Perla David 4
4 · Burford Capital Ltd · Filed Mar 30, 2026
Research Summary
AI-generated summary of this filing
Burford (BUR) Vice Chair Perla David Receives RSUs/PSUs, 1,739 Shares Withheld
What Happened
- Perla David, Vice Chair of Burford Capital Ltd (BUR), had multiple equity awards vest on 2026-03-26. Key items: one‑third of RSUs from a March 13, 2025 grant vested (2,686 shares); RSUs granted March 22, 2023 converted into 18,003 Phantom RSUs; and PSUs from March 22, 2023 vested at 77% of target and converted into 13,863 Phantom RSUs. To satisfy tax withholding, 1,739 ordinary shares were net‑settled/withheld at $7.70 per share, generating $13,390. Several reporting lines show administrative “exercise/conversion” entries at $0, reflecting vesting/conversion rather than a paid option exercise.
Key Details
- Transaction date: 2026-03-26; Form 4 filed 2026-03-30 (filed within required business-day window).
- Tax withholding: 1,739 shares withheld/disposed at $7.70 each = $13,390.
- Vesting/conversion totals (per footnotes): 2,686 RSUs vested (1/3 of 2025 grant); 18,003 RSUs converted to Phantom RSUs under the Burford NQDC Plan; 13,863 PSUs converted to Phantom RSUs (vested at 77%).
- Phantom RSUs: contingent rights to the economic equivalent of one Ordinary Share each; may be paid in cash or settled in shares under the NQDC Plan.
- Transaction codes: M = exercise/conversion of derivative; A = grant/award; F = tax withholding. The filing shows conversions/deferrals rather than open‑market sales.
- Shares owned after the transactions: not specified in the provided filing summary.
Context
- This was primarily a vesting and election to defer receipt into the company’s non‑qualified deferred compensation (NQDC) plan, not a discretionary buy or sell signal. Only the tax‑withholding shares were disposed (net‑settlement); there was no open‑market sale reported. For retail investors, award vestings are routine compensation events — Phantom RSUs preserve economic exposure but may be settled in cash or shares later.
Insider Transaction Report
Form 4
Perla David
Vice Chair
Transactions
- Exercise/Conversion
Ordinary shares, no par value ("Ordinary Shares")
[F1]2026-03-26+2,686→ 82,858 total - Tax Payment
Ordinary Shares
[F2]2026-03-26$7.70/sh−1,739$13,390→ 81,119 total - Exercise/Conversion
RSUs
[F3]2026-03-26−18,437→ 203,461.2 total→ Ordinary Shares (18,437 underlying) - Award
Phantom RSUs
[F4]2026-03-26+18,003→ 221,464.2 total→ Ordinary Shares (18,003 underlying) - Exercise/Conversion
PSUs
[F5]2026-03-26−14,197→ 207,267.2 total→ Ordinary Shares (14,197 underlying) - Award
Phantom RSUs
[F6]2026-03-26+13,863→ 221,130.2 total→ Ordinary Shares (13,863 underlying) - Exercise/Conversion
RSUs
[F1]2026-03-26−2,686→ 218,444.2 total→ Ordinary Shares (2,686 underlying)
Footnotes (6)
- [F1]Represents vesting of one-third of an award of restricted share units ("RSUs") granted on March 13, 2025. Each RSU converts into an Ordinary Share on a one-for-one basis.
- [F2]Represents satisfaction of tax withholding obligations by net settlement of Ordinary Shares upon vesting of RSUs and performance-based RSUs ("PSUs").
- [F3]Represents vesting of an award of RSUs granted on March 22, 2023 that vested in full on the third anniversary of the grant date. The reporting person has elected to defer receipt of 100% of Ordinary Shares deliverable upon vesting of the RSUs pursuant to the Burford Capital Deferred Compensation Plan (the "NQDC Plan"), resulting in the reporting person's receipt of 18,003 phantom RSUs ("Phantom RSUs").
- [F4]Represents the conversion of 18,003 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.
- [F5]Represents vesting of an award of PSUs granted on March 22, 2023 that vested at 77% of target level upon certification of achievement of the financial performance metrics. The reporting person has elected to defer receipt of 100% of Ordinary Shares deliverable upon vesting of the PSUs pursuant to the NQDC Plan, resulting in the reporting person's receipt of 13,863 Phantom RSUs.
- [F6]Represents the conversion of 13,863 PSUs 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