Klein Mark N. 4
4 · Burford Capital Ltd · Filed Mar 30, 2026
Research Summary
AI-generated summary of this filing
Burford (BUR) GC Mark Klein Receives 36,425 Shares via RSU/PSU Vesting
What Happened
Mark N. Klein, General Counsel & Chief Administrative Officer of Burford Capital Ltd (BUR), had restricted share awards convert into 36,425 ordinary shares on March 26, 2026 (reported on a Form 4 filed March 30, 2026). The shares were issued on vesting/exercise (derivative conversion entries, code M). To satisfy tax withholding obligations (code F), 18,148 of those shares were surrendered at an effective price of $7.70 per share, generating $139,740 in tax withholding. The awards were received at $0 exercise price (they were RSUs/PSUs converting one‑for‑one to ordinary shares).
Key Details
- Transaction date: March 26, 2026; Form 4 filed March 30, 2026 (timely within two business days).
- Shares issued on vesting/conversion (codes M): 18,437 + 14,197 + 3,791 = 36,425 shares acquired at $0.00 (vested RSUs/PSUs).
- Tax withholding (code F): 18,148 shares surrendered at $7.70 = $139,740. Net shares retained after withholding: 36,425 − 18,148 = 18,277.
- Footnotes:
- F1: 18,437 shares = RSUs granted Mar 22, 2023 that vested in full on the 3rd anniversary.
- F2: 14,197 shares = PSUs granted Mar 22, 2023 that vested at 77% of target after certification.
- F3: 3,791 shares = one‑third of RSUs granted Mar 13, 2025.
- F4: Tax withholding satisfied by net settlement (share surrender) rather than cash payment.
- Shares owned after the transaction: not specified in the provided filing details.
Context
- These were award vesting/conversion transactions (not open‑market purchases or discretionary sales). The derivative code M here reflects conversion/vesting of RSUs/PSUs into ordinary shares; code F indicates shares were surrendered to cover tax withholding (a common, administrative disposition).
- Because the withholding was a net settlement, the surrendered shares were not sold on the open market — this is routine tax withholding and does not necessarily signal a bullish or bearish view by the insider.
Insider Transaction Report
- Exercise/Conversion
Ordinary shares, no par value ("Ordinary Shares")
[F1]2026-03-26+18,437→ 95,636 total - Exercise/Conversion
Ordinary Shares
[F2]2026-03-26+14,197→ 109,833 total - Exercise/Conversion
Ordinary Shares
[F3]2026-03-26+3,791→ 113,624 total - Tax Payment
Ordinary Shares
[F4]2026-03-26$7.70/sh−18,148$139,740→ 95,476 total - Exercise/Conversion
RSUs
[F1]2026-03-26−18,437→ 115,339.5 total→ Ordinary Shares (18,437 underlying) - Exercise/Conversion
PSUs
[F2]2026-03-26−14,197→ 101,142.5 total→ Ordinary Shares (14,197 underlying) - Exercise/Conversion
RSUs
[F3]2026-03-26−3,791→ 97,351.5 total→ Ordinary Shares (3,791 underlying)
Footnotes (4)
- [F1]Represents vesting of an award of restricted share units ("RSUs") granted on March 22, 2023 that vested in full on the third anniversary of the grant date. Each RSU converts into an Ordinary Share on a one-for-one basis.
- [F2]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.
- [F3]Represents vesting of one-third of an award of RSUs granted on March 13, 2025. Each RSU 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.