is properly completed indicating the reporting person is an officer (Chief Commercial Officer) and the Form was filed by a single reporting person. The signature line shows filing under power of attorney (signed by Keith Larson for Thomas Earl) dated 09/15/2025. Explanatory footnotes provide price ranges for weighted-average sale prices and confirm options were adjusted for a stock split and are fully vested. From a governance and disclosure perspective, the Form 4 furnishes the standard details investors and regulators expect about timing, quantities, prices, and vesting status.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Earl Thomas

(Last) (First) (Middle)

C/O VENTURE GLOBAL, INC.

1001 19TH STREET NORTH, SUITE 1500

(Street)

ARLINGTON VA 22209

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Venture Global, Inc. [ VG ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Commercial Officer

3. Date of Earliest Transaction (Month/Day/Year)
09/11/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class A Common Stock	09/11/2025		M		840,076	A	$0.79	840,076	D
Class A Common Stock	09/11/2025		S		840,076	D	$13.74(1)	0	D
Class A Common Stock	09/12/2025		M		159,924	A	$0.79	159,924	D
Class A Common Stock	09/12/2025		S		159,924	D	$13.59(2)	0	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Options	$0.79(3)	09/11/2025		M			840,076(3)	(4)	07/18/2027	Class A Common Stock	840,076(3)	$0	8,200,587(3)	D
Stock Options	$0.79(3)	09/12/2025		M			159,924(3)	(4)	07/18/2027	Class A Common Stock	159,924(3)	$0	8,040,663(3)	D

Explanation of Responses:

1. The price reported is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $13.65 to $13.85 per share, inclusive. Upon request by the staff of the Securities and Exchange Commission, the Issuer or any securityholder of the Issuer, the Reporting Person undertakes to provide full information regarding the number of shares purchased at each separate price within the ranges set forth in this footnote.

2. The price reported is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $13.51 to $13.79 per share, inclusive. Upon request by the staff of the Securities and Exchange Commission, the Issuer or any securityholder of the Issuer, the Reporting Person undertakes to provide full information regarding the number of shares purchased at each separate price within the ranges set forth in this footnote.

3. This stock option was previously reported as covering 2,000 shares of Class A Common Stock at an exercise price of $3,568 per share, but was adjusted to reflect the stock split that occurred immediately prior to the consummation of the Issuer's initial public offering.

4. This option is fully vested and exercisable.

	/s/ Keith Larson, attorney-in-fact for Thomas Earl	09/15/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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FAQ

Who filed the Form 4 for VG and what is their role?

The filing lists Earl Thomas (Chief Commercial Officer) as the reporting person.

What transactions are reported on the Form 4 for VG?

On 09/11/2025 and 09/12/2025 the reporting person exercised options (exercise price $0.79) to acquire 840,076 and 159,924 Class A shares respectively and sold those same shares the same days.

At what prices were the shares sold?

Sales were reported at weighted-average prices of $13.74 (09/11/2025) and $13.59 (09/12/2025); footnotes state these are weighted averages across price ranges.

Did the reporting person retain any shares from these exercised lots?

No; the Form 4 shows 0 shares remaining from the reported exercised and sold lots.

What is the status of the related stock options?

The filing states the stock options (exercise price $0.79) are fully vested and exercisable with post-transaction beneficial ownership reported as 8,200,587 and 8,040,663 shares for the respective grants.