OCONNELL ELIZABETH 4

What Happened

• Elizabeth O'Connell, Chief Strategy Officer of Burford Capital Ltd (BUR), had 42,112 phantom RSUs convert into 42,112 ordinary shares on 2026-06-15. No cash was paid for the conversion (exercise price reported as $0.00). To satisfy tax withholding, 9,265 of those shares were withheld/disposed at $4.64 per share, for a withholding value of $42,990. The net result was an increase of 32,847 ordinary shares delivered to O'Connell.

Key Details

• Transaction date: 2026-06-15; Form 4 filed 2026-06-17 (within the usual two-business-day filing window).
• Converted shares: 42,112 phantom RSUs → 42,112 ordinary shares (one-for-one per footnote).
• Tax withholding: 9,265 shares withheld at $4.64/share = $42,990 (reported as code F).
• Net shares received: 32,847 (42,112 − 9,265).
• Shares owned after transaction: not specified in the filing.
• Footnotes: F1 confirms phantom RSUs converted one-for-one; F3 confirms withholding satisfied with shares; F2 notes spouse Christopher Bogart reports his transactions separately.

Context

• This was a settlement of deferred compensation (phantom RSUs), not an open-market purchase or sale. The withholding of shares to satisfy tax obligations is a routine administrative step and is coded as a disposition for tax purposes. Codes: M = conversion/exercise of derivative (phantom RSU conversion), F = shares withheld for tax withholding.