Perla David 4

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.