IBEX Ltd COO David Martin Afdahl acquires 3,228 shares

The chief operating officer’s award followed certification of performance goals for the two-year period ending June 30, 2026.

Rhea-AI Filing Summary

IBEX Ltd Chief Operating Officer David Martin Afdahl acquired 3,228 common shares when performance-based stock units were earned and converted on September 30, 2026. The issuer withheld 1,590 shares to satisfy his tax liability upon vesting; the withholding was not discretionary, and Afdahl did not sell shares to satisfy the liability. The stated closing price was $43.26 per common share.

Insider Trade Summary

2 transactions reported

Mixed 2 txns

Insider Afdahl David Martin

Role Chief Operating Officer

Type	Security	Shares	Price	Value
Grant/Award	Common Shares F1	3,228	$0.00	$0.00
Tax Withholding	Common Shares F2, F3	1,590	$43.26	$69K

Holdings After Transaction: Common Shares — 130,825 shares (Direct)

Footnotes (3)

1. F1. On September 30, 2026, 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 two-year period ending June 30, 2026 and converted to Common shares.
2. F2. Represents shares withheld by the Issuer to satisfy the Reporting Person's tax liability upon the vesting of PSUs on September 30, 2026. This was not a discretionary transaction, and no shares were sold by the reporting person to satisfy this tax liability.
3. F3. Closing price of Issuer's Common shares on September 30, 2026.

Key Figures

Common shares acquired: 3,228 shares Common shares withheld: 1,590 shares Closing price: $43.26 per common share

3 metrics

Common shares acquired 3,228 shares Performance-based stock units earned and converted on September 30, 2026

Common shares withheld 1,590 shares Withheld by the issuer for tax liability upon vesting on September 30, 2026

Closing price $43.26 per common share September 30, 2026

Key Terms

performance-based stock units, performance goals, vesting

3 terms

performance-based stock units financial

"3,228 performance-based stock units ("PSUs") were earned"

Performance-based stock units are company promises to deliver shares or cash to employees or executives only if the business hits specific financial or operational goals over a set period. Like a bonus that only pays out when certain milestones are reached, they link pay to company performance and matter to investors because they can dilute the share count, affect reported earnings when they vest, and signal how management is being incentivized.

performance goals financial

"certification of performance goals for the two-year period"

Performance goals are specific, measurable targets a company sets for financial results, operational milestones, or individual roles—examples include revenue, profit, production levels, or completion of a project. They matter to investors because meeting or missing these targets influences management pay, future forecasts, deal-related payments and market confidence; think of them as a scoreboard that helps outsiders judge whether the business is performing as promised.

vesting financial

"upon the vesting of PSUs on September 30, 2026"

Vesting is the process by which you earn full ownership of something, like company stock or a retirement benefit, over time. It’s like earning the right to keep a gift piece by piece the longer you stay with a company, making sure employees stay committed before they receive all the benefits.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How many IBEX shares did the chief operating officer acquire?

David Martin Afdahl acquired 3,228 common shares when performance-based stock units were earned and converted on September 30, 2026.

What performance period applied to David Martin Afdahl’s IBEX award?

The performance goals covered the two-year period ending June 30, 2026; the units were earned upon certification of those goals.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 10/02/2026 - 05:11 PM Accepted by SEC EDGAR 10/02/2026 - 05:11 PM Learn about SEC filing dates

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).

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 DISTRICT OF COLUMBIA 20006

(City) (State) (Zip)

UNITED STATES

(Country)

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
09/30/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

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	09/30/2026		A		3,228(1)	A	$0	132,415	D
Common Shares	09/30/2026		F		1,590(2)	D	$43.26(3)	130,825	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, 2026, 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 two-year period ending June 30, 2026 and converted to Common shares.

2. Represents shares withheld by the Issuer to satisfy the Reporting Person's tax liability upon the vesting of PSUs on September 30, 2026. This was not a discretionary transaction, and no shares were sold by the reporting person to satisfy this tax liability.

3. Closing price of Issuer's Common shares on September 30, 2026.

Remarks:

	Lisa Lenstrohm, Attorney-in-Fact	10/02/2026
	** 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.
* Form 4: SEC 1474 (03-26)