IBEX Ltd (IBEX) officer awarded RSUs and sells shares

Rhea-AI Filing Summary

IBEX Ltd Chief AI & Digital Officer Michael Joseph Darwal reported several equity transactions. On February 11, 2026 he received a grant of 25,000 Restricted Stock Units, each representing one common share, vesting in four equal annual installments starting February 11, 2027, subject to continued service.

On February 6, 2026 he acquired 12,149 common shares at no cost upon vesting of an earlier performance share award tied to revenue and EBITDA targets, with additional thirds scheduled to vest on February 6, 2027 and February 6, 2028. That same day he sold 1,660 shares at $34.98 per share, described as shares withheld for tax purposes. After these transactions he directly owned 42,185 common shares.

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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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Darwal Michael Joseph

(Last) (First) (Middle)

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 AI & Digital Officer

3. Date of Earliest Transaction (Month/Day/Year)
02/06/2026

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	02/11/2026		A		25,000(1)	A	$0	31,696	D
Common Shares	02/06/2026		A		12,149	A	$0(2)	43,845	D
Common Shares	02/06/2026		S		1,660(3)	D	$34.98	42,185	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. Restricted Stock Units ("RSUs") granted on February 11, 2026. Each RSU represents a contingent right to receive one share of the Company's Common Stock. 25% of the RSUs vest on February 11, 2027, with an additional 25% of the RSUs vesting annually thereafter, all subject to the Reporting Person's continued service through the final vesting date.

2. Reporting Person received this restricted stock award in connection with the vesting of an April 20, 2022 performance share award upon the attainment of certain Issuer Revenue and EBITDA targets for the trailing four (4) quarters. One-third of these shares vested on February 6, 2026. The remaining shares will vest one-third on February 6, 2027 and one-third on February 6, 2028. Vesting of performance share awards and shares issued in respect thereof is subject to the Reporting Person's continued service to the Company with Issuer through the applicable vesting date.

3. Represents shares withheld for tax purposes upon vesting of restricted stock grant.

Remarks:

	Lisa Lenstrohm, Attorney-in-Fact	02/12/2026
	** 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).
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FAQ

What insider transactions did IBEX (IBEX) report for Michael Joseph Darwal?

IBEX reported grants and a sale for Chief AI & Digital Officer Michael Joseph Darwal. He received 25,000 RSUs, 12,149 performance-based shares, and sold 1,660 shares on February 6, 2026, mainly related to vesting and tax withholding.

How many IBEX (IBEX) RSUs were granted to the Chief AI & Digital Officer?

Michael Joseph Darwal was granted 25,000 RSUs on February 11, 2026. Each Restricted Stock Unit represents one share of IBEX common stock and vests in four equal annual installments starting February 11, 2027, contingent on his continued service with the company.

What are the vesting terms of IBEX (IBEX) performance-based shares reported here?

The performance award vests over three years. One-third of the restricted stock tied to an April 20, 2022 performance share award vested on February 6, 2026, with additional one-third portions scheduled to vest on February 6, 2027 and February 6, 2028, subject to continued service.

Why did the IBEX (IBEX) executive sell 1,660 shares on February 6, 2026?

The 1,660-share sale covered tax obligations. The filing explains that these shares represent stock withheld for tax purposes upon vesting of a restricted stock grant, and they were sold at $34.98 per share in connection with that vesting event.

How many IBEX (IBEX) shares does Michael Joseph Darwal own after these transactions?

Darwal directly owned 42,185 IBEX common shares after the reported February 2026 transactions. This figure reflects the RSU-related acquisitions, performance share vesting, and the 1,660-share sale associated with tax withholding on his restricted stock grant.

What performance metrics triggered IBEX (IBEX) restricted stock vesting for the executive?

The restricted stock vesting was tied to company performance. The filing states that the April 20, 2022 performance share award vested based on attainment of issuer revenue and EBITDA targets for the trailing four quarters, leading to the February 6, 2026 share delivery.