Document:

Exhibit 10.38

    

  

   

  

  
    

    IBEX HOLDINGS LIMITED

     

    UK SUB-PLAN OF THE 2018 RESTRICTED SHARE PLAN

     

    	

          	1.	Adoption of UK Sub-Plan

     

    	

          	1.1	Ibex Holdings Limited, a company incorporated in Bermuda ("Company") has established the 2018 Restricted Share Plan ("2018 Plan") and is now establishing a
            UK Sub-Plan to the 2018 Plan ("UK Sub-Plan"), the rules of which ("Rules") are set out in this document. The Plan (which is attached to the Rules) shall apply to the UK Sub-Plan subject to the additional restrictions and
            amendments specified below.

     

    	

          	1.2	References in these Rules to Sections are to Sections of the Plan.

     

    	

          	1.3	Restricted Shares awarded under the UK Sub-Plan are not intended to qualify for or otherwise provide any beneficial tax treatment to Participants.

     

    	

          	2.	Purposes of the UK Sub-Plan

     

    	

          	2.1	The purpose of the UK Sub-Plan is to award Restricted Shares to Eligible Employees (as defined below) for commercial reasons in order to recruit or retain Eligible
            Employees and not as part of a scheme or arrangement the main purpose, or one of the main purposes, of which is the avoidance of tax.

     

    	

          	2.2	Restricted Share awards are granted pursuant to an "employees' share scheme" for the purposes of the Financial Services and Markets Act 2000.

     

    	

          	3.	Definitions

     

    Defined terms set out in the 2018 Plan apply to the UK Sub-Plan, with the following additions:

     

    (i)                   "Control" (for the purposes of
      the definition of "Subsidiary", below) has the meaning contained in section 719 of ITEPA.

     

    (ii)                  "Eligible Employee" means an
      individual who is an employee of the Company or any Subsidiary and is resident in the United Kingdom for tax purposes;

     

    (iii)                "HMRC" means the United
      Kingdom HM Revenue & Customs;

     

    (iv)                 "ITEPA" means the Income Tax
      (Earnings and Pensions) Act 2003; and

     

    (v)                  "Subsidiary" means a company
      (wherever incorporated) which for the time being is under the Control of the Company.

     

    	

          	4.	Eligibility

     

    Restricted Share awards granted under the UK Sub-Plan may only be granted to Eligible Employees and not to any other person who is not
      also an Eligible Employee on the date of grant.

     

    
      
        
 

    

    
    	

          	5.	Tax withholding

     

    	

          	5.1	In addition to the provisions of Section 7(e), the Participant shall be accountable for any income tax and, subject to the following provisions, national insurance
            liability which is chargeable on any assessable income deriving from the acquisition, holding or disposal of Restricted Shares. In respect of such assessable income the Participant shall indemnify the Company and (at the direction of the
            Company) any Subsidiary which is or may be treated as the employer of the Participant in respect of the following (together, the "Tax Liabilities"):

     

    	

          	(a)	any income tax liability which falls to be paid to HMRC by the Company (or the relevant employing Subsidiary) under the PAYE system as it applies to income tax under ITEPA
            and the PAYE regulations referred to in it; and

     

    	

          	(b)	any national insurance liability which falls to be paid to HMRC by the Company (or the relevant employing Subsidiary) under the PAYE system as it applies for national
            insurance purposes under the Social Security Contributions and Benefits Act 1992 and regulations referred to in it, such national insurance liability being the aggregate of:

    	

          	(i)	all the employee's primary Class 1 national insurance contributions; and

    	

          	(ii)	all the employer's secondary Class 1 national insurance contributions.

     

    	

          	5.2	Pursuant to the indemnity referred to in Rule 5.1, the Participant shall make such arrangements as the Company requires to meet the cost of the Tax Liabilities, including
            at the direction of the Company any of the following:

     

    	

          	(a)	making a cash payment of an appropriate amount to the relevant company whether by cheque, banker's draft or deduction from salary in time to enable the employing company
            to remit such amount to HMRC before the 14th day following the end of the month in which the event giving rise to the Tax Liabilities occurred; and/or

     

    	

          	(b)	appointing the Company as agent and/or attorney for the sale of sufficient Restricted Shares acquired to cover the Tax Liabilities and authorising the payment to the
            relevant company of the appropriate amount (including all reasonable fees, commissions and expenses incurred by the relevant company in relation to such sale) out of the net proceeds of sale of the Restricted Shares; and/or

     

    	

          	(c)	(if lawful to do so) entering into an election whereby the employer's liability for secondary Class 1 national insurance contributions is transferred to the Participant on
            terms set out in the election and approved in advance by HMRC.

     

    	

          	6.	Notification to HMRC

     

    The Company shall procure that the relevant Subsidiary employing the Participant at the date of grant of the Restricted Share award shall carry out all necessary filings with HMRC with
      respect to the acquisition of Restricted Shares by Participants, including submitting an annual return to HMRC within the statutory timeframe for making such submission.

     

    	

          	7.	Section 431(1) election

     

    Where Shares to be acquired are considered to be "restricted securities" for the purposes of ITEPA (such determination to be at the
      sole discretion of the Company), it is a condition of the acquisition of Restricted Shares that the Participant, if so directed by the Company, enters into a joint election with the relevant Subsidiary employing the Participant pursuant to section
      431(1) of ITEPA.

     

    
      - 2 -

      
        
 

    

    	

          	8.	Employment rights

     

    	

          	8.1	A Participant's terms of employment shall not be affected in any way by his participation in the UK Sub-Plan, which shall not form part of such terms (either expressly or
            impliedly) nor in any way entitle him to take into account such participation in calculating any compensation or damages on the termination of his employment for whatever reason (whether lawful or unlawful) which might otherwise be payable to
            him, and the Participant's terms of employment shall be deemed to be varied accordingly.

     

    	

          	8.2	The UK Sub-Plan is entirely discretionary and may be suspended or terminated by the Board at any time for any reason. Participation in the UK Sub-Plan is entirely
            discretionary and does not create any contractual or other right to receive future grants of Restricted Share awards or other awards, or benefits in lieu of awards. All determinations with respect to future grants of Restricted Share awards
            will be at the sole discretion of the Board.

     

    	

          	8.3	Rights under the UK Sub-Plan are not pensionable.

     

    	

          	9.	Data privacy

     

    By entering into an award agreement, a Participant permits the Company and any Subsidiary to obtain, retain and process information
      relating to that Participant in accordance with the Company's privacy notice made available to the Participant.

     

     

     

    Adopted by the Board of Directors of

     

    Ibex Holdings Limited on

     

    ........................................... 2018

     

    - 3 -Exhibit 10.39

      

    

    
      IBEX LIMITED

      2020 LONG-TERM INCENTIVE PLAN

       

      

      
        
          

      

      
      	
              1.

            	
              History; Existence of the Plan.

            	3
	
              2.

            	
              Purposes of the Plan.

            	3
	
              3.

            	
              Terminology.

            	3
	
              4.

            	
              Administration.

            	3
	 	
              (a)

            	
              Administration of the Plan

            	3
	 	
              (b)

            	
              Powers of the Administrator

            	3
	 	
              (c)

            	
              Delegation of Administrative Authority

            	
              5

              

            
	 	
              (d)

            	
              Non-Uniform Determinations

            	
              5

              

            
	 	
              (e)

            	
              Limited Liability; Advisors

            	5

            
	 	
              (f)

            	
              Indemnification

            	5

            
	 	
              (g)

            	
              Effect of Administrator’s Decision

            	5

            
	
              5.

            	
              Shares Issuable Pursuant to Awards.

            	5

            
	 	
              (a)

            	
              Initial Share Pool

            	5

            
	 	
              (b)

            	
              Adjustments to Share Pool

            	6

            
	 	
              (c)

            	
              ISO Limit

            	6

            
	 	
              (d)

            	
              Source of Shares

            	6

            
	 	
              (e)

            	
              Non-Employee Director Award Limit

            	6

            
	
              6.

            	
              Participation.

            	6

            
	
              7.

            	
              Awards.

            	6

            
	 	
              (a)

            	
              Awards, In General

            	6

            
	 	
              (b)

            	
              Share Options

            	7
	 	
              (c)

            	
              Limitation on Reload Options

            	7
	 	
              (d)

            	
              Share Appreciation Rights

            	7
	 	
              (e)

            	
              Repricing

            	
              8

              

            
	 	
              (f)

            	
              Share Awards

            	9
	 	
              (g)

            	
              Share Units

            	9
	 	
              (h)

            	
              Performance Shares and Performance Units

            	10
	 	
              (i)

            	
              Other Share-Based Awards

            	10
	 	
              (j)

            	
              Awards to Participants Outside the United States

            	
              11

            
	 	
              (k)

            	
              Limitation on Dividend Reinvestment and Dividend Equivalents

            	
              11

              

            
	
              8.

