[Form 4] Vistra Corp. Insider Trading Activity

Rhea-AI Filing Summary

Vistra Corp. (VST) reporting person James A. Burke, President and CEO, filed a Form 4 disclosing option exercises and open-market sales executed under a Rule 10b5-1 plan adopted June 12, 2025. On 09/30/2025 and 10/01/2025 he was recorded as acquiring 22,000 option shares on each date at an exercise price of $19.68 and subsequently selling several blocks of common stock, including an aggregate weighted-average sale at $199.30 on 09/30/2025 and additional sales on 10/01/2025 at prices reported up to $195 and $192.87. The filings show his direct beneficial ownership moving through reported balances of 271,016, 253,815 and derivative holdings reported as 432,052 and 410,052 shares following the transactions. Indirect holdings include 701,514 shares held by JAMEB, LP and additional trusts holding 34,000 and 259 shares.

Positive

• Options exercised at $19.68 on 09/30/2025 and 10/01/2025, converting compensation into equity
• Significant indirect holdings remain: 701,514 shares via JAMEB, LP plus trusts holding 34,000 and 259 shares
• Transactions executed under a documented Rule 10b5-1 plan adopted June 12, 2025

Negative

• Large open-market sales reported, including a weighted-average sale at $199.30 on 09/30/2025, reducing direct holdings to 253,815 shares
• Net dilution of derivative-held shares shown by derivative beneficial ownership changing from 432,052 to 410,052 following transactions

Insights

Corporate Governance Expert

Insider used a 10b5-1 plan to exercise options and sell shares, leaving substantive indirect holdings.

The Form 4 confirms the reporting person adopted a Rule 10b5-1 plan on June 12, 2025, and executed option exercises of 22,000 shares on both 09/30/2025 and 10/01/2025 at an exercise price of $19.68.

The filings show multiple sales on those dates, including a weighted-average sale at $199.30, and the reporting person retains significant indirect ownership via JAMEB, LP: 701,514 shares and trusts holding 34,000 and 259 shares. This pattern is consistent with pre-planned liquidity from option exercises while maintaining meaningful indirect stakes.

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).

1. Name and Address of Reporting Person^*

BURKE JAMES A

(Last) (First) (Middle)

6555 SIERRA DRIVE

(Street)

IRVING TX 75039

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Vistra Corp. [ VST ]

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

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	President and CEO

3. Date of Earliest Transaction (Month/Day/Year)
09/30/2025

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
Common Stock	09/30/2025		M(1)		22,000	A	$19.68	271,016	D
Common Stock	09/30/2025		S(1)		19,596(2)	D	$199.3(3)	251,420	D
Common Stock	10/01/2025		M(1)		22,000	A	$19.68	273,420	D
Common Stock	10/01/2025		S(1)		17,600(4)	D	$195	255,820	D
Common Stock	10/01/2025		S(1)		2,005(5)	D	$192.87	253,815	D
Common Stock								701,514	I	By JAMEB, LP, a limited partnership jointly owned by Reporting Person and his spouse
Common Stock								34,000	I	By the James A. Burke 2012 Irrevocable Trust, dated 12/03/2012
Common Stock								259	I	By the Marti E. Burke 2012 Irrevocable Trust, dated 10/16/2012

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
2018 Employee Stock Option (right to buy)	$19.68	09/30/2025		M(1)			22,000	(6)	04/09/2027	Common Stock	22,000	$0	432,052	D
2018 Employee Stock Option (right to buy)	$19.68	10/01/2025		M(1)			22,000	(6)	04/09/2027	Common Stock	22,000	$0	410,052	D

Explanation of Responses:

1. This transaction was effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on June 12, 2025.

2. Includes an aggregate of approximately (i) 2,179 shares sold for the cashless exercise of the stock options; and (ii) 7,803 shares sold to pay taxes in connection with the exercise of the stock options.

3. Represents a weighted-average price. These shares were sold in multiple transactions at prices ranging from $199.30 to $199.314, inclusive. For all transactions reported in this Form 4 utilizing a weighted-average price, the reporting person will provide to the issuer, any security holder of the issuer, or the SEC staff, upon request, information regarding the number of shares sold at each price within the range.

4. Includes an aggregate of approximately (i) 1,782 shares sold for the cashless exercise of the stock options; and (ii) 6,227 shares sold to pay taxes in connection with the exercise of the stock options.

5. Includes an aggregate of approximately (i) 450 shares sold for the cashless exercise of the stock options; and (ii) 1555 shares sold to pay taxes in connection with the exercise of the stock options.

6. Options vested 50% 4 years from the grant date with the remaining 50% vesting 5 years from the grant date.

Remarks:

	/s/ Daniela Gutierrez, as Attorney-in-Fact	10/02/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did Vistra CEO James A. Burke report on Form 4 (VST)?

The Form 4 shows Mr. Burke exercised 22,000 option shares on both 09/30/2025 and 10/01/2025 at $19.68 and sold multiple blocks of common stock under a Rule 10b5-1 plan.

Were the trades executed under a trading plan for VST insider transactions?

Yes. The filing states the transactions were effected pursuant to a Rule 10b5-1 trading plan adopted on June 12, 2025.

How many shares does James A. Burke beneficially own after these transactions?

The Form 4 reports direct beneficial ownership at 253,815 shares after the reported transactions and indirect holdings of 701,514 shares via JAMEB, LP plus trusts holding 34,000 and 259 shares.

What sale prices were reported in the Form 4 for VST sales?

Sales were reported at weighted-average and specific prices including a weighted-average of $199.30 (range up to $199.314), and other sales at $195 and $192.87.

Did the Form 4 disclose shares sold to cover taxes or cashless exercises?

Yes. The filing explains portions of the sales included shares sold for the cashless exercise of options and shares sold to pay taxes in connection with exercises.