Burford Capital (BUR) awards RSUs and Phantom RSUs to Chief Development Officer

Rhea-AI Filing Summary

Lenkner Travis reported acquisition or exercise transactions in this Form 4 filing.

Burford Capital’s Chief Development Officer Travis Lenkner reported equity-based compensation activity. He received a grant of 152,047 restricted share units (RSUs) on March 5, 2026 at $8.55 per unit under the Burford Capital Limited 2025 Omnibus Incentive Compensation Plan. These RSUs vest in five equal installments between March 22, 2027 and March 15, 2031, subject to his continued employment, with each RSU convertible into one ordinary share.

On the same date, he also completed a discretionary transaction under Rule 16b-3(f) involving 81,687.5 Phantom RSUs under the Burford Capital Deferred Compensation Plan. This consists of a purchase of 61,265.5 Phantom RSUs by Mr. Lenkner and a matching company contribution of 20,422.0 Phantom RSUs, all vesting on March 2, 2028, each representing the economic equivalent of one ordinary share payable in cash or shares under the plan terms.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Lenkner Travis

(Last) (First) (Middle)

C/O BURFORD CAPITAL LIMITED

OAK HOUSE, HIRZEL STREET

(Street)

ST. PETER PORT Y7 GY1 2NP

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Burford Capital Ltd [ BUR ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Development Officer

3. Date of Earliest Transaction (Month/Day/Year)
03/05/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
RSUs	(1)	03/05/2026		A		152,047		(1)	(1)	Ordinary Shares	152,047	$8.55	173,659	D
Phantom RSUs	(2)	03/05/2026		I		81,687.5		(2)	(2)	Ordinary Shares	81,687.5	$8.27	255,346.5	D

Explanation of Responses:

1. Represents restricted share units ("RSUs") granted on March 5, 2026 by the compensation committee of the board of directors of Burford Capital Limited (the "Company") under the Burford Capital Limited 2025 Omnibus Incentive Compensation Plan. The RSUs vest in five equal installments with (i) the first installment vesting on March 22, 2027, (ii) the second installment vesting on March 15, 2028, (iii) the third installment vesting on March 15, 2029, (iv) the fourth installment vesting on March 15, 2030 and (v) the fifth installment vesting on March 15, 2031, in each case, subject to Mr. Lenkner's continued employment through such dates. Each RSU represents a contingent right to receive one ordinary share, no par value, of the Company ("Ordinary Share").

2. Represents a purchase of 61,265.5 phantom RSUs ("Phantom RSUs") by Mr. Lenkner under the Burford Capital Deferred Compensation Plan (the "NQDC Plan") and a matching contribution by the Company of 20,422.0 Phantom RSUs, which vest on March 2, 2028, in accordance with the NQDC Plan, subject to Mr. Lenkner's continued employment through such date. Each Phantom RSU represents a contingent right to receive the economic equivalent of one Ordinary Share, which may be paid in cash or Ordinary Shares in accordance with the terms of the NQDC Plan.

Remarks:

	/s/ Mark N. Klein, as attorney-in-fact	03/09/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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FAQ

What equity awards did Burford Capital (BUR) grant to Travis Lenkner?

Burford Capital granted Travis Lenkner 152,047 RSUs on March 5, 2026 at $8.55 per unit under its 2025 Omnibus Incentive Compensation Plan. Each RSU represents a contingent right to receive one ordinary share, subject to vesting and continued employment conditions.

How do Travis Lenkner’s new RSUs vest at Burford Capital (BUR)?

The 152,047 RSUs vest in five equal installments if Travis Lenkner remains employed. Vesting dates are March 22, 2027, March 15, 2028, March 15, 2029, March 15, 2030, and March 15, 2031, after which each vested RSU converts into one ordinary share.

What Phantom RSU transaction did Travis Lenkner report at Burford Capital (BUR)?

Lencner reported a discretionary Phantom RSU transaction totaling 81,687.5 units under the Deferred Compensation Plan. This includes his purchase of 61,265.5 Phantom RSUs and a company matching contribution of 20,422.0 Phantom RSUs, all dated March 5, 2026.

When do Travis Lenkner’s Phantom RSUs at Burford Capital (BUR) vest?

The Phantom RSUs vest on March 2, 2028, in line with the Burford Capital Deferred Compensation Plan. Vesting is conditioned on Mr. Lenkner’s continued employment through that date, as disclosed in the footnote describing the Phantom RSU purchase and matching contribution.

What does each Phantom RSU represent for Burford Capital (BUR) executives?

Each Phantom RSU represents the economic equivalent of one ordinary share. Under the Deferred Compensation Plan, that value may be paid in cash or in ordinary shares, following the plan’s terms and subject to vesting and continued employment requirements.

Under which plans were Travis Lenkner’s RSU and Phantom RSU awards issued at Burford Capital (BUR)?

The RSUs were granted under the 2025 Omnibus Incentive Compensation Plan, while the Phantom RSUs were transacted under Burford Capital’s Deferred Compensation Plan, referred to as the NQDC Plan, each with its own vesting schedule and payout mechanics.