OCONNELL ELIZABETH 4
4 · Burford Capital Ltd · Filed Mar 30, 2026
Research Summary
AI-generated summary of this filing
Burford (BUR) CSO Elizabeth O'Connell Exercises RSUs, Sells 13,029 Shares
What Happened
- Elizabeth O'Connell, Chief Strategy Officer of Burford Capital Ltd (BUR), converted vested restricted share units (RSUs) and performance RSUs (PSUs) into Ordinary Shares on March 26, 2026. Several conversions show $0 exercise price (typical for RSU/PSU settlement).
- To satisfy tax withholding obligations, 13,029 Ordinary Shares were net-surrendered at an implied withholding price of $7.70 per share, totaling $100,323. Other converted shares (18,437; 14,197; 3,791) were recorded as acquisitions or as derivative conversions, and 3,791 RSUs were converted into Phantom RSUs under the company’s deferred compensation plan.
Key Details
- Transaction date: March 26, 2026 (Form filed March 30, 2026).
- Prices and amounts:
- RSU/PSU conversions recorded at $0.00 (no cash exercise price): 18,437; 14,197; 3,791 shares (various conversion/transfer lines).
- Tax withholding: 13,029 shares @ $7.70 = $100,323 (Disposed to cover taxes).
- Shares owned after transaction: Not specified in the provided filing details.
- Notable footnotes:
- F1/F3: RSUs and PSUs granted March 22, 2023 vested (PSUs settled at 77% of target) due to retirement eligibility.
- F4: Tax withholding satisfied by net settlement of shares.
- F6/F7: One-third of RSUs from March 13, 2025 vested and the reporting person elected to defer delivery; 3,791 RSUs converted to Phantom RSUs under the NQDC Plan (contingent rights to economic equivalent of one share).
- F5: Transactions do not include separate filings by her spouse, Christopher Bogart.
- Filing timeliness: Form 4 was filed on March 30, 2026 for transactions dated March 26, 2026. Form 4s are generally required within two business days; this filing appears to have been submitted after that window.
Context
- This was a conversion/settlement of equity awards (RSUs/PSUs), not an open-market purchase. The $0 entries reflect award settlement rather than purchasing shares with cash.
- The 13,029-share disposition was a routine net share withholding to cover tax obligations (a common administrative step), not a discretionary market sale signaling sentiment.
- The conversion of RSUs into Phantom RSUs under the deferred compensation plan means some economic exposure is deferred and may be settled later in cash or shares per plan terms.
Insider Transaction Report
Form 4
OCONNELL ELIZABETH
Chief Strategy Officer
Transactions
- Exercise/Conversion
Ordinary shares, no par value ("Ordinary Shares")
[F1][F2]2026-03-26+18,437→ 53,191 total(indirect: By Trust) - Exercise/Conversion
Ordinary Shares
[F3][F2]2026-03-26+14,197→ 67,388 total(indirect: By Trust) - Tax Payment
Ordinary Shares
[F4][F2]2026-03-26$7.70/sh−13,029$100,323→ 54,359 total(indirect: By Trust) - Exercise/Conversion
RSUs
[F1][F5]2026-03-26−18,437→ 407,033.5 total→ Ordinary Shares (18,437 underlying) - Exercise/Conversion
PSUs
[F3][F5]2026-03-26−14,197→ 392,836.5 total→ Ordinary Shares (14,197 underlying) - Exercise/Conversion
RSUs
[F6][F5]2026-03-26−3,791→ 389,045.5 total→ Ordinary Shares (3,791 underlying) - Award
Phantom RSUs
[F7][F5]2026-03-26+3,791→ 392,836.5 total→ Ordinary Shares (3,791 underlying)
Footnotes (7)
- [F1]Represents an award of restricted share units ("RSUs") granted on March 22, 2023 that vested in full on August 12, 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.
- [F2]Represents Ordinary Shares held by Elizabeth O'Connell Revocable Trust, of which the reporting person serves as a sole trustee and is a beneficiary.
- [F3]Represents vesting of an award of performance-based RSUs ("PSUs") granted on March 22, 2023 that vested at 77% of target level upon certification of achievement of the financial performance metrics. Each PSU converts into an Ordinary Share on a one-for-one basis.
- [F4]Represents satisfaction of tax withholding obligations by net settlement of Ordinary Shares upon vesting of RSUs and PSUs.
- [F5]The transactions reported in this Form 4 do not include transactions reported separately by Christopher Bogart, the reporting person's spouse, who is also an executive officer of Burford Capital Limited.
- [F6]Represents one-third of an award of RSUs granted on March 13, 2025 that vested in full on August 12, 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 March 22, 2026 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 3,791 phantom RSUs ("Phantom RSUs").
- [F7]Represents the conversion of 3,791 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.
Signature
/s/ Mark N. Klein, as attorney-in-fact|2026-03-30