BOGART CHRISTOPHER P 4
4 · Burford Capital Ltd · Filed Mar 30, 2026
Research Summary
AI-generated summary of this filing
Burford (BUR) CEO Christopher Bogart Converts Awards, Net-Sells 1,104 Shares
What Happened Christopher P. Bogart, CEO of Burford Capital Ltd (BUR), converted vested RSUs and performance share units (PSUs) into deferred "Phantom RSUs" under the company's non-qualified deferred compensation (NQDC) plan and satisfied tax withholding by surrendering 1,104 ordinary shares. The filing shows: 107,568 RSUs converted to 107,568 Phantom RSUs; 82,829 PSUs converted resulting in 81,725 Phantom RSUs with 1,104 ordinary shares withheld (sold) at $7.70 each, totaling $8,501 for tax obligations. No open-market purchases or discretionary sales beyond the tax withholding were reported.
Key Details
- Transaction date: March 26, 2026; Form 4 filed March 30, 2026 (filed within the usual reporting window).
- Tax withholding/net settlement: 1,104 ordinary shares disposed at $7.70 for $8,501 (transaction code F).
- Derivative conversions: 107,568 RSUs → 107,568 Phantom RSUs (codes M and A); 82,829 PSUs converted, resulting in 81,725 Phantom RSUs (codes M and A), with 1,104 shares used for tax withholding.
- Phantom RSUs: contingent rights to the economic equivalent of one ordinary share, payable in cash or shares under the NQDC Plan (see footnotes F2–F6).
- Shares owned after the transactions: not specified in this filing.
- Spouse: separate transactions by Elizabeth O’Connell (the reporting person’s spouse) are reported separately (footnote F3).
Context This was largely an administrative conversion/settlement: Bogart elected to defer vested RSUs and PSUs into Phantom RSUs rather than receive immediate ordinary shares, and the company satisfied tax withholding by retaining/surrendering 1,104 shares (a common practice). Phantom RSUs are not immediate share ownership but represent future economic exposure (cash or share settlement) per the NQDC Plan. These actions are routine compensation/deferral transactions rather than an outright open-market purchase or a discretionary sell that would signal a trading preference.
Insider Transaction Report
- Tax Payment
Ordinary shares, no par value ("Ordinary Shares")
[F1]2026-03-26$7.70/sh−1,104$8,501→ 0 total - Exercise/Conversion
RSUs
[F2][F3]2026-03-26−107,568→ 2,134,982.4 total→ Ordinary Shares (107,568 underlying) - Award
Phantom RSUs
[F4][F3]2026-03-26+107,568→ 2,242,550.4 total→ Ordinary Shares (107,568 underlying) - Exercise/Conversion
PSUs
[F5][F3]2026-03-26−82,829→ 2,159,721.4 total→ Ordinary Shares (82,829 underlying) - Award
Phantom RSUs
[F6][F3]2026-03-26+81,725→ 2,241,446.4 total→ Ordinary Shares (81,725 underlying)
- 375,000(indirect: By Trust)
Ordinary Shares
- 7,647,727(indirect: By LLC)
Ordinary Shares
- 888,563(indirect: By LLC)
Ordinary Shares
Footnotes (6)
- [F1]Represents satisfaction of tax withholding obligations by net settlement of Ordinary Shares upon vesting of performance-based restricted share units ("PSUs").
- [F2]Represents an award of restricted share units ("RSUs") granted on March 22, 2023 that vested in full on May 3, 2025, due to the reporting person becoming retirement eligible under Burford Capital Limited's retirement policy in effect from time to time, with settlement to occur in the form of Ordinary Shares on a one-for-one-basis on the third anniversary of the grant date in accordance with the ordinary vesting schedule. Notwithstanding the foregoing, the reporting person has elected to defer receipt of 100% of Ordinary Shares deliverable upon the scheduled vesting date of the RSUs pursuant to the Burford Capital Deferred Compensation Plan (the "NQDC Plan"), resulting in the reporting person's receipt of 107,568 phantom RSUs ("Phantom RSUs").
- [F3]The transactions reported in this Form 4 do not include transactions reported separately by Elizabeth O'Connell, the reporting person's spouse, who is also an executive officer of Burford Capital Limited.
- [F4]Represents the conversion of 107,568 RSUs into Phantom RSUs, on a one-for-one basis, under the NQDC Plan. Each Phantom RSU represents a contingent right to receive the economic equivalent of one Ordinary Share, which may be paid in cash or settled in an Ordinary Share in accordance with the terms of the NQDC Plan.
- [F5]Represents vesting of an award of PSUs granted on March 22, 2023 that vested at 77% of target level upon certification of achievement of the financial performance metrics. The reporting person has elected to defer receipt of 100% of Ordinary Shares deliverable upon vesting of the PSUs pursuant to the NQDC Plan, resulting in the reporting person's receipt of 81,725 Phantom RSUs.
- [F6]Represents the conversion of 81,725 PSUs into Phantom RSUs, on a one-for-one basis, under the NQDC Plan. Each Phantom RSU represents a contingent right to receive the economic equivalent of one Ordinary Share, which may be paid in cash or settled in an Ordinary Share in accordance with the terms of the NQDC Plan.