Vistra Corp. Form 4: Executive option exercise and stock sale

Rhea-AI Filing Summary

Vistra Corp. executive reports stock option exercise and share sale. On 11/14/2025, the EVP and Chief Administrative Officer of Vistra Corp. (VST) exercised 2020 employee stock options to acquire 58,275 shares of common stock at an exercise price of $22.98 per share. On the same date, they sold 58,275 shares of common stock in market transactions at a weighted-average price of $174.75 per share, with individual trade prices ranging from $174.62 to $175.19. Following these transactions, the reporting person beneficially owned 218,239 shares of Vistra common stock directly, and held 0 derivative securities from this option grant, which originally vested in three annual installments beginning on February 25, 2021.

Insights

Insider trading and corporate governance analyst

Routine executive option exercise and share sale, with holdings still remaining.

The EVP and Chief Administrative Officer of Vistra Corp. exercised 2020 employee stock options on 11/14/2025 to buy 58,275 options worth of common stock at an exercise price of $22.98 per share, then sold the same number of shares at a weighted-average price of $174.75. This combination of a transaction code M (option exercise) and S (sale) is a common pattern for monetizing vested equity awards.

After the transactions, the executive still held 218,239 shares of common stock directly and no remaining derivative securities from this specific option award, which had vested in three annual installments starting on February 25, 2021. The price disclosure as a weighted average, with trades between $174.62 and $175.19, indicates multiple market trades rather than a single block. As described, this appears to be a standard compensation-related liquidity event rather than a change in control or strategy signal.

Insider Trade Summary

Net Seller: 58,275 shares ($10,183,556)

Net Sell 3 txns

Insider Kirby Carrie Lee

Role EVP and Chief Admin. Officer

Sold 58,275 shs ($10.18M)

Type	Security	Shares	Price	Value
Exercise	2020 Employee Stock Option (right to buy)	58,275	$0.00	--
Exercise	Common Stock	58,275	$22.98	$1.34M
Sale	Common Stock	58,275	$174.75	$10.18M

Holdings After Transaction: 2020 Employee Stock Option (right to buy) — 0 shares (Direct); Common Stock — 276,514 shares (Direct)

Footnotes (1)

1. Represents a weighted-average price. These shares were sold in multiple transactions at prices ranging from $174.62 to $175.19, 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. Options vested in three annual installments beginning February 25, 2021.

Form 4 Insider Transactions: What Each Field Means →

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

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

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^*

Kirby Carrie Lee

(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)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	EVP and Chief Admin. Officer

3. Date of Earliest Transaction (Month/Day/Year)
11/14/2025

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	11/14/2025		M		58,275	A	$22.98	276,514	D
Common Stock	11/14/2025		S		58,275	D	$174.75(1)	218,239	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
2020 Employee Stock Option (right to buy)	$22.98	11/14/2025		M			58,275	(2)	02/25/2030	Common Stock	58,275	$0	0	D

Explanation of Responses:

1. Represents a weighted-average price. These shares were sold in multiple transactions at prices ranging from $174.62 to $175.19, 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.

2. Options vested in three annual installments beginning February 25, 2021.

Remarks:

Exhibit 24. Power of Attorney

	/s/ Daniela Gutierrez, as Attorney-in-Fact	11/18/2025
	** 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 insider transaction did Vistra Corp. (VST) report in this Form 4?

The filing reports that Vistra Corp.'s EVP and Chief Administrative Officer exercised 2020 employee stock options for 58,275 shares of common stock at an exercise price of $22.98 per share and, on the same date, sold 58,275 shares of common stock in market transactions.

At what prices did the Vistra (VST) executive sell shares in this Form 4?

The executive sold 58,275 shares of Vistra common stock at a weighted-average price of $174.75 per share, with individual trades executed at prices ranging from $174.62 to $175.19.

How many Vistra (VST) shares does the reporting person own after the transactions?

Following the transactions on 11/14/2025, the reporting person beneficially owned 218,239 shares of Vistra Corp. common stock directly.

What happened to the Vistra (VST) stock options reported in this Form 4?

The reported derivative security is a 2020 employee stock option with an exercise price of $22.98 per share. On 11/14/2025, 58,275 options were exercised (transaction code M), resulting in 0 such derivative securities remaining beneficially owned after the transaction. These options had vested in three annual installments beginning on February 25, 2021 and were scheduled to expire on February 25, 2030.

What is the role of the reporting person in Vistra Corp. (VST)?

The reporting person is an officer of Vistra Corp., serving as the EVP and Chief Administrative Officer, as indicated under the relationship to issuer section.

Is this Vistra (VST) Form 4 filed by one person or a group?

The document states that it is a Form filed by one reporting person, not a joint or group filing.