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Burford Capital Ltd·4

Mar 9, 4:44 PM ET

BOGART CHRISTOPHER P 4

Research Summary

AI-generated summary

Updated

Burford (BUR) CEO Christopher Bogart Receives RSUs & Phantom RSUs

What Happened

  • Christopher P. Bogart, CEO of Burford Capital Ltd., reported two acquisition-type derivative transactions on March 5, 2026: a grant of 24,740 restricted share units (RSUs) at $8.55 ($211,527) and a discretionary acquisition of 304,353.3 phantom RSUs at $8.27 ($2,517,002). Total reported economic value ≈ $2,728,529 for ~329,093 RSU-equivalents.
  • These were not open-market common-share purchases or sales but awards/deferrals (derivative rights to receive shares or cash).

Key Details

  • Transaction dates/prices/values:
    • 2026-03-05: Grant (A) — 24,740 RSUs @ $8.55 = $211,527.
    • 2026-03-05: Discretionary (I) — 304,353.3 Phantom RSUs @ $8.27 = $2,517,002 (comprised of 228,264.3 Phantom RSUs purchased by Mr. Bogart + 76,089.0 Phantom RSUs matched by the company).
  • Shares owned after the transaction: Not stated in the provided filing excerpt.
  • Footnotes/highlights:
    • F1: The 24,740 RSUs were granted under the 2025 Omnibus Plan; RSUs generally vest in five equal installments (Mar 2027–Mar 2031), BUT because Mr. Bogart became retirement-eligible on May 3, 2025, the RSUs vested in full on the grant date with settlement to follow the ordinary vesting schedule.
    • F3: The Phantom RSUs vested in full on the grant date for the same retirement-eligibility reason; Phantom RSUs pay the economic equivalent of ordinary shares (cash or shares per plan) and settlement follows the NQDC Plan elections.
    • F2: Transactions by Mr. Bogart’s spouse (Elizabeth O’Connell), also an executive, are reported separately and are not included here.
  • Filing timeliness: Report filed 2026-03-09 for transactions on 2026-03-05 — appears timely (filed within the SEC’s two-business-day Form 4 window).

Context

  • These are derivative awards/deferrals, not immediate receipt of tradable common shares. RSUs and Phantom RSUs give future rights to shares or cash based on plan terms; settlement timing depends on the plan and Mr. Bogart’s distribution elections.
  • Because the awards vested on the grant date due to prior retirement eligibility, the economic right is fixed now, but actual share/cash delivery will follow the plans’ settlement schedules.