            	
              Withholding of Taxes.

            	
              11

            
	
              9.

            	
              Transferability of Awards.

            	
              11

            
	 	
              (a)

            	
              General Nontransferability Absent Administrator Permission

            	
              11

            
	 	
              (b)

            	
              Administrator Discretion to Permit Transfers Other Than For Value

            	
              11

            
	
              10.

            	
              Adjustments for Corporate Transactions and Other Events.

            	
              12

            
	 	
              (a)

            	
              Mandatory Adjustments

            	
              12

            
	 	
              (b)

            	
              Discretionary Adjustments

            	
              12

            

       

      

      
        

        1

        
          

        

      

      	 	
              (c)

            	
              Adjustments to Performance Goals

            	
              12

            
	 	
              (d)

            	
              Statutory Requirements Affecting Adjustments

            	
              12

            
	 	
              (e)

            	
              Dissolution or Liquidation

            	13
	
              11.

            	
              Change in Control Provisions.

            	13
	 	
              (a)

            	
              Termination of Awards

            	
              13

              

            
	 	
              (b)

            	
              Continuation, Assumption or Substitution of Awards

            	14
	 	
              (c)

            	
              Other Permitted Actions

            	14
	 	
              (d)

            	
              Section 409A Savings Clause

            	14
	
              12.

            	
              Substitution of Awards in Mergers and Acquisitions.

            	14
	
              13.

            	
              Compliance with Securities Laws; Listing and Registration.

            	14
	
              14.

            	
              Section 409A Compliance.

            	15
	
              15.

            	
              Plan Duration; Amendment and Discontinuance.

            	
              15

              

            
	 	
              (a)

            	
              Plan Duration

            	
              15

              

            
	 	
              (b)

            	
              Amendment and Discontinuance of the Plan

            	16
	 	
              (c)

            	
              Amendment of Awards

            	16
	
              16.

            	
              General Provisions.

            	16
	 	
              (a)

            	
              Non-Guarantee of Employment or Service

            	16
	 	
              (b)

            	
              No Trust or Fund Created

            	16
	 	
              (c)

            	
              Status of Awards

            	16
	 	
              (d)

            	
              Subsidiary Employees

            	16
	 	
              (e)

            	
              Governing Law and Interpretation

            	16
	 	
              (f)

            	
              Use of English Language

            	17
	 	
              (g)

            	
              Recovery of Amounts Paid

            	17
	
              17.

            	
              Glossary

            	17

      

      

      
        2

        
          

      

      
        	
                1.

              	
                History; Existence of the Plan.

              

      

       

      IBEX LIMITED, a Bermuda exempted company (“IBEX”), has established the IBEX 2020 LONG-TERM INCENTIVE PLAN, as set forth herein, and as the same may be amended from time to time
        (the “Plan”).  The Plan will come into existence on the Adoption Date.  In addition, no  Award will be exercised (or, in the case of Restricted Share, Restricted Share Units, Performance Shares, or Other
        Share-Based Awards, no Award will be granted) and no Performance Units will be settled unless and until the Plan has been approved by the shareholders of IBEX, which approval will be within 12 months after the date the Plan is adopted by the Board
        of Directors of IBEX (the “Board”).

       

      No awards will be made under the IBEX Holdings Limited 2017 Share Plan or the IBEX Holdings Limited 2018 Restricted Share Plan (such plan referred to as the “2018 Plan”) on or
        after the Adoption Date.

       

      
        	
                2.

              	
                Purposes of the Plan.

              

      

       

      The Plan is designed to:

       

      (a)          promote the long-term financial interests and growth of IBEX and its Subsidiaries (together, the “Company”) by attracting and retaining management and other
        personnel of IBEX and other Eligible Individuals.

       

      (b)          motivate management personnel by means of growth-related incentives to achieve long-range goals; and

       

      (c)          further the alignment of interests of Participants with those of the shareholders of IBEX through opportunities for increased share or share-based ownership in IBEX.

       

      Toward these objectives, the Administrator may grant share options, share appreciation rights, share awards, share units, performance shares, performance units, and other share-based awards to eligible individuals on
        the terms and subject to the conditions set forth in the Plan.

       

      
        	
                3.

              	
                Terminology.

              

      

       

      Except as otherwise specifically provided in an Award Agreement, capitalized words and phrases used in the Plan or an Award Agreement shall have the meaning set forth in the glossary at Section 17 of the Plan or as
        defined the first place such word or phrase appears in the Plan.

       

      
        	
                4.

              	
                Administration.

              

      

       

      (a)          Administration of the Plan.  The Plan shall be administered by the Administrator.

       

      (b)          Powers of the Administrator.  The Administrator shall, except as otherwise provided under the Plan, have plenary authority, in its sole
        and absolute discretion, to grant Awards pursuant to the terms of the Plan to Eligible Individuals and to take all other actions necessary or desirable to carry out the purpose and intent of the Plan.  Among other things, the Administrator shall
        have the authority, in its sole and absolute discretion, subject to the terms and conditions of the Plan to:

       

      (i)          determine the Eligible Individuals to whom, and the time or times at which, Awards shall be granted;

       

      (ii)         determine the types of Awards to be granted any Eligible Individual;

       

      (iii)        determine the number of Common Shares to be covered by or used for reference purposes for each Award or the value to be transferred pursuant to any Award;

       

      
        3

        
          

      

      (iv)        determine the terms, conditions and restrictions applicable to each Award (which need not be identical) and any shares acquired pursuant thereto, including, without limitation, (A) the purchase price of any
        Common Shares, (B) the method of payment for shares purchased pursuant to any Award, (C) the method for satisfying any tax withholding obligation arising in connection with any Award, including by the withholding or delivery of Common Shares,
        (D) the timing, terms and conditions of the exercisability, vesting or payout of any Award or any shares acquired pursuant thereto, (E) the Performance Goals applicable to any Award and the extent to which such Performance Goals have been attained,
        (F) the time of the expiration of any Award, (G) the effect of the Participant’s Termination of Service on any of the foregoing, and (H) all other terms, conditions and restrictions applicable to any Award or shares acquired pursuant thereto as the
        Administrator shall consider to be appropriate and not inconsistent with the terms of the Plan;

       

      (v)          subject to Sections 7(e) 10(c) and 15, modify, amend or adjust the terms and conditions of any Award, including but not limited to, any such modification, amendment or
        substitution that results in repricing of the Award which may be made without prior stockholder approval;

       

      (vi)         accelerate or otherwise change the time at or during which an Award may be exercised or becomes payable and waive or accelerate the lapse, in whole or in part, of any restriction, condition or risk of
        forfeiture with respect to such Award; provided, however, that, except in connection with death, disability or a Change in Control, no such change, waiver or
        acceleration to any Award that is considered “deferred compensation” within the meaning of Section 409A or Section 457A of the Code (to the extent applicable) if the effect of such action is inconsistent with Section 409A or Section 457A of the
        Code;

       

      (vii)       determine whether an Award will be paid or settled in cash, Common Shares, or in any combination thereof and whether, to what extent and under what circumstances cash or Common Shares payable with respect
        to an Award shall be deferred either automatically or at the election of the Participant;

       

      (viii)      for any purpose, including but not limited to, qualifying for preferred or beneficial tax treatment, accommodating the customs or administrative challenges or otherwise complying with the tax, accounting or
        regulatory requirements of one or more jurisdictions, adopt, amend, modify, administer or terminate sub-plans, appendices, special provisions or supplements applicable to Awards regulated by the laws of a particular jurisdiction, which sub-plans,
        appendices, supplements and special provisions may take precedence over other provisions of the Plan, and prescribe, amend and rescind rules and regulations relating to such sub-plans, supplements and special provisions;

       

      (ix)        establish any “blackout” period, during which transactions affecting Awards may not be effectuated, that the Administrator in its sole discretion deems necessary or advisable;

       

      (x)          determine the Fair Market Value of Common Shares or other property for any purpose under the Plan or any Award;

       

      (xi)        administer, construe and interpret the Plan, Award Agreements and all other documents relevant to the Plan and Awards issued thereunder, and decide all other matters to be determined in connection with an
        Award;

       

      (xii)       establish, amend, rescind and interpret such administrative rules, regulations, agreements, guidelines, instruments and practices for the administration of the Plan and for the conduct of its business as
        the Administrator deems necessary or advisable;

       

      (xiii)      correct any defect, supply any omission or reconcile any inconsistency in the Plan or in any Award or Award Agreement in the manner and to the extent the Administrator shall consider it desirable to carry
        it into effect; and

       

      (xiv)      otherwise administer the Plan and all Awards granted under the Plan.

