[144] Burford Capital Limited SEC Filing

Rhea-AI Filing Summary

Sezzle Inc. (SEZL) – Form 4 insider transaction

Chief Financial Officer Karen Hartje sold an aggregate 5,484 shares of Sezzle common stock on 7 July 2025 under a pre-arranged Rule 10b5-1 trading plan adopted 20 Sep 2024. Sales were executed in five tranches at weighted-average prices ranging from $166.86 to $179.00 per share. Following the transactions, Hartje directly owns 126,846 shares, down roughly 4 % from the prior 132,330 shares.

The filing reports only non-derivative sales; no option exercises or other derivative activity occurred. Because the plan was disclosed and Hartje retains a sizeable equity stake, the move appears to be routine portfolio diversification rather than a strategic shift, but it nevertheless represents modest insider selling pressure.

Positive

• Rule 10b5-1 trading plan indicates the sale was pre-scheduled, reducing concerns about opportunistic trading.
• CFO retains 126,846 shares, maintaining strong ownership alignment.

Negative

• 5,484-share sale by the CFO may be interpreted as reduced confidence or profit-taking, adding minor negative sentiment.
• Insider selling at $166-$179 levels introduces modest supply, potentially pressuring the share price in the short term.

Insights

Securities Analyst

TL;DR: CFO sold 5.5k shares (≈4 % stake) via 10b5-1; modest, neutral-to-slightly negative signal.

The transaction totals 5,484 shares worth roughly US$0.9 million at prices near all-time highs for SEZL. Because the sale was executed under a pre-scheduled Rule 10b5-1 plan and the CFO continues to hold ~127 k shares, I view the move as routine liquidity rather than a bearish call on fundamentals. Insider selling, however, can cap short-term upside as supply increases and may concern momentum investors looking for insider alignment. Overall impact on valuation or guidance is negligible; I classify the disclosure as non-impactful and primarily a sentiment datapoint.

Corporate Governance Expert

TL;DR: Properly disclosed, plan-based sale aligns with governance best practices—neutral governance impact.

The use of a Rule 10b5-1 plan, adopted well in advance, provides safe-harbor protection and transparency, mitigating potential insider-trading concerns. The company’s Section 16 reporting is timely (two business days). Retention of >120 k shares preserves meaningful skin-in-the-game. From a governance standpoint, the transaction adheres to best-practice disclosure and does not raise red flags. Investor focus should remain on operational performance rather than this administrative filing.

Form 144 Filer Information	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 144 NOTICE OF PROPOSED SALE OF SECURITIES PURSUANT TO RULE 144 UNDER THE SECURITIES ACT OF 1933
FORM 144

144: Filer Information

Filer CIK
Filer CCC
Is this a LIVE or TEST Filing?	LIVE TEST
Submission Contact Information
Name
Phone
E-Mail Address

144: Issuer Information

Name of Issuer

SEC File Number

Address of Issuer

Phone

Name of Person for Whose Account the Securities are To Be Sold

See the definition of "person" in paragraph (a) of Rule 144. Information is to be given not only as to the person for whose account the securities are to be sold but also as to all other persons included in that definition. In addition, information shall be given as to sales by all persons whose sales are required by paragraph (e) of Rule 144 to be aggregated with sales for the account of the person filing this notice.

Relationship to Issuer

144: Securities Information

Title of the Class of Securities To Be Sold	Name and Address of the Broker	Number of Shares or Other Units To Be Sold	Aggregate Market Value	Number of Shares or Other Units Outstanding	Approximate Date of Sale	Name the Securities Exchange
Ordinary shares	Merrill Lynch 225 Liberty St Floor 37 New York NY 10281	7000	102165.63	218662589	07/09/2025	NYSE

Furnish the following information with respect to the acquisition of the securities to be sold and with respect to the payment of all or any part of the purchase price or other consideration therefor:

144: Securities To Be Sold

Title of the Class	Date you Acquired	Nature of Acquisition Transaction	Name of Person from Whom Acquired	Is this a Gift?	Date Donor Acquired	Amount of Securities Acquired	Date of Payment	Nature of Payment *
Ordinary shares	09/13/2021	Vesting of restricted stock unit award	Burford Capital Ltd			5453	09/13/2021	Granted as part of issuer equity compensation plan
Ordinary shares	03/31/2022	Vesting of restricted stock unit award	Burford Capital Ltd			1547	03/31/2022	Granted as part of issuer equity compensation plan

* If the securities were purchased and full payment therefor was not made in cash at the time of purchase, explain in the table or in a note thereto the nature of the consideration given. If the consideration consisted of any note or other obligation, or if payment was made in installments describe the arrangement and state when the note or other obligation was discharged in full or the last installment paid.

Furnish the following information as to all securities of the issuer sold during the past 3 months by the person for whose account the securities are to be sold.

144: Securities Sold During The Past 3 Months

Nothing to Report

144: Remarks and Signature

Remarks

Date of Notice

Date of Plan Adoption or Giving of Instruction, If Relying on Rule 10b5-1

ATTENTION:

The person for whose account the securities to which this notice relates are to be sold hereby represents by signing this notice that he does not know any material adverse information in regard to the current and prospective operations of the Issuer of the securities to be sold which has not been publicly disclosed. If such person has adopted a written trading plan or given trading instructions to satisfy Rule 10b5-1 under the Exchange Act, by signing the form and indicating the date that the plan was adopted or the instruction given, that person makes such representation as of the plan adoption or instruction date.

Signature

ATTENTION: Intentional misstatements or omission of facts constitute Federal Criminal Violations (See 18 U.S.C. 1001)

FAQ

How many Sezzle (SEZL) shares did the CFO sell?

Karen Hartje sold 5,484 shares of common stock.

When were the insider sales executed?

All transactions occurred on July 7, 2025.

What price range were the SEZL shares sold at?

Weighted-average prices ranged from $166.86 to $179.00 per share.

Does the CFO still own Sezzle shares after the sale?

Yes. Hartje now directly holds 126,846 shares of SEZL common stock.

Was the sale part of a 10b5-1 trading plan?

Yes. The plan was adopted on September 20, 2024, providing pre-arranged trading instructions.

Are any derivative securities involved in this Form 4?

No. The filing lists no derivative transactions such as options or warrants.