Licht Jordan David 4

What Happened
Jordan David Licht, Chief Financial Officer of Burford Capital Ltd (BUR), was granted 156,287 restricted share units (RSUs) and acquired a total of 3,711.9 phantom RSUs on March 5, 2026. The RSUs are reported at an implied value of $8.55 each (total $1,336,254). The phantom RSUs are reported at an implied value of $8.27 each (total $30,697). Both entries are recorded as derivative awards/acquisitions (no open-market purchase or sale).

Key Details

• Date of transactions: March 5, 2026. Filing date: March 9, 2026 (filed timely).
• Primary grant: 156,287 RSUs @ $8.55 each = $1,336,254 (transaction code A — award/grant).
• Deferred/phantom units: 3,711.9 Phantom RSUs @ $8.27 each = $30,697 (transaction code I — discretionary acquisition). This total reflects Mr. Licht’s purchase of 2,783.9 Phantom RSUs plus a company matching contribution of 928.0 Phantom RSUs.
• Shares owned after transaction: Not specified in the Form 4 filing.
• Footnotes:
  • RSUs vest in five equal installments (Mar 22, 2027; Mar 15 of 2028, 2029, 2030; and Mar 15, 2031), subject to continued employment. Each RSU represents a contingent right to one ordinary share.
  • Phantom RSUs vest on Mar 2, 2028, and represent the economic equivalent of one ordinary share; payout may be in cash or shares per the Deferred Compensation Plan.
• Filing timeliness: The Form 4 was submitted March 9, 2026 for a March 5, 2026 transaction (within the typical two-business-day reporting window).

Context
These are compensation and deferred-compensation awards/acquisitions (derivative instruments), not open-market purchases or sales. RSUs and phantom RSUs are contingent rights that convert to value (shares or cash) only if vesting conditions are met; they do not represent immediate transfer of shares on the transaction date. Such awards are common for executive compensation and reflect planned compensation rather than direct market sentiment.