        

      

      
        4

        
          

      

      

      
        (c)          Delegation of Administrative Authority.  The Administrator may designate officers or employees of the Company to assist the
          Administrator in the administration of the Plan and, to the extent permitted by applicable law and stock exchange rules, the Administrator may delegate to officers or other employees of the Company the Administrator’s duties and powers under the
          Plan, subject to such conditions and limitations as the Administrator shall prescribe, including without limitation the authority to execute agreements or other documents on behalf of the Administrator; provided, however, that such delegation of
          authority shall not extend to the granting of, or exercise of discretion with respect to, Awards to Eligible Individuals who are officers under Section 16 of the Exchange Act, to the extent applicable.

      

       

      

      (d)          Non-Uniform Determinations.  The Administrator’s determinations under the Plan (including without limitation, determinations of the persons to receive Awards, the
        form, amount and timing of such Awards, the terms and provisions of such Awards and the Award Agreements evidencing such Awards, and the ramifications of a Change in Control upon outstanding Awards) need not be uniform and may be made by the
        Administrator selectively among Awards or persons who receive, or are eligible to receive, Awards under the Plan, whether or not such persons are similarly situated.

       

      (e)          Limited Liability; Advisors.  To the maximum extent permitted by law, no member of the Administrator, nor any director, officer,
        employee or representative of IBEX shall be liable for any action taken or decision made in good faith relating to the Plan or any Award thereunder.  The Administrator may employ counsel, consultants, accountants, appraisers, brokers or other
        persons. The Administrator, IBEX and the officers and directors IBEX shall be entitled to rely upon the advice, opinions or valuations of any such persons.

       

      (f)          Indemnification.  To the maximum extent permitted by law, by IBEX’s bye‐laws, and by any directors’ and officers’ liability insurance
        coverage which may be in effect from time to time, the members of the Administrator and any agent or delegate of the Administrator who is a director, officer or employee of IBEX or an Affiliate shall be indemnified by IBEX against any and all
        liabilities and expenses to which they may be subjected by reason of any act or failure to act with respect to their duties on behalf of the Plan.

       

      (g)          Effect of Administrator’s Decision.  All actions taken and determinations made by the Administrator on all matters relating to the Plan
        or any Award pursuant to the powers vested in it hereunder shall be in the Administrator’s sole and absolute discretion, unless in contravention of any express term of the Plan, including, without limitation, any determination involving the
        appropriateness or equitableness of any action.  All determinations made by the Administrator shall be conclusive, final and binding on all parties concerned, including IBEX, any Participants and any other employee, or director of IBEX and its
        Affiliates, and their respective successors in interest.  No member of the Administrator, nor any director, officer, employee or representative of IBEX shall be personally liable for any action, determination or interpretation made in good faith
        with respect to the Plan or Awards.

       

      
        	
                5.

              	
                Shares Issuable Pursuant to Awards.

              

      

       

      (a)          Initial Share Pool.  Subject to adjustments as provided in Section 10 of the Plan, the number of Common Shares issuable pursuant to
        Awards that may be granted under the Plan shall equal 1,287,326.13 Common Shares (the “Share Pool”).

       

      	 	(i)	
              The Share Pool shall be reduced, on the date of grant, by one share for each Common Share made subject to an Award granted under the Plan;

            

       

      	

            	(ii)	
              The Share Pool shall be increased, on the relevant date, by the number of unissued Common Shares underlying or used as a reference measure for any Award or portion of an Award that is cancelled, forfeited, expired, terminated unearned or
                settled in cash granted under the Plan or the 2018 Plan, in any such case without the issuance of shares and by the number of Common Shares used as a reference measure for any Award that are not issued upon settlement of such Award either
                due to a net settlement or otherwise;

            

       

      
        5

        
          

      

      	

            	(iii)	
              The Share Pool shall be increased, on the forfeiture date, by the number of Common Shares that are forfeited back to IBEX after issuance due to a failure to meet an Award contingency or condition with respect to any Award or portion of
                an Award granted under the Plan or the 2018 Plan;

            

       

      	

            	(iv)	
              The Share Pool shall be increased, on the exercise date, by the number of Common Shares withheld by or surrendered (either actually or through attestation) to IBEX in payment of the exercise price of any Award granted under the Plan or
                the 2018 Plan; and

            

       

      	

            	(v)	
              The Share Pool shall be increased, on the relevant date, by the number of Common Shares withheld by or surrendered (either actually or through attestation) to IBEX in payment of the Tax Withholding Obligation that arises in connection
                with any Award granted under the Plan or the 2018 Plan.

            

       

      	

            	b.	
              ISO Limit.  Subject to adjustment pursuant to Section 10 of the Plan, the maximum number of Common Shares that may be issued pursuant to share options granted under the Plan that are intended to
                qualify as Incentive Share Options within the meaning of Section 422 of the Code shall be equal to 3,500,000 Common Shares.

            

       

      	

            	c.	
              Source of Shares.  The Common Shares with respect to which Awards may be made under the Plan shall be shares authorized for issuance under IBEX’s memorandum of association and bye-laws but
                unissued, or issued and reacquired, including without limitation shares purchased in the open market or in private transactions.

            

       

      	

            	d.	
              Non-Employee Director Award Limit. In addition, the Administrator may establish compensation for Non-Employee Directors from time to time, subject to the limitations in the Plan. The Administrator
                will from time to time determine the terms, conditions and amounts of all such Non-Employee Director compensation in its discretion and pursuant to the exercise of its business judgment, taking into account such factors, circumstances and
                considerations as it shall deem relevant from time to time, provided that the sum of any cash compensation and the grant date fair value of Awards (as determined in accordance with Financial Accounting Standards Board Accounting Standards
                Codification Topic 718, or any successor thereto) granted under the Plan to a Non-Employee Director as compensation for services as a Non-Employee Director during any calendar year of the Company may not exceed $250,000 for an annual grant,
                provided however, in a Non-Employee Director’s first year of service compensation for services may not exceed $500,000 (such limits, the “Director Limits”).. The Administrator may make exceptions to this limit for individual Non-Employee directors in
                extraordinary circumstances, as the Administrator may determine in its discretion, provided that the Non-Employee Director receiving such additional compensation may not participate in the decision to award such compensation or in other
                compensation decisions involving Non-Employee Director.

            

       

      
        	
                6.

              	
                Participation.

              

      

       

      Participation in the Plan shall be open to all Eligible Individuals, as may be selected by the Administrator from time to time.  The Administrator may also grant Awards to Eligible Individuals in connection with
        hiring, recruiting or otherwise, prior to the date the individual first performs services for IBEX or an Affiliate; provided, however, that such Awards shall not become vested or exercisable and no shares
        shall be issued to such individual, prior to the date the individual first commences performance of such services.

      

      

      
        	
                7.

              	
                Awards.

              

      

       

      (a)          Awards, In General.  The Administrator, in its sole discretion, shall establish the terms of all Awards granted under the Plan
        consistent with the terms of the Plan.  Awards may be granted individually or in tandem with other types of Awards, concurrently with or with respect to outstanding Awards.  All Awards are subject to the terms and conditions provided in the Award
        Agreement, which shall be delivered to the Participant receiving such Award upon, or as promptly as is reasonably practicable following, the grant of such Award.  Unless otherwise specified by the Administrator, in its sole discretion, or otherwise
        provided in the Award Agreement, an Award shall not be effective unless the Award Agreement is signed or otherwise accepted by IBEX and the Participant receiving the Award (including by electronic delivery and/or electronic signature).

       

      
        6

        
          

      

      (b)          Share Options.

       

      (i)          Grants.  A share option means a right to purchase a specified number of Common Shares from IBEX at a specified price during a specified period of time.  The
        Administrator may from time to time grant to Eligible Individuals Awards of Incentive Share Options or Nonqualified Options; provided, however, that Awards of
        Incentive Share Options shall be limited to employees of IBEX or of any current or hereafter existing “parent corporation” or “subsidiary corporation,” as defined in Sections 424(e) and 424(f) of the Code, respectively, of IBEX, and any other
        Eligible Individuals who are eligible to receive Incentive Share Options under the provisions of Section 422 of the Code.  No share option shall be an Incentive Share Option unless so designated by the Administrator at the time of grant or in the
        applicable Award Agreement.

       

      (ii)          Exercise.  Share options shall be exercisable at such time or times and subject to such terms and conditions as shall be determined by the Administrator; provided, however, that Awards of share options may not have a term in excess of ten years’ duration unless required otherwise by applicable law.

