[Form 4] IBEX Ltd Insider Trading Activity

Rhea-AI Filing Summary

On September 30, 2025 IBEX Ltd director and Chief Sales and CS Officer Bruce Neil Dawson had 3,228 performance-based stock units (PSUs) certified as earned for the period ending June 30, 2025 and converted to common shares, bringing his total ownership to 7,720 shares following that acquisition. A subsequent sale on October 2, 2025 disposed of 959 shares at a weighted-average price of $39.5824, reducing his direct holdings to 6,761 shares.

The Form 4 states the 3,228 shares were acquired on vesting of performance awards and the 959 shares were sold solely to satisfy tax withholding obligations, not as discretionary trades. The filing discloses the sales executed in multiple trades at prices between $39.34 and $40.01.

Positive

• 3,228 performance-based stock units were certified and converted to common shares on September 30, 2025
• Sale of 959 shares on October 2, 2025 was disclosed as tax-withholding, not a discretionary trade

Negative

• Direct holdings decreased from 7,720 to 6,761 shares after the 959-share sale
• Shares were sold at prices as low as $39.34, which may realize lower proceeds compared with higher intraday levels

Insights

Corporate Governance Analyst

Insider converted earned PSUs and sold a portion to cover taxes; no discretionary sale claim.

The report confirms 3,228 PSUs vested upon certification of performance for the period ending June 30, 2025 and converted into common shares, which is a routine outcome of executive incentive programs.

The sale of 959 shares on October 2, 2025 is explicitly for tax withholding and the filing notes execution prices ranged from $39.34 to $40.01, with a weighted average of $39.5824. Because the filing states the sale was non-discretionary, it suggests compliance with withholding requirements rather than an active change in ownership intent.

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

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

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^*

Dawson Bruce Neil

(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 and CS 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	7,720	D
Common Shares	10/02/2025		S(2)		959	D	$39.5824(3)	6,761	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 did IBEX insider Bruce Neil Dawson acquire on the Form 4?

The filing shows 3,228 performance-based stock units vested and were converted into common shares on September 30, 2025.

Why were 959 IBEX shares sold on October 2, 2025?

The Form 4 states the 959 shares were sold to satisfy tax withholding obligations related to the vesting of PSUs and were not discretionary trades.

At what price were the IBEX shares sold?

Sales were executed in multiple trades at prices ranging from $39.34 to $40.01, with a weighted-average sale price of $39.5824.

How many IBEX shares does the reporting person own after these transactions?

Following the reported acquisition and sale, the reporting person beneficially owned 6,761 common shares.

Who filed the Form 4 and when was it signed?

The Form 4 was filed for reporting person Bruce Neil Dawson and bears the signature of Lisa Lenstrohm, Attorney-in-Fact dated October 2, 2025.