[Form 4] IBEX Ltd Insider Trading Activity

Rhea-AI Filing Summary

Julie K. Casteel, Chief Sales/Marketing Officer of IBEX Ltd (IBEX), had 3,228 performance-based stock units vest and convert to common shares on 09/30/2025, increasing her holdings to 29,123 shares.

On 10/02/2025 she sold 806 shares at a weighted average price of $39.583 to satisfy tax-withholding obligations, leaving her with 28,317 beneficially owned shares. The filing states the PSU vesting followed certification of performance goals for the period ending 06/30/2025.

Positive

• 3,228 performance-based stock units vested, indicating performance targets were certified
• Vesting converted to common shares rather than cash, aligning executive pay with shareholder equity
• Reporting person offered to provide detailed trade-price breakdowns to the SEC or issuer on request

Negative

• Sale of 806 shares reduced direct holdings to 28,317, though sale was for tax withholding
• Weighted average sale price of $39.583 may realize taxable events for the reporting person

Insights

Corporate Governance Expert

Officer vested 3,228 PSUs and sold 806 shares for taxes.

The conversion of 3,228 performance-based stock units on 09/30/2025 indicates that performance targets for the period ending 06/30/2025 were certified and delivered as equity rather than cash.

The subsequent sale of 806 shares on 10/02/2025 at a weighted average of $39.583 is explicitly described as tax-withholding, not a discretionary trade, which is a common practice when equity awards vest.

Insider Trading Compliance Specialist

Transactions follow standard award vesting and tax withholding processes.

The Form 4 records an acquisition from PSU conversion and an immediate partial disposition to cover taxes, with the filer offering to provide trade-level price details to regulators if requested.

This filing documents the officer's beneficial ownership at 28,317 shares after the sale, useful for monitoring insider holding thresholds and reporting compliance.

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

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OMB Number:			3235-0287
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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).

1. Name and Address of Reporting Person^*

Casteel Julie K

(Last) (First) (Middle)

C/O IBEX LIMITED

1717 PENNSYLVANIA AVENUE NW, SUITE 825

(Street)

WASHINGTON DC 20006

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
IBEX Ltd [ IBEX ]

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

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Sales/Marketing Officer

3. Date of Earliest Transaction (Month/Day/Year)
09/30/2025

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
Common Shares	09/30/2025		A(1)		3,228	A	$0	29,123	D
Common Shares	10/02/2025		S(2)		806	D	$39.583(3)	28,317	D

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

Explanation of Responses:

1. On September 30, 2025, 3,228 performance-based stock units ("PSUs") were earned and acquired by the Reporting Person. These PSUs were earned upon certification of performance goals for the period ending June 30, 2025 and converted to Common shares.

2. The sales reported on this Form 4 represent shares of Common Stock required to be sold by the Reporting Person to cover tax withholding obligations in connection with the vesting of performance-based stock units and do not represent discretionary trades by the Reporting Person.

3. This transaction was executed in multiple trades at prices ranging from $39.34 to $40.01; the price reported above reflects the weighted average sales price. The reporting person undertakes to provide to Issuer, any security holder of Issuer, or the staff of the U.S. Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price.

Remarks:

	Lisa Lenstrohm, Attorney-in-Fact	10/02/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What shares did Julie K. Casteel receive from vesting reported on Form 4 for IBEX?

On 09/30/2025 she acquired 3,228 common shares from performance-based stock units certified for the period ending 06/30/2025.

Why were 806 shares sold on 10/02/2025 according to the Form 4?

The Form 4 states the 806 shares were sold to satisfy tax-withholding obligations in connection with the PSU vesting and were not discretionary trades.

What was the sale price for the shares sold by the reporting person?

The sale was executed in multiple trades at prices ranging from $39.34 to $40.01; the reported weighted average sale price was $39.583.

What is Julie Casteel’s beneficial ownership after these transactions?

After the transactions the reporting person beneficially owned 28,317 shares.

Does the filing indicate whether the PSU vesting was performance-based?

Yes, the filing specifies these were performance-based stock units (PSUs) earned upon certification of performance goals for the period ending 06/30/2025.