       

      (iii)        Termination of Service.  Except as provided in the applicable Award Agreement or otherwise determined by the Administrator, to the extent share options are not
        vested and exercisable, a Participant’s share options shall be forfeited upon his or her Termination of Service.

       

      (iv)         Additional Terms and Conditions.  The Administrator may, by way of the Award Agreement or otherwise, determine such other terms, conditions, restrictions, and/or
        limitations, if any, of any Award of share options, provided they are not inconsistent with the Plan.

       

      (c)          Limitation on Reload Options.  The Administrator shall not grant share options under this Plan that contain a reload or replenishment
        feature pursuant to which a new share option would be granted automatically upon receipt of delivery of Common Shares to IBEX in payment of the exercise price or any tax withholding obligation under any other share option.

       

      (d)          Share Appreciation Rights.

       

      (i)          Grants.  The Administrator may from time to time grant to Eligible Individuals Awards of share appreciation rights.  A share appreciation right entitles the
        Participant to receive, subject to the provisions of the Plan and the Award Agreement, a payment having an aggregate value equal to the product of (i) the excess of (A) the Fair Market Value on the exercise date of one share of Common Share over
        (B) the base price per share specified in the Award Agreement, times (ii) the number of shares specified by the share appreciation right, or portion thereof, which is exercised.  The base price per share specified in the Award Agreement shall not
        be less than the lower of the Fair Market Value on the date of grant or the exercise price of any tandem share option to which the share appreciation right is related, or with respect to share appreciation rights that are granted in substitution of
        similar types of awards of a company acquired by IBEX or a Subsidiary or with which IBEX or a Subsidiary combines (whether in connection with a corporate transaction, such as a merger, combination, consolidation or acquisition of property or
        shares, or otherwise) such base price as is necessary to preserve the intrinsic value of such awards.

       

      (ii)          Exercise.  Share appreciation rights shall be exercisable at such time or times and subject to such terms and conditions as shall be determined by the
        Administrator; provided, however, that share appreciation rights granted under the Plan may not have a term in excess of ten years’ duration unless required otherwise by applicable law.  The applicable
        Award Agreement shall specify whether payment by IBEX of the amount receivable upon any exercise of a share appreciation right is to be made in cash or Common Shares or a combination of both, or shall reserve to the Administrator or the Participant
        the right to make that determination prior to or upon the exercise of the share appreciation right.  If upon the exercise of a share appreciation right a Participant is to receive a portion of such payment in Common Shares, the number of shares
        shall be determined by dividing such portion by the Fair Market Value of a share of Common Share on the exercise date.  No fractional shares shall be used for such payment and the Administrator shall determine whether cash shall be given in lieu of
        such fractional shares or whether such fractional shares shall be eliminated.

       

      
        7

        
          

      

      (iii)        Termination of Service.  Except as provided in the applicable Award Agreement or otherwise determined by the Administrator, to the extent share appreciation rights
        are not vested and exercisable, a Participant’s share appreciation rights shall be forfeited upon his or her Termination of

       

      (iv)         Additional Terms and Conditions.  The Administrator may, by way of the Award Agreement or otherwise, determine such other terms, conditions, restrictions, and/or
        limitations, if any, of any Award of share appreciation rights, provided they are not inconsistent with the Plan.

       

      (e)          Share Awards.

       

      (i)          Grants.  The Administrator may from time to time grant to Eligible Individuals Awards of unrestricted Common Shares or Restricted Shares (collectively, “Share Awards”) on such terms and conditions, and for such consideration, including no consideration or such minimum consideration as the Administrator shall determine, subject to the limitations set forth in
        Section 7(b).  Share Awards shall be evidenced in such manner as the Administrator may deem appropriate, including via book-entry registration.

       

      (ii)         Vesting.  Restricted Share shall be subject to such vesting, restrictions on transferability and other restrictions, if any, and/or risk of forfeiture as the
        Administrator may impose at the date of grant or thereafter.  The Restriction Period to which such vesting, restrictions and/or risk of forfeiture apply may lapse under such circumstances, including without limitation upon the attainment of
        Performance Goals, in such installments, or otherwise, as the Administrator may determine.  Subject to the provisions of the Plan and the applicable Award Agreement, during the Restriction Period, the Participant shall not be permitted to sell,
        assign, transfer, pledge or otherwise encumber shares of Restricted Share.

       

      (iii)        Rights of a Shareholder; Dividends.  Except to the extent restricted under the Award Agreement relating to the Restricted Shares, a Participant granted Restricted
        Shares shall have all of the rights of a shareholder of Common Shares including, without limitation, the right to vote Restricted Shares.  Cash dividends declared payable on Common Shares shall be paid, with respect to outstanding Restricted
        Shares, either as soon as practicable following the dividend payment date or deferred for payment to such later date as determined by the Administrator, and shall be paid in cash or as unrestricted Common Shares having a Fair Market Value equal to
        the amount of such dividends or may be reinvested in additional Restricted Share as determined by the Administrator; provided, however, that dividends declared
        payable on a Restricted Share that is granted as a Performance Award shall be held by IBEX and made subject to forfeiture at least until achievement of the applicable Performance Goal related to such Restricted Share.  Shares distributed in
        connection with a share split or share dividend, and other property distributed as a dividend, shall be subject to restrictions and a risk of forfeiture to the same extent as the Restricted Shares with respect to which such Common Shares or other
        property has been distributed.  As soon as is practicable following the date on which restrictions on any shares of Restricted Shares lapse, IBEX shall deliver to the Participant the certificates for such shares or shall cause the shares to be
        registered in the Participant’s name in book-entry form, in either case with the restrictions removed, provided that the Participant shall have complied with all conditions for delivery of such shares contained in the Award Agreement or otherwise
        reasonably required by IBEX.

       

      (iv)        Termination of Service.  Except as provided in the applicable Award Agreement, upon Termination of Service during the applicable Restriction Period, Restricted
        Shares and any accrued but unpaid dividends that are at that time subject to restrictions shall be forfeited; provided that the Administrator may provide, by rule or regulation or in any Award Agreement, or
        may determine in any individual case, that restrictions or forfeiture conditions relating to Restricted Shares will be waived in whole or in part in the event of terminations resulting from specified causes, and the Administrator may in other cases
        waive in whole or in part the forfeiture of Restricted Shares.

       

      
        8

        
          

      

      (v)          Additional Terms and Conditions.  The Administrator may, by way of the Award Agreement or otherwise, determine such other terms, conditions, restrictions, and/or
        limitations, if any, of any Award of Restricted Shares, provided they are not inconsistent with the Plan.

       

      (f)          Share Units.

       

      (i)          Grants.  The Administrator may from time to time grant to Eligible Individuals Awards of unrestricted share Units or Restricted Share Units on such terms and
        conditions, and for such consideration, including no consideration or such minimum consideration as may be required by law, as the Administrator shall determine, subject to the limitations set forth in Section 7(b).  Restricted Share Units
        represent a contractual obligation by IBEX to deliver a number of Common Shares, an amount in cash equal to the Fair Market Value of the specified number of shares subject to the Award, or a combination of Common Shares and cash, in accordance with
        the terms and conditions set forth in the Plan and any applicable Award Agreement.

       

      (ii)         Vesting and Payment.  Restricted Share Units shall be subject to such vesting, risk of forfeiture and/or payment provisions as the Administrator may impose at the
        date of grant.  The Restriction Period to which such vesting and/or risk of forfeiture apply may lapse under such circumstances, including without limitation upon the attainment of Performance Goals, in such installments, or otherwise, as the
        Administrator may determine.  Common Shares, cash or a combination of Common Shares and cash, as applicable, payable in settlement of Restricted Share Units shall be delivered to the Participant as soon as administratively practicable, but no later
        than 30 days, after the date on which payment is due under the terms of the Award Agreement provided that the Participant shall have complied with all conditions for delivery of such shares or payment
        contained in the Award Agreement or otherwise reasonably required by IBEX, or in accordance with an election of the Participant, if the Administrator so permits, that meets the requirements of Section 409A or Section 457A of the Code (to the extent
        applicable).

       

      (iii)        No Rights of a Shareholder; Dividend Equivalents.  Until Common Shares are issued to the Participant in settlement of
        share Units, the Participant shall not have any rights of a shareholder of IBEX with respect to the share Units or the shares issuable thereunder.  The Administrator may grant to the Participant the right to receive Dividend Equivalents on share
        Units, on a current, reinvested and/or restricted basis, subject to such terms as the Administrator may determine provided, however, that Dividend Equivalents
        payable on share Units that are granted as a Performance Award shall, rather than be paid on a current basis, be accrued and made subject to forfeiture at least until achievement of the applicable Performance Goal related to such share Units.

