Burford Capital officer exercises RSU and PSU awards
Burford Capital’s Chief Strategy Officer Elizabeth O’Connell reported multiple equity-compensation events tied to prior awards.
Rhea-AI Filing Summary
Burford Capital’s Chief Strategy Officer Elizabeth O’Connell reported multiple equity-compensation events tied to prior awards. She exercised RSU and PSU awards to acquire 36,425 Ordinary Shares at a zero exercise price as those awards vested under the company’s policies and performance criteria.
To cover related tax obligations, 13,029 Ordinary Shares were withheld at $7.70 per share. She also converted 3,791 RSUs into 3,791 Phantom RSUs under Burford’s Deferred Compensation Plan, deferring receipt of those shares. Following these transactions, 54,359 Ordinary Shares are held indirectly via her revocable trust, and 392,836.5 RSU- and PSU-based rights remain directly outstanding.
Positive
- None.
Negative
- None.
Insider Trade Summary
36,425 shares exercised/converted
Exercise
7 txns
Insider
OCONNELL ELIZABETH
Role
Chief Strategy Officer
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Exercise | RSUs | 18,437 | $0.00 | $0.00 |
| Exercise | PSUs | 14,197 | $0.00 | $0.00 |
| Exercise | RSUs | 3,791 | $0.00 | $0.00 |
| Grant/Award | Phantom RSUs | 3,791 | $0.00 | $0.00 |
| Exercise | Ordinary shares, no par value ("Ordinary Shares") | 18,437 | $0.00 | $0.00 |
| Exercise | Ordinary Shares | 14,197 | $0.00 | $0.00 |
| Exercise Price or Tax Liability | Ordinary Shares | 13,029 | $7.70 | $100K |
Holdings After Transaction:
RSUs — 796,079 contracts (Direct);
PSUs — 392,836.5 contracts (Direct);
Phantom RSUs — 392,836.5 contracts (Direct);
Ordinary shares, no par value ("Ordinary Shares") — 53,191 shares (Indirect, By Trust);
Ordinary Shares — 54,359 shares (Indirect, By Trust)
Footnotes (7)
- F1. Represents an award of restricted share units ("RSUs") granted on March 22, 2023 that vested in full on August 12, 2025, due to the reporting person becoming retirement eligible under Burford Capital Limited's retirement policy in effect from time to time, with settlement to occur in the form of Ordinary Shares on a one-for-one-basis on the third anniversary of the grant date in accordance with the ordinary vesting schedule.
- F2. Represents Ordinary Shares held by Elizabeth O'Connell Revocable Trust, of which the reporting person serves as a sole trustee and is a beneficiary.
- F3. Represents vesting of an award of performance-based RSUs ("PSUs") granted on March 22, 2023 that vested at 77% of target level upon certification of achievement of the financial performance metrics. Each PSU converts into an Ordinary Share on a one-for-one basis.
- F4. Represents satisfaction of tax withholding obligations by net settlement of Ordinary Shares upon vesting of RSUs and PSUs.
- F5. The transactions reported in this Form 4 do not include transactions reported separately by Christopher Bogart, the reporting person's spouse, who is also an executive officer of Burford Capital Limited.
- F6. Represents one-third of an award of RSUs granted on March 13, 2025 that vested in full on August 12, 2025, due to the reporting person becoming retirement eligible under Burford Capital Limited's retirement policy in effect from time to time, with settlement to occur in the form of Ordinary Shares on a one-for-one-basis on March 22, 2026 in accordance with the ordinary vesting schedule. Notwithstanding the foregoing, the reporting person has elected to defer receipt of 100% of Ordinary Shares deliverable upon the scheduled vesting date of the RSUs pursuant to the Burford Capital Deferred Compensation Plan (the "NQDC Plan"), resulting in the reporting person's receipt of 3,791 phantom RSUs ("Phantom RSUs").
- F7. Represents the conversion of 3,791 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.
Key Figures
Shares acquired via RSU/PSU vesting: 36,425 shares
Tax-withheld shares: 13,029 shares
Tax withholding price: $7.70 per share
+5 more
8 metrics
Shares acquired via RSU/PSU vesting
36,425 shares
Exercise of RSU and PSU awards on 2026-03-26
Tax-withheld shares
13,029 shares
Shares withheld to satisfy tax obligations at $7.70 per share
Tax withholding price
$7.70 per share
Value applied to shares withheld for taxes
Indirect Ordinary Shares after transactions
54,359 shares
Ordinary Shares held by revocable trust following transactions
Remaining RSU/PSU-related rights
392,836.5 units
Total RSU and PSU-based rights following derivative transactions
Phantom RSUs granted
3,791 units
RSUs converted into Phantom RSUs under NQDC Plan
Derivative exercises
36,425 shares
Total underlying shares from M-code derivative exercises
Tax-withholding transactions
13,029 shares
F-code shares delivered for tax liability
Key Terms
restricted share units ("RSUs"), performance-based RSUs ("PSUs"), Phantom RSUs, Deferred Compensation Plan (the "NQDC Plan"), +2 more
6 terms
performance-based RSUs ("PSUs") financial
"Represents vesting of an award of performance-based RSUs ("PSUs") granted on March 22, 2023"
Phantom RSUs financial
"resulting in the reporting person's receipt of 3,791 phantom RSUs ("Phantom RSUs")"
Deferred Compensation Plan (the "NQDC Plan") financial
"pursuant to the Burford Capital Deferred Compensation Plan (the "NQDC Plan")"
tax withholding obligations financial
"Represents satisfaction of tax withholding obligations by net settlement of Ordinary Shares"
revocable trust financial
"Ordinary Shares held by Elizabeth O'Connell Revocable Trust, of which the reporting person serves as a sole trustee"
A revocable trust is a legal arrangement where the person who creates it keeps control and can change or cancel the trust at any time, while naming who will manage and receive the assets later. Think of it like a flexible folder for your investments and property that can be relabeled or reworked as circumstances change; it matters to investors because it determines how ownership is recorded, how easily assets transfer on incapacity or death, and whether holdings bypass public probate proceedings.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What did Burford Capital (BUR) insider Elizabeth O’Connell report in this filing?
Elizabeth O’Connell reported vesting and exercise of RSU and PSU awards, acquiring 36,425 Ordinary Shares at a zero exercise price. The activity reflects equity compensation events rather than open‑market buying or selling, and includes associated tax withholding and deferral into phantom RSUs.
What are Phantom RSUs in the context of Burford Capital (BUR)?
Phantom RSUs are deferred compensation units that mirror the value of Ordinary Shares. O’Connell converted 3,791 RSUs into 3,791 Phantom RSUs, each representing the economic equivalent of one share, payable in cash or stock under Burford Capital’s Deferred Compensation Plan terms.
Are these Burford Capital insider transactions open‑market buys or sells?
No, the transactions consist of equity award exercises, vesting and tax withholding, not open‑market trades. Codes M and A reflect derivative exercises and grants, while code F reflects shares withheld to cover taxes due at vesting, rather than discretionary selling in the market.
AI-generated analysis. How Rhea-AI works. Not financial advice.
