Licht Jordan David 4
4 · Burford Capital Ltd · Filed Mar 9, 2026
Research Summary
AI-generated summary of this filing
Burford (BUR) CFO Jordan Licht Receives RSU and Phantom Unit Awards
What Happened
Jordan David Licht, Chief Financial Officer of Burford Capital Ltd (BUR), was granted 156,287 restricted share units (RSUs) and acquired a total of 3,711.9 phantom RSUs on March 5, 2026. The RSUs are reported at an implied value of $8.55 each (total $1,336,254). The phantom RSUs are reported at an implied value of $8.27 each (total $30,697). Both entries are recorded as derivative awards/acquisitions (no open-market purchase or sale).
Key Details
- Date of transactions: March 5, 2026. Filing date: March 9, 2026 (filed timely).
- Primary grant: 156,287 RSUs @ $8.55 each = $1,336,254 (transaction code A — award/grant).
- Deferred/phantom units: 3,711.9 Phantom RSUs @ $8.27 each = $30,697 (transaction code I — discretionary acquisition). This total reflects Mr. Licht’s purchase of 2,783.9 Phantom RSUs plus a company matching contribution of 928.0 Phantom RSUs.
- Shares owned after transaction: Not specified in the Form 4 filing.
- Footnotes:
- RSUs vest in five equal installments (Mar 22, 2027; Mar 15 of 2028, 2029, 2030; and Mar 15, 2031), subject to continued employment. Each RSU represents a contingent right to one ordinary share.
- Phantom RSUs vest on Mar 2, 2028, and represent the economic equivalent of one ordinary share; payout may be in cash or shares per the Deferred Compensation Plan.
- Filing timeliness: The Form 4 was submitted March 9, 2026 for a March 5, 2026 transaction (within the typical two-business-day reporting window).
Context
These are compensation and deferred-compensation awards/acquisitions (derivative instruments), not open-market purchases or sales. RSUs and phantom RSUs are contingent rights that convert to value (shares or cash) only if vesting conditions are met; they do not represent immediate transfer of shares on the transaction date. Such awards are common for executive compensation and reflect planned compensation rather than direct market sentiment.
Insider Transaction Report
- Award
RSUs
[F1]2026-03-05$8.55/sh+156,287$1,336,254→ 240,115.2 total→ Ordinary Shares (156,287 underlying) - Discretionary Transaction
Phantom RSUs
[F2]2026-03-05$8.27/sh+3,711.9$30,697→ 243,827.1 total→ Ordinary Shares (3,711.9 underlying)
Footnotes (2)
- [F1]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. Licht'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").
- [F2]Represents a purchase of 2,783.9 phantom RSUs ("Phantom RSUs") by Mr. Licht under the Burford Capital Deferred Compensation Plan (the "NQDC Plan") and a matching contribution by the Company of 928.0 Phantom RSUs, which vest on March 2, 2028, in accordance with the NQDC Plan, subject to Mr. Licht'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.