       

      (iv)        Termination of Service.  Upon Termination of Service during the applicable deferral period or portion thereof to which forfeiture conditions apply, or upon failure
        to satisfy any other conditions precedent to the delivery of Common Shares or cash to which such Restricted Share Units relate, all Restricted Share Units and any accrued but unpaid Dividend Equivalents with respect to such Restricted Share Units
        that are then subject to deferral or restriction shall be forfeited; provided that the Administrator may provide, by rule or regulation or in any Award Agreement, or may determine in any individual case,
        that restrictions or forfeiture conditions relating to Restricted Share Units will be waived in whole or in part in the event of termination resulting from specified causes, and the Administrator may in other cases waive in whole or in part the
        forfeiture of Restricted Share Units.

       

      (v)          Additional Terms and Conditions.  The Administrator may, by way of the Award Agreement or otherwise, determine such other terms, conditions, restrictions, and/or
        limitations, if any, of any Award of share Units, provided they are not inconsistent with the Plan.

       

      (g)          Performance Shares and Performance Units.

       

      (i)          Grants.  The Administrator may from time to time grant to Eligible Individuals Awards in the form of Performance Shares and Performance Units.  Performance Shares,
        as that term is used in this Plan, shall refer to Common Shares or Units that are expressed in terms of Common Shares, the issuance, vesting, lapse of restrictions on or payment of which is contingent on performance as measured against
        predetermined objectives over a specified Performance Period.  Performance Units, as that term is used in this Plan, shall refer to dollar-denominated Units valued by reference to designated criteria established by the Administrator, other than
        Common Share, the issuance, vesting, lapse of restrictions on or payment of which is contingent on performance as measured against predetermined objectives over a specified Performance Period.  The applicable Award Agreement shall specify whether
        Performance Shares and Performance Units will be settled or paid in cash or Common Shares or a combination of both, or shall reserve to the Administrator or the Participant the right to make that determination prior to or at the payment or
        settlement date.

       

      
        9

        
          

      

      (ii)          Performance Criteria.  The Administrator shall, prior to or at the time of grant, condition the grant, vesting or payment of, or lapse of restrictions on, an Award
        of Performance Shares or Performance Units upon (A) the attainment of Performance Goals during a Performance Period or (B) the attainment of Performance Goals and the continued service of the Participant.  The length of the Performance Period, the
        Performance Goals to be achieved during the Performance Period, and the measure of whether and to what degree such Performance Goals have been attained shall be conclusively determined by the Administrator in the exercise of its absolute
        discretion.  Performance Goals may include minimum, maximum and target levels of performance, with the size of the Award or payout of Performance Shares or Performance Units or the vesting or lapse of restrictions with respect thereto based on the
        level attained.  Performance Goals may be applied on a per share or absolute basis and relative to one or more Performance Metrics, or any combination thereof, and may be measured pursuant to any objective standards in a manner consistent with
        IBEX’s or its Subsidiary’s established accounting policies, all as the Administrator shall determine at the time the Performance Metrics for a Performance Period are established.  The Administrator may, in its sole discretion, provide that one or
        more objectively determinable adjustments shall be made to the manner in which one or more of the Performance Goals is to be calculated or measured to take into account, or ignore, one or more of the following: (1) items related to a change in
        accounting principle; (2) items relating to financing activities; (3) expenses for restructuring or productivity initiatives; (4) other non-operating items; (5) items related to acquisitions; (6) items attributable to the business operations of any
        entity acquired by the Company during the Performance Period; (7) items related to the sale or disposition of a business or segment of a business; (8) items related to discontinued operations that do not qualify as a segment of a business under
        U.S. generally accepted accounting principles; (9) items attributable to any share dividend, share split, combination or exchange of share occurring during the Performance Period; (10) any other items of significant income or expense which are
        determined to be appropriate adjustments; (11) items relating to unusual or extraordinary corporate transactions, events or developments, (12) items related to amortization of acquired intangible assets; (13) items that are outside the scope of the
        Company’s core, on-going business activities; (14) changes in foreign currency exchange rates; (15) items relating to changes in tax laws; (16) certain identified expenses (including, but not limited to, cash bonus expenses, incentive expenses and
        acquisition-related transaction and integration expenses); (17) items relating to asset impairment charges; (18) items relating to gains or unusual or nonrecurring events or changes in applicable law, accounting principles or business conditions,
        or (19) or any other items selected by the Administrator.  Shares or Performance Units shall be settled as and when the Award vests or at a later time specified in the Award Agreement or in accordance with an election of the Participant, if the
        Administrator so permits, that meets the requirements of Section 409A or Section 457A of the Code (to the extent applicable).

       

      (iii)        Additional Terms and Conditions.  The Administrator may, by way of the Award Agreement or otherwise, determine such other terms, conditions, restrictions, and/or
        limitations, if any, of any Award of Performance Shares or Performance Units, provided they are not inconsistent with the Plan.

       

      (h)          Other Share-Based Awards.  The Administrator may from time to time grant to Eligible Individuals Awards in the form of Other
        Share-Based Awards.  Other Share-Based Awards in the form of Dividend Equivalents may be (A) awarded on a free-standing basis or in connection with another Award other than a share option or share appreciation right, (B) paid currently or credited
        to an account for the Participant, including the reinvestment of such credited amounts in Common Share equivalents, to be paid on a deferred basis, and (C) settled in cash or Common Shares as determined by the Administrator; provided, however, that Dividend Equivalents payable on Other Share-Based Awards that are granted as a Performance Award shall, rather than be paid on a current basis,
        be accrued and made subject to forfeiture at least until achievement of the applicable Performance Goal related to such Other Share-Based Awards.  Any such settlements, and any such crediting of Dividend Equivalents, may be subject to such
        conditions, restrictions and contingencies as the Administrator shall establish.

       

      (i)          Awards to Participants Outside the United States.  The Administrator may grant Awards to Eligible Individuals who are foreign
        nationals, who are located outside the United States or who are not compensated from a payroll maintained in the United States, or who are otherwise subject to (or could cause IBEX or a Subsidiary to be
        subject to) tax, legal or regulatory provisions of countries or jurisdictions outside the United States, on such terms and conditions different from those specified in the Plan as may, in the judgment of the Administrator, be necessary or desirable
        in order that any such Award shall conform to laws, regulations, and customs of the country or jurisdiction in which the Participant is then resident or primarily employed or to foster and promote achievement of the purposes of the Plan.

       

      
        10

        
          

      

      (j)          Limitation on Dividend Reinvestment and Dividend Equivalents.  Reinvestment of dividends in additional Restricted Shares at the time of
        any dividend payment, and the payment of Common Shares with respect to dividends to Participants holding Awards of share Units, shall only be permissible if sufficient shares are available under the Share Pool for such reinvestment or payment
        (taking into account then outstanding Awards).  In the event that sufficient shares are not available under the Share Pool for such reinvestment or payment, such reinvestment or payment shall be made in the form of a grant of share Units equal in
        number to the Common Shares that would have been obtained by such payment or reinvestment, the terms of which share Units shall provide for settlement in cash and for Dividend Equivalent reinvestment in further share Units on the terms contemplated
        by this Section 7(k).

       

      
        	
                8.

              	
                Withholding of Taxes.

              

      

       

      Participants and holders of Awards shall pay to IBEX or its Affiliate, or make arrangements satisfactory to the Administrator for payment of, any Tax Withholding Obligation in respect of Awards granted under the Plan
        no later than the date of the event creating the tax or social insurance contribution liability.  The obligations of IBEX under the Plan shall be conditional on such payment or arrangements.  Unless otherwise determined by the Administrator, Tax
        Withholding Obligations may be settled in whole or in part with Common Shares, including unrestricted outstanding shares surrendered to IBEX and unrestricted shares that are part of the Award that gives rise to the Tax Withholding Obligation,
        having a Fair Market Value on the date of surrender or withholding equal to the statutory minimum amount (or such greater amount permitted under FASB Accounting Standards Codification Topic 718, Compensation—Share Compensation, for
        equity-classified awards) required to be withheld for tax or social insurance contribution purposes, all in accordance with such procedures as the Administrator establishes.  IBEX or its Affiliate may deduct, to the extent permitted by law, any
        such Tax Withholding Obligations from any payment of any kind otherwise due to the Participant or holder of an Award.

       

      
        	
                9.

              	
                Transferability of Awards.

