Burford Capital (NYSE: BUR) shifts Aviva Will to Vice Chair with $1M salary

Rhea-AI Filing Summary

Burford Capital Limited updated the employment terms of its current President, Aviva Will. Effective March 11, 2026, she will transition from President to Vice Chair and will no longer serve as an executive officer of the company.

Under the amended and restated employment agreement, Ms. Will’s new role has a two-year term with an annual base salary of $1,000,000 and eligibility for employee benefit plans. She will receive a one-time cash retention payment of $1,762,984.88, a one-time grant of restricted share units valued at $300,000, an additional grant of 4,240 RSUs, and carried interest for the 2025 vintage year at the same level as in 2024.

If Burford terminates her employment without cause, she is entitled to a cash severance equal to the greater of $1,000,000 or her remaining base salary for the initial term, plus up to twelve months of continued health coverage for any termination. The agreement also includes ongoing confidentiality and non-disparagement obligations, and one-year non-compete and non-solicitation covenants after employment ends.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_______________________________________________________

FORM 8-K

_______________________________________________________

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported): March 3, 2026

_______________________________________________________

BURFORD CAPITAL LIMITED

(Exact name of registrant as specified in its charter)

_______________________________________________________

Guernsey			001-39511			N/A
(State or other jurisdiction of incorporation)			(Commission File Number)			(IRS Employer Identification No.)

Oak House, Hirzel Street

St. Peter Port

Guernsey GY1 2NP

(Address of principal executive offices) (Zip code)

+44 1481 723 450

(Registrant’s telephone number, including area code)

N/A

(Former name or former address, if changed since last report)

_______________________________________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class			Trading symbol(s)			Name of each exchange on which registered
Ordinary shares, no par value			BUR			New York Stock Exchange
Ordinary shares, no par value			BUR			London Stock Exchange AIM

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ 

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On March 3, 2026, Burford Capital LLC (“Burford”), a Delaware limited liability company and wholly owned subsidiary of Burford Capital Limited (together, the “Company”), entered into an amended and restated employment agreement with Aviva Will, the Company’s current President (the “Agreement”).

The Agreement amends and restates in its entirety the employment agreement, dated as of March 1, 2016, by and between Burford and Ms. Will. Pursuant to the Agreement, on March 11, 2026 (the “Effective Date”), Ms. Will will cease serving as President and will instead serve in the role of Vice Chair and will no longer be an executive officer of the Company.

Unless earlier terminated in accordance with its terms, the Agreement provides for an initial two-year term beginning on the Effective Date, during which Ms. Will will receive an annual base salary of $1,000,000 and be eligible to participate in the Company’s employee benefit plans. Ms. Will will also receive (i) a one-time cash retention payment in the amount of $1,762,984.88, (ii) a one-time grant of restricted share units (“RSUs”) in the amount of $300,000, (iii) an additional one-time grant of 4,240 RSUs and (iv) a grant of carried interest for the 2025 vintage year at the same level as Ms. Will received for the 2024 vintage year.

The Agreement provides that, subject to Ms. Will’s execution and non-revocation of a general release of claims, in the event that Ms. Will’s employment is terminated (i) by the Company without “cause” (as defined in the Agreement), she will be entitled to receive a cash amount equal to the greater of (x) continued base salary for the remainder of the initial term and (y) $1,000,000 and (ii) for any reason, twelve months of continued health coverage under the Company’s group health insurance. The Agreement also contains perpetual confidentiality and non-disparagement covenants and one-year post-employment non-competition and non-solicitation covenants.

The foregoing summary of the Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Agreement, which is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference.

Item 9.01    Financial Statements and Exhibits.

    (d)    Exhibits

Exhibit No.						Description
10.1						Amended and Restated Employment Agreement, dated as of March 3, 2026, by and between Burford Capital LLC and Aviva Will.
104						Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

BURFORD CAPITAL LIMITED
By:									/s/ Mark N. Klein
									Name: Mark N. Klein
									Title: General Counsel and Chief Administrative Officer

Date: March 6, 2026

FAQ

What leadership change did Burford Capital (BUR) announce for Aviva Will?

Burford Capital announced that Aviva Will will move from President to Vice Chair effective March 11, 2026, and will no longer be an executive officer. Her role change is governed by an amended and restated employment agreement with a two-year initial term and revised compensation.

What is Aviva Will’s new base salary under the Burford Capital agreement?

Aviva Will will receive an annual base salary of $1,000,000 under her new agreement with Burford Capital. This salary applies during the initial two-year term starting March 11, 2026, alongside continued eligibility to participate in the company’s employee benefit plans.

What one-time payments and equity awards will Aviva Will receive from Burford Capital?

Aviva Will will receive a one-time cash retention payment of $1,762,984.88, a one-time restricted share unit grant valued at $300,000, and an additional grant of 4,240 RSUs. She will also receive carried interest for the 2025 vintage year at the same level as for 2024.

What severance protections does Aviva Will have if Burford Capital terminates her without cause?

If Burford Capital terminates Aviva Will without cause, she is entitled to cash equal to the greater of $1,000,000 or her remaining base salary for the initial term. Subject to a release of claims, she also receives up to twelve months of continued group health coverage.

Does Aviva Will’s agreement with Burford Capital include non-compete or non-solicitation terms?

Yes. Aviva Will’s amended agreement includes one-year post-employment non-competition and non-solicitation covenants. It also contains perpetual confidentiality and non-disparagement obligations, aiming to protect Burford Capital’s business interests after her transition from President to Vice Chair.

How long is the term of Aviva Will’s new employment agreement with Burford Capital?

The amended and restated employment agreement provides an initial two-year term starting March 11, 2026. During this period, Aviva Will serves as Vice Chair, receives a $1,000,000 base salary, and is eligible for benefits, subject to earlier termination according to the agreement’s terms.

Filing Exhibits & Attachments

4 documents

Agreements & Contracts

• EX-10.1 EX-10.1 120.9 KB

Other Documents

• EX-101 XBRL TAXONOMY EXTENSION SCHEMA DOCUMENT 1.8 KB
• EX-101 XBRL TAXONOMY EXTENSION LABEL LINKBASE DOCUMENT 21.8 KB
• EX-101 XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE DOCUMENT 12.7 KB