[Form 4] IBEX Ltd Insider Trading Activity

Rhea-AI Filing Summary

IBEX Ltd's Chief Operating Officer, David Martin Afdahl, had 3,228 performance-based stock units (PSUs) vest and convert into common shares on 09/30/2025 after certification of performance goals for the period ending 06/30/2025. To satisfy tax-withholding obligations related to that vesting, the reporting person sold 1,103 shares on 10/02/2025 at a weighted average price of $39.5818 per share. As a result of these transactions, the reporting person’s beneficial ownership declined from 58,214 shares following the PSU conversion to 57,111 shares after the sale. The Form 4 states the sales were required to cover taxes and were not discretionary trades.

Positive

• 3,228 PSUs vested on 09/30/2025, indicating performance goals were certified
• PSUs converted to common shares, increasing alignment of executive compensation with shareholders

Negative

• Reporting person sold 1,103 shares on 10/02/2025 at a weighted average of $39.5818, reducing holdings to 57,111 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

OMB APPROVAL

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^*

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)
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	58,214	D
Common Shares	10/02/2025		S(2)		1,103	D	$39.5818(3)	57,111	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 happened in the IBEX (IBEX) Form 4 filed by David Martin Afdahl?

On 09/30/2025 3,228 PSUs vested and converted to common shares; on 10/02/2025 1,103 shares were sold to cover tax withholding.

Why were shares sold after the PSU vesting?

The Form 4 states the sales were required to satisfy tax withholding obligations related to the PSU vesting and were not discretionary trades.

At what price were the shares sold?

The sale on 10/02/2025 was executed in multiple trades at prices ranging from $39.34 to $40.01; the weighted average price reported is $39.5818.

How did these transactions change the reporting person's ownership?

Beneficial ownership after the PSU conversion was 58,214 shares and declined to 57,111 shares following the sale.

Who signed the Form 4 on behalf of the reporting person?

The Form 4 was signed by Lisa Lenstrohm, Attorney-in-Fact on 10/02/2025.