              

      

       

      (a)          General Nontransferability Absent Administrator Permission.  Except as otherwise determined by the Administrator, and in any event in
        the case of an Incentive Share Option or a tandem share appreciation right granted with respect to an Incentive Share Option, no Award granted under the Plan shall be transferable by a Participant otherwise than by will or the laws of descent and
        distribution.  The Administrator shall not permit any transfer of an Award for value.  An Award may be exercised during the lifetime of the Participant, only by the Participant or, during the period the Participant is under a legal disability, by
        the Participant’s guardian or legal representative, unless otherwise determined by the Administrator.  Awards granted under the Plan shall not be subject in any manner to alienation, anticipation, sale, transfer,
          assignment, pledge, or encumbrance, except as otherwise determined by the Administrator; provided, however, that the restrictions in this sentence
          shall not apply to the Common Shares received in connection with an Award after the date that the restrictions on transferability of such shares set forth in the applicable Award Agreement have lapsed.  Nothing in this paragraph shall be
          interpreted or construed as overriding the terms of any IBEX share ownership or retention policy, now or hereafter existing, that may apply to the Participant or Common Shares received under an Award.

       

      (b)          Administrator Discretion to Permit Transfers Other Than For Value.  Except as otherwise restricted by applicable law,
        the Administrator may, but need not, permit an Award, other than an Incentive Share Option or a tandem share appreciation right granted with respect to an Incentive Share Option, to be transferred to a Participant’s
          Family Member (as defined below) as a gift or pursuant to a domestic relations order in settlement of marital property rights.  The Administrator shall not permit any transfer of an Award for value. 
        For purposes of this Section 9, “Family Member” means any child, stepchild, grandchild, parent, stepparent, grandparent, spouse, former spouse, sibling, niece, nephew, mother-in-law, father-in-law, son-in-law,
          daughter-in-law, brother-in-law, or sister-in-law, including adoptive relationships, any person sharing the Participant’s household (other than a tenant or employee), a trust in which these persons have more than fifty percent of the beneficial
          interest, a foundation in which these persons (or the Participant) control the management of assets, and any other entity in which these persons (or the Participant) own more than fifty percent (50%) of the voting interests.  The following
          transactions are not prohibited transfers for value: (i) a transfer under a domestic relations order in settlement of marital property rights; and (ii) a transfer to an entity in which more than fifty percent of the voting interests are owned by
          Family Members (or the Participant) in exchange for an interest in that entity.

       

      
        11

        
          

      

      
        	
                10.

              	
                Adjustments for Corporate Transactions and Other Events.

              

      

       

      (a)          Mandatory Adjustments.  In the event of a merger, amalgamation, consolidation, share rights offering, share exchange or similar event
        affecting IBEX (each, a “Corporate Event”) or a share dividend, share split, reverse share split, separation, spinoff, reorganization, extraordinary dividend of cash or other property, share combination or
        subdivision, recapitalization, capital reduction distribution, or similar event affecting the capital structure of IBEX (each, a “Share Change”) that occurs at any time after the IPO Date (including any such
        Corporate Event or Share Change that occurs after such adoption and coincident with or prior to the IPO Date), the Administrator shall make equitable and appropriate substitutions or proportionate adjustments to (i) the aggregate number and kind of Common Shares or other securities on which Awards under the Plan may be granted to Eligible Individuals, (ii) the maximum number of Common Shares or other securities that may be issued with respect to Incentive Share Options granted under the Plan, (iv) the number of Common Shares or other securities covered by each outstanding Award and the
          exercise price, base price or other price per share, if any, and other relevant terms of each outstanding Award, and (v) all other numerical limitations relating to Awards, whether contained in this Plan or
          in Award Agreements; provided, however, that any
          fractional shares resulting from any such adjustment shall be eliminated.

       

      (b)          Discretionary Adjustments.  In the case of Corporate Events, the Administrator may make such other adjustments to outstanding Awards as
        it determines to be appropriate and desirable, which adjustments may include, without limitation, (i) the cancellation of outstanding Awards in exchange for payments of cash, securities or other property or a combination thereof having an aggregate
        value equal to the value of such Awards, as determined by the Administrator in its sole discretion (it being understood that in the case of a Corporate Event with respect to which shareholders of IBEX receive consideration other than publicly
        traded equity securities of the ultimate surviving entity, any such determination by the Administrator that the value of a share option or share appreciation right shall for this purpose be deemed to equal the excess, if any, of the value of the
        consideration being paid for each Common Share pursuant to such Corporate Event over the exercise price or base price of such share option or share appreciation right shall conclusively be deemed valid and that any share option or share
        appreciation right may be cancelled for no consideration upon a Corporate Event if its exercise price or base price equals or exceeds the value of the consideration being paid for each Common Share pursuant to such Corporate Event), (ii) the
        substitution of securities or other property (including, without limitation, cash or other securities of IBEX and securities of entities other than IBEX) for the Common Shares subject to outstanding Awards, and (iii) the substitution of equivalent awards, as determined in the sole discretion of the Administrator, of the surviving or successor entity or a parent thereof (“Substitute Awards”).

       

      (c)          Adjustments to Performance Goals.  The Administrator may, in its discretion, adjust the Performance Goals applicable to any Awards to
        reflect any unusual or non-recurring events and other extraordinary items, impact of charges for restructurings, discontinued operations and the cumulative effects of accounting or tax changes, each as defined by generally accepted accounting
        principles or as identified in IBEX’s consolidated financial statements, notes to the consolidated financial statements, management’s discussion and analysis or other IBEX filings with the Securities and Exchange Commission.  If the Administrator
        determines that a change in the business, operations, corporate structure or capital structure of IBEX or the applicable subsidiary, business segment or other operational unit of IBEX or any such entity or segment, or the manner in which any of the
        foregoing conducts its business, or other events or circumstances, render the Performance Goals to be unsuitable, the Administrator may modify such Performance Goals or the related minimum acceptable level of achievement, in whole or in part, as
        the Administrator deems appropriate and equitable.

       

      (d)          Statutory Requirements Affecting Adjustments.  Notwithstanding the foregoing:  (A) any adjustments made pursuant to Section 10 to
        Awards that are considered “deferred compensation” within the meaning of Section 409A or Section 457A (to the extent applicable) of the Code shall be made in compliance with the requirements of Section 409A or Section 457A of the Code; (B) any
        adjustments made pursuant to Section 10 to Awards that are not considered “deferred compensation” subject to Section 409A or Section 457A of the Code (to the extent applicable) shall be made in such a manner as to ensure that after such adjustment,
        the Awards either (1) continue not to be subject to Section 409A or Section 457A of the Code (to the extent applicable) or (2) comply with the requirements of Section 409A or Section 457A of the Code (to the extent applicable); (C) in any event,
        the Administrator shall not have the authority to make any adjustments pursuant to Section 10 to the extent the existence of such authority would cause an Award that is not intended to be subject to Section 409A or Section 457A of the Code (to the
        extent applicable) at the date of grant to be subject thereto; and (D) any adjustments made pursuant to Section 10 to Awards that are Incentive Share Options shall be made in compliance with the requirements of Section 424(a) of the Code.

       

      
        12

        
          

      

      (e)          Dissolution or Liquidation.  Unless the Administrator determines otherwise, all Awards outstanding under the Plan shall terminate upon
        the dissolution or liquidation of IBEX.

       

      
        	
                11.

              	
                Change in Control Provisions.

              

      

       

      (a)          Termination of Awards.  Notwithstanding the provisions of Section 11(b), in the event that any transaction resulting in a Change in
        Control occurs, outstanding Awards will terminate upon the effective time of such Change in Control unless provision is made in connection with the transaction for the continuation or assumption of such Awards by, or for the issuance therefor of
        Substitute Awards of, the surviving or successor entity or a parent thereof.  Solely with respect to Awards that will terminate as a result of the immediately preceding sentence and except as otherwise provided in the applicable Award Agreement:

       

      (i)          the outstanding Awards of share options and share appreciation rights that will terminate upon the effective time of the Change in Control shall, immediately before the effective time of the Change in
        Control, become fully exercisable and the holders of such Awards will be permitted, immediately before the Change in Control, to exercise the Awards;

       

      (ii)         the outstanding Restricted Shares the vesting or restrictions on which are then solely time-based and not subject to achievement of Performance Goals shall, immediately before the effective time of the
        Change in Control, become fully vested, free of all transfer and lapse restrictions and free of all risks of forfeiture;

       

      (iii)        the outstanding Restricted Shares the vesting or restrictions on which are then subject to and pending achievement of Performance Goals shall, immediately before the effective time of the Change in Control
        and unless the Award Agreement provides for vesting or lapsing of restrictions in a greater amount upon the occurrence of a Change in Control, become vested, free of transfer and lapse restrictions and risks of forfeiture in such amounts as if the
        applicable Performance Goals for the unexpired Performance Period had been achieved at the target level set forth in the applicable Award Agreement;

