Burford Capital (NYSE: BUR) CEO logs major RSU and PSU vesting, defers into Phantom RSUs
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
Burford Capital Ltd Chief Executive Officer Christopher P. Bogart reported equity compensation activity, not open-market trading. On March 26, 2026, he exercised 107,568 RSUs and 82,829 PSUs into Ordinary Shares at a conversion price of $0.00 per share. According to his elections under Burford’s nonqualified deferred compensation plan, these vested awards were converted into 107,568 and 81,725 Phantom RSUs, each tracking one Ordinary Share. To satisfy tax withholding on vesting, 1,104 Ordinary Shares were withheld at $7.70 per share, which is a non‑market, tax-payment event. The filing also lists indirect holdings of Ordinary Shares held by a trust and LLCs in amounts of 375,000, 7,647,727 and 888,563 shares as of the reported date.
Positive
- None.
Negative
- None.
Insider Trade Summary
190,397 shares exercised/converted
Mixed
8 txns
Insider
BOGART CHRISTOPHER P
Role
Chief Executive Officer
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Exercise | RSUs | 107,568 | $0.00 | -- |
| Grant/Award | Phantom RSUs | 107,568 | $0.00 | -- |
| Exercise | PSUs | 82,829 | $0.00 | -- |
| Grant/Award | Phantom RSUs | 81,725 | $0.00 | -- |
| Tax Withholding | Ordinary shares, no par value ("Ordinary Shares") | 1,104 | $7.70 | $9K |
| holding | Ordinary Shares | -- | -- | -- |
| holding | Ordinary Shares | -- | -- | -- |
| holding | Ordinary Shares | -- | -- | -- |
Holdings After Transaction:
RSUs — 2,134,982.4 shares (Direct);
Phantom RSUs — 2,242,550.4 shares (Direct);
PSUs — 2,159,721.4 shares (Direct);
Ordinary shares, no par value ("Ordinary Shares") — 0 shares (Direct);
Ordinary Shares — 375,000 shares (Indirect, By Trust)
Footnotes (1)
- Represents satisfaction of tax withholding obligations by net settlement of Ordinary Shares upon vesting of performance-based restricted share units ("PSUs"). Represents an award of restricted share units ("RSUs") granted on March 22, 2023 that vested in full on May 3, 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. 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 107,568 phantom RSUs ("Phantom RSUs"). The transactions reported in this Form 4 do not include transactions reported separately by Elizabeth O'Connell, the reporting person's spouse, who is also an executive officer of Burford Capital Limited. Represents the conversion of 107,568 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. Represents vesting of an award of PSUs granted on March 22, 2023 that vested at 77% of target level upon certification of achievement of the financial performance metrics. The reporting person has elected to defer receipt of 100% of Ordinary Shares deliverable upon vesting of the PSUs pursuant to the NQDC Plan, resulting in the reporting person's receipt of 81,725 Phantom RSUs. Represents the conversion of 81,725 PSUs 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
RSUs exercised: 107,568 units
PSUs exercised: 82,829 units
Phantom RSUs from RSUs: 107,568 units
+4 more
7 metrics
RSUs exercised
107,568 units
RSUs converted into Ordinary Shares at $0.00 on March 26, 2026
PSUs exercised
82,829 units
PSUs vested and converted into Ordinary Shares at $0.00 on March 26, 2026
Phantom RSUs from RSUs
107,568 units
RSUs converted one-for-one into Phantom RSUs under NQDC Plan
Phantom RSUs from PSUs
81,725 units
PSUs converted one-for-one into Phantom RSUs under NQDC Plan
Shares withheld for tax
1,104 shares at $7.70
Ordinary Shares withheld to satisfy tax obligations on vesting
Indirect trust holding
375,000 shares
Ordinary Shares held indirectly by trust as of transaction date
Indirect LLC holdings
7,647,727 and 888,563 shares
Ordinary Shares held indirectly by LLCs as of transaction date
Key Terms
RSUs, PSUs, Phantom RSUs, NQDC Plan, +1 more
5 terms
RSUs financial
"Represents an award of restricted share units ("RSUs") granted on March 22, 2023"
RSUs, or restricted stock units, are a form of company shares given to employees as part of their compensation. They are typically awarded with certain restrictions, such as a waiting period before they can be fully owned or sold, similar to earning a gift that becomes fully yours over time. For investors, RSUs can impact a company's stock offerings and reflect how much the company relies on stock-based incentives to attract and retain talent.
PSUs financial
"Represents vesting of an award of PSUs granted on March 22, 2023"
PSUs are company shares promised to employees or executives that only become actual stock if the business hits specific performance targets over a set period. For investors, PSUs matter because they link pay to measurable outcomes — similar to a conditional bonus that converts into ownership — which can influence management decisions, dilution of shares, and signals about confidence in future results.
Phantom RSUs financial
"resulting in the reporting person's receipt of 107,568 phantom RSUs ("Phantom RSUs")"
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"
FAQ
What insider transactions did Burford Capital (BUR) report for Christopher Bogart?
Christopher Bogart reported vesting and conversion of equity awards, not open-market trades. He exercised RSUs and PSUs into Ordinary Shares, then deferred them into Phantom RSUs under Burford’s deferred compensation plan, reflecting compensation mechanics rather than discretionary buying or selling.
How many RSUs and PSUs vested for Burford Capital’s CEO in this Form 4?
The CEO had 107,568 restricted share units and 82,829 performance share units vest or convert into Ordinary Shares on March 26, 2026. These awards were originally granted in March 2023 and vested based on retirement eligibility and achievement of financial performance metrics.
What are Phantom RSUs in the Burford Capital (BUR) Form 4 filing?
Phantom RSUs are rights to receive the economic equivalent of one Ordinary Share. In this filing, 107,568 RSUs and 81,725 PSUs were converted into Phantom RSUs under Burford’s deferred compensation plan, which may be settled later in cash or shares according to plan terms.