Licht Jordan David 4

What Happened

• Jordan Licht, Chief Financial Officer of Burford Capital Ltd (BUR), had a mix of restricted share units (RSUs) and performance-based RSUs (PSUs) vest on March 26, 2026, converting into 36,425 ordinary shares. To satisfy tax withholding, 18,597 of those shares were net-settled (disposed) at $7.70 per share for a cash value of $143,197, leaving a net of 17,828 shares retained by Licht. The filing shows the vesting/conversion entries as derivative exercises (code M) and the tax withholding as a disposition (code F).

Key Details

• Transaction date: 2026-03-26. Filing date (Form 4): 2026-03-30 (timely).
• Vested/converted shares: 36,425 total (18,437 + 14,197 + 3,791).
• Tax withholding: 18,597 shares withheld at $7.70 = $143,197 (net share settlement).
• Net shares received by insider: 17,828.
• Footnotes:
  • F1, F3: Vesting of time-based RSUs (including a one-third tranche from March 13, 2025 grant).
  • F2: Vesting of PSUs at 77% of target upon certification of performance metrics.
  • F4: Tax obligations satisfied by net settlement of shares (not an open-market sale).
• Shares owned after the transaction: not provided in the extracted details.

Context

• This was award vesting and a net-share tax withholding (routine compensation event), not an open-market sale or purchase; the withheld shares were used to cover tax liabilities (cashless/net settlement). Such events are common and generally reflect compensation mechanics rather than a trading view on the stock.