IBEX (IBEX) COO awarded 4,400 RSUs in new stock-based grant

Rhea-AI Filing Summary

IBEX Ltd reported that Chief Operating Officer David Martin Afdahl acquired 4,400 common shares through a grant of restricted stock units. These RSUs carry no purchase price and represent a right to receive one share of common stock for each unit as they vest.

According to the award terms, 25% of the RSUs vest on July 1, 2026, with an additional 25% vesting each year for the next three years, as long as he remains in continuous service on each vesting date. Shares of common stock will be automatically withheld at each vesting to cover tax obligations. After this grant, he directly holds 157,302 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^*

Afdahl David Martin

(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 Operating Officer

3. Date of Earliest Transaction (Month/Day/Year)
02/26/2026

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	02/26/2026		A		4,400(1)	A	$0(1)	157,302	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. The Reporting Person was granted restricted stock units ("RSUs"), which represent a contingent right to receive one share of Common Stock for each RSU. 25% of the RSUs vest on July 1, 2026, with 25% of the RSUs vesting annually thereafter for the following three years, provided that the Reporting Person remains in continuous service on each vesting date. Unless otherwise provided, on each vesting date shares of Common Stock will automatically be withheld by the Issuer to satisfy the Reporting Person's tax withholding obligations in a non-discretionary transaction.

Remarks:

	Lisa Lenstrohm, Attorney-in-Fact	02/27/2026
	** 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).
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 insider transaction did IBEX COO David Martin Afdahl report on Form 4 for IBEX?

IBEX COO David Martin Afdahl reported acquiring 4,400 common shares via a restricted stock unit grant. Each RSU converts into one share as it vests over four years, reflecting equity-based compensation rather than an open-market stock purchase.

How many IBEX shares were granted to the COO in this Form 4 filing for IBEX?

The COO received a grant of 4,400 restricted stock units linked to IBEX common shares. These units vest in stages over four years, and carry no cash exercise price, functioning as a form of stock-based compensation tied to continued employment.

What is the vesting schedule of the RSUs granted to IBEX COO Afdahl?

The RSUs vest 25% on July 1, 2026, and 25% annually for the following three years. Vesting requires the COO to remain in continuous service on each vesting date, aligning the award with long-term employment at IBEX.

Does IBEX COO Afdahl pay a price per share for these RSUs reported on Form 4?

The transaction lists a price per share of $0.0000, indicating no purchase cost for the RSU grant. Instead, the award represents a compensation grant where shares are delivered over time as vesting conditions are satisfied.

How many IBEX common shares does the COO hold after this RSU grant?

After the reported RSU grant, the COO holds 157,302 IBEX common shares directly. This figure reflects his beneficial ownership following the award and includes the newly granted units, subject to their multi-year vesting conditions.

How will tax withholding be handled for the IBEX RSUs granted to the COO?

On each vesting date, shares of IBEX common stock will automatically be withheld to satisfy the COO’s tax obligations. This non-discretionary share withholding means he receives net shares after required taxes are covered in kind.