       

      (iv)        the outstanding Restricted Share Units, Performance Shares and Performance Units the vesting, earning or settlement of which is then solely time-based and not subject to or pending achievement of
        Performance Goals shall, immediately before the effective time of the Change in Control, become fully earned and vested and shall be settled in cash or Common Shares (consistent with the terms of the Award Agreement after taking into account the
        effect of the Change in Control transaction on the shares) as promptly as is practicable, subject to any applicable limitations imposed thereon by Section 409A or Section 457A of the Code (to the extent applicable); and

       

      (v)          the outstanding Restricted Share Units, Performance Shares and Performance Units the vesting, earning or settlement of which is then subject to and pending achievement of Performance Goals shall,
        immediately before the effective time of the Change in Control and unless the Award Agreement provides for vesting, earning or settlement in a greater amount upon the occurrence of a Change in Control, become vested and earned in such amounts as if
        the applicable Performance Goals for the unexpired Performance Period had been achieved at the target level set forth in the applicable Award Agreement and shall be settled in cash or Common Shares (consistent with the terms of the Award Agreement
        after taking into account the effect of the Change in Control transaction on the shares) as promptly as is practicable, subject to any applicable limitations imposed thereon by Section 409A of the Code.

       

      Implementation of the provisions of this Section 11(a) shall be conditioned upon consummation of the Change in Control.

       

      
        13

        
          

      

      (b)          Continuation, Assumption or Substitution of Awards.  The Administrator may specify, on or after the date of grant, in an award
        agreement or amendment thereto, the consequences of a Participant’s Termination of Service that occurs coincident with or following the occurrence of a Change in Control, if a Change in Control occurs under which provision is made in connection
        with the transaction for the continuation or assumption of outstanding Awards by, or for the issuance therefor of Substitute Awards of, the surviving or successor entity or a parent thereof.

       

      (c)           Other Permitted Actions.  In the event that any transaction resulting in a Change in Control occurs, the Administrator may take any
        of the actions set forth in Section 10 with respect to any or all Awards granted under the Plan.

       

      (d)           Section 409A or Section 457A Savings Clause.  Notwithstanding the foregoing, if any Award is
        considered to be a “nonqualified deferred compensation plan” within the meaning of Section 409A or Section 457A of the Code, this Section 11 shall apply to such Award only to the extent that its application would not result in the imposition of any
        tax or interest or the inclusion of any amount in income under Section 409A or Section 457A of the Code.

       

      
        	
                12.

              	
                Substitution of Awards in Mergers and Acquisitions.

              

      

       

      Awards may be granted under the Plan from time to time in substitution for assumed awards held by employees, officers, or directors of entities who become employees, officers, or directors of IBEX or a Subsidiary as
        the result of a merger, amalgamation or consolidation of the entity for which they perform services with IBEX or a Subsidiary, or the acquisition by IBEX of the assets or shares of the such entity.  The terms and conditions of any Awards so granted
        may vary from the terms and conditions set forth herein to the extent that the Administrator deems appropriate at the time of grant to conform the Awards to the provisions of the assumed awards for which they are substituted and to preserve their
        intrinsic value as of the date of the merger, amalgamation, consolidation or acquisition transaction.  To the extent permitted by applicable law and marketplace or listing rules of the primary securities market or exchange on which the Common Share
        is listed or admitted for trading, any available shares under a shareholder-approved plan of an acquired company (as appropriately adjusted to reflect the transaction) may be used for Awards granted pursuant to this Section 12 and, upon such grant,
        shall not reduce the Share Pool.

       

      
        	
                13.

              	
                Compliance with Securities Laws; Listing and Registration.

              

      

       

      (a)          The obligation of IBEX to sell or deliver Common Shares with respect to any Award granted under the Plan shall be subject to all applicable laws, rules and regulations, including all applicable federal,
        state securities laws, and the obtaining of all such approvals by governmental agencies as may be deemed necessary or appropriate by the Administrator.  If at any time the Administrator determines that the delivery of Common Share under the Plan is
        or may be unlawful under the laws of any applicable jurisdiction, or Federal, state or foreign (non-United States) securities laws, the right to exercise an Award or receive Common Shares pursuant to an Award shall be suspended until the
        Administrator determines that such delivery is lawful.  If at any time the Administrator determines that the delivery of Common Shares under the Plan would or may violate the rules of any exchange on which IBEX’s securities are then listed for
        trade, the right to exercise an Award or receive Common Shares pursuant to an Award shall be suspended until the Administrator determines that such delivery would not violate such rules.  If the Administrator determines that the exercise or
        nonforfeitability of, or delivery of benefits pursuant to, any Award would violate any applicable provision of securities laws or the listing requirements of any share exchange upon which any of IBEX’s equity securities are listed, then the
        Administrator may postpone any such exercise, nonforfeitability or delivery, as applicable, but IBEX shall use all reasonable efforts to cause such exercise, nonforfeitability or delivery to comply with all such provisions at the earliest
        practicable date.

       

      (b)          Each Award is subject to the requirement that, if at any time the Administrator determines, in its absolute discretion, that the listing, registration or qualification of Common Shares issuable pursuant to
        the Plan is required by any securities exchange or under any state,  federal or foreign (non-United States) law, or the consent or approval of any governmental regulatory body is necessary or desirable as a condition of, or in connection with, the
        grant of an Award or the issuance of Common Share, no such Award shall be granted or payment made or Common Shares issued, in whole or in part, unless listing, registration, qualification, consent or approval has been effected or obtained free of
        any conditions not acceptable to the Administrator.

       

      
        14

        
          

      

      (c)          In the event that the disposition of Common Shares acquired pursuant to the Plan is not covered by a then current registration statement under the Securities Act of 1933, as amended (the “Securities Act”), and is not otherwise exempt from such registration, such Common Shares shall be restricted against transfer to the extent required by the Securities Act or regulations thereunder, and the
        Administrator may require a person receiving Common Shares pursuant to the Plan, as a condition precedent to receipt of such Common Shares, to represent to IBEX in writing that the Common Shares acquired by such person is acquired for investment
        only and not with a view to distribution and that such person will not dispose of the Common Shares so acquired in violation of Federal, state or foreign securities laws and furnish such information as may, in the opinion of counsel for the
        Company, be appropriate to permit the Company to issue the Common Shares in compliance with applicable Federal, state or foreign securities laws.

       

      
        	
                14.

              	
                Section 409A and Section 457A Compliance.

              

      

       

      It is the intention of IBEX that any Award that constitutes a “nonqualified deferred compensation plan” within the meaning of Section 409A or Section 457A of the Code (to the extent applicable) shall comply in all
        respects with the requirements of Section 409A or Section 457A of the Code to avoid the imposition of any tax or interest or the inclusion of any amount in income pursuant to Section 409A of the Code, and the terms of each such Award shall be
        construed, administered and deemed amended, if applicable, in a manner consistent with this intention.  Notwithstanding the foregoing, neither IBEX nor any of its Affiliates nor any of its or their directors, officers, employees, agents or other
        service providers will be liable for any taxes, penalties or interest imposed on any Participant or other person with respect to any amounts paid or payable (whether in cash, Common Shares or other property) under any Award, including any
        applicable taxes, penalties or interest imposed under or as a result of Section 409A or Section 457A of the Code.  Any payments described in an Award that are due within the “short term deferral period” as defined in Section 409A of the Code shall
        not be treated as deferred compensation unless applicable law requires otherwise.  For purposes of any Award, each amount to be paid or benefit to be provided to a Participant that constitutes deferred compensation subject to Section 409A of the
        Code shall be construed as a separate identified payment for purposes of Section 409A of the Code.  For purposes of Section 409A of the Code, the payment of Dividend Equivalents under any Award shall be construed as
          earnings and the time and form of payment of such Dividend Equivalents shall be treated separately from the time and form of payment of the underlying Award.  Notwithstanding any other provision of the Plan to the contrary, with respect
        to any Award that constitutes a “nonqualified deferred compensation plan” within the meaning of Section 409A of the Code, any payments (whether in cash, Common Shares or other property) to be made with respect to the Award that become payable on
        account of the Participant’s separation from service, within the meaning of Section 409A of the Code, while the Participant is a “specified employee” (as determined in accordance with the uniform policy adopted by the Administrator with respect to
        all of the arrangements subject to Section 409A of the Code maintained by IBEX and its Affiliates) and which would otherwise be paid within six months after the Participant’s separation from service shall be accumulated (without interest) and paid
        on the first day of the seventh month following the Participant’s separation from service or, if earlier, within 15 days after the appointment of the personal representative or executor of the Participant’s estate following the Participant’s
        death.  Notwithstanding anything in the Plan or an Award Agreement to the contrary, in no event shall the Administrator exercise its discretion to accelerate the payment or settlement of an Award where such payment or settlement constitutes
        deferred compensation within the meaning of Code section 409A unless, and solely to the extent that, such accelerated payment or settlement is permissible under Treasury Regulation section 1.409A-3(j)(4).

       

      
        	
                15.

              	
                Plan Duration; Amendment and Discontinuance.

              

      

       

      (a)          Plan Duration.  The Plan shall remain in effect, subject to the right of the Board or the Compensation Committee to amend or terminate
        the Plan at any time, until the earlier of (a) the earliest date as of which all Awards granted under the Plan have been satisfied in full or terminated and no Common Shares approved for issuance under the Plan remain available to be granted under
        new Awards or (b) May 20, 2030.  No Awards shall be granted under the Plan after such termination date.  Subject to other applicable provisions of the Plan, all Awards made under the Plan on or before May 20, 2030 or such earlier termination of the
        Plan, shall remain in effect until such Awards have been satisfied or terminated in accordance with the Plan and the terms of such Awards.

       

      
        15

        
          

      

      (b)          Amendment and Discontinuance of the Plan.  The Board or Compensation Committee may amend, alter or discontinue the Plan; provided,
        that, if required to comply with Bermuda law and any other applicable laws or stock exchange rules or the rules of any automated quotation systems (other than any requirement which may be disapplied by the Company following any available home
        country exemption), the Company shall obtain shareholder approval of any Plan amendment in such a manner and to such a degree as required.  No amendment, alteration or discontinuation shall be made which would
        materially impair the rights of a Participant with respect to a previously granted Award without such Participant’s consent, except such an amendment made to comply with applicable law or rule of any securities exchange or market on which the
        Common Shares are listed or admitted for trading or to prevent adverse tax or accounting consequences to IBEX or the Participant.  Except as otherwise determined by the Board or Compensation Committee, termination of the Plan shall not affect the
        Administrator’s ability to exercise the powers granted to it hereunder with respect to Awards granted under the Plan prior to the date of such termination.

       

      (c)          Amendment of Awards.  Subject to Section 7(f), the Administrator may unilaterally amend the terms of any Award theretofore granted, but
        no such amendment shall materially impair the rights of any Participant with respect to an Award without the Participant’s consent, except such an amendment made to cause the Plan or Award to comply with applicable law, applicable rule of any
        securities exchange on which the Common Share is listed or admitted for trading, or to prevent adverse tax or accounting consequences for the Participant or the Company or any of its Affiliates.  For purposes of the foregoing sentence, an amendment
        to an Award that results in a change in the tax consequences of the Award to the Participant shall not be considered to be a material impairment of the rights of the Participant and shall not require the Participant’s consent.

       

      
        	
                16.

              	
                General Provisions.

              

      

       

      (a)          Non-Guarantee of Employment or Service.  Nothing in the Plan or in any Award Agreement thereunder shall confer any right on an
        individual to continue in the service of IBEX or any Affiliate or shall interfere in any way with the right of IBEX or any Affiliate to terminate such service at any time with or without cause or notice and whether or not such termination results
        in (i) the failure of any Award to vest or become payable; (ii) the forfeiture of any unvested or vested portion of any Award; and/or (iii) any other adverse effect on the individual’s interests under any Award or the Plan.  No person, even though
        deemed an Eligible Individual, shall have a right to be selected as a Participant, or, having been so selected, to be selected again as a Participant.  To the extent that an Eligible Individual who is an employee of a Subsidiary receives an Award
        under the Plan, that Award shall in no event be understood or interpreted to mean that IBEX is the Participant’s employer or that the Participant has an employment relationship with IBEX.

       

      (b)          No Trust or Fund Created.  Neither the Plan nor any Award shall create or be construed to create a trust or separate fund of any kind
        or a fiduciary relationship between IBEX and a Participant or any other person.  To the extent that any Participant or other person acquires a right to receive payments from IBEX pursuant to an Award, such right shall be no greater than the right
        of any unsecured general creditor of IBEX.

       

      (c)          Status of Awards.  Awards shall be special incentive payments to the Participant and shall not be taken into account in computing the
        amount of salary or compensation of the Participant for purposes of determining any pension, retirement, death, severance or other benefit under (a) any pension, retirement, profit-sharing, bonus, insurance, severance or other employee benefit plan
        of IBEX or any Affiliate now or hereafter in effect under which the availability or amount of benefits is related to the level of compensation or (b) any agreement between (i) IBEX or any Affiliate and (ii) the Participant, except as such plan or
        agreement shall otherwise expressly provide.

       

      (d)          Subsidiary Employees.  In the case of a grant of an Award to an Eligible Individual who provides services to any Subsidiary, IBEX may,
        if the Administrator so directs, issue or transfer the Common Shares, if any, covered by the Award to the Subsidiary, for such lawful consideration as the Administrator may specify, upon the condition or understanding that the Subsidiary will
        transfer the Common Shares to the Eligible Individual in accordance with the terms of the Award specified by the Administrator pursuant to the provisions of the Plan.  All Common Shares underlying Awards that are forfeited or canceled after such
        issue or transfer of shares to the Subsidiary shall revert to IBEX.

       

      (e)          Governing Law and Interpretation.  The validity, construction and effect of the Plan, of Award Agreements entered into pursuant to the
        Plan, and of any rules, regulations, determinations or decisions made by the Administrator relating to the Plan or such Award Agreements, and the rights of any and all persons having or claiming to have any interest therein or thereunder, shall be
        determined exclusively in accordance with the applicable laws of Bermuda, except as otherwise set forth herein, without regard to its conflict of laws principles.  The captions of the Plan are not part of the provisions hereof and shall have no
        force or effect.  Except where the context otherwise requires: (i) the singular includes the plural and vice versa; (ii) a reference to one gender includes other genders; (iii) a reference to a person includes a natural person, partnership,
        corporation, association, governmental or local authority or agency or other entity; and (iv) a reference to a statute, ordinance, code or other law includes regulations and other instruments under it and consolidations, amendments, re-enactments
        or replacements of any of them.

       

      
        16

        
          

      

      (f)          Use of English Language.  The Plan, each Award Agreement, and all other documents, notices and legal proceedings entered into, given or
        instituted pursuant to an Award shall be written in English, unless otherwise determined by the Administrator.  If a Participant receives an Award Agreement, a copy of the Plan or any other documents related to an Award translated into a language
        other than English, and if the meaning of the translated version is different from the English version, the English version shall control.

       

      (g)          Recovery of Amounts Paid.  Except as otherwise provided by the Administrator, Awards granted under the Plan shall be subject to any
        and all policies, guidelines, codes of conduct, or other agreement or arrangement adopted by the Board or Compensation Committee with respect to the recoupment, recovery or clawback of compensation (collectively, the “Recoupment Policy”) and/or to any provisions set forth in the applicable Award Agreement under which IBEX may recover from current and former Participants any amounts paid or Common Shares issued under an Award and any proceeds
        therefrom under such circumstances as the Administrator determines appropriate.  The Administrator may apply the Recoupment Policy to Awards granted before the policy is adopted to the extent required by applicable law or rule of any securities
        exchange or market on which Common Shares are listed or admitted for trading, as determined by the Administrator in its sole discretion.

       

      
        	
                17.

              	
                Glossary.

              

      

       

      Under this Plan, except where the context otherwise indicates, the following definitions apply:

       

      “Administrator” means the Compensation Committee, or such other committee(s) of director(s) duly appointed by the Board or the Compensation Committee to administer the Plan or
        delegated limited authority to perform administrative actions under the Plan, and having such powers as shall be specified by the Board or the Compensation Committee; provided, however, that at any time the Board may serve as the Administrator in
        lieu of or in addition to the Compensation Committee or such other committee(s) of director(s) to whom administrative authority has been delegated.  With respect to any Award to which Section 16 of the Exchange Act applies, the Administrator shall
        consist of either the Board or a committee of the Board, which committee shall consist of three or more directors, each of whom is intended to be, to the extent required by Rule 16b-3 of the Exchange Act, a “non-employee director” as defined in
        Rule 16b-3 of the Exchange Act and an “independent director” to the extent required by the rules of the national securities exchange that is the principal trading market for the Common Share, provided that, with respect to Awards made to a member
        of the Board who is not an employee of the Company, Administrator means the Board.  Any member of the Administrator who does not meet the foregoing requirements shall abstain from any decision regarding an Award and shall not be considