Klein Mark N. 4

What Happened
Mark N. Klein, General Counsel & Chief Administrative Officer of Burford Capital Ltd (BUR), had restricted share awards convert into 36,425 ordinary shares on March 26, 2026 (reported on a Form 4 filed March 30, 2026). The shares were issued on vesting/exercise (derivative conversion entries, code M). To satisfy tax withholding obligations (code F), 18,148 of those shares were surrendered at an effective price of $7.70 per share, generating $139,740 in tax withholding. The awards were received at $0 exercise price (they were RSUs/PSUs converting one‑for‑one to ordinary shares).

Key Details

• Transaction date: March 26, 2026; Form 4 filed March 30, 2026 (timely within two business days).
• Shares issued on vesting/conversion (codes M): 18,437 + 14,197 + 3,791 = 36,425 shares acquired at $0.00 (vested RSUs/PSUs).
• Tax withholding (code F): 18,148 shares surrendered at $7.70 = $139,740. Net shares retained after withholding: 36,425 − 18,148 = 18,277.
• Footnotes:
  • F1: 18,437 shares = RSUs granted Mar 22, 2023 that vested in full on the 3rd anniversary.
  • F2: 14,197 shares = PSUs granted Mar 22, 2023 that vested at 77% of target after certification.
  • F3: 3,791 shares = one‑third of RSUs granted Mar 13, 2025.
  • F4: Tax withholding satisfied by net settlement (share surrender) rather than cash payment.
• Shares owned after the transaction: not specified in the provided filing details.

Context

• These were award vesting/conversion transactions (not open‑market purchases or discretionary sales). The derivative code M here reflects conversion/vesting of RSUs/PSUs into ordinary shares; code F indicates shares were surrendered to cover tax withholding (a common, administrative disposition).
• Because the withholding was a net settlement, the surrendered shares were not sold on the open market — this is routine tax withholding and does not necessarily signal a bullish or bearish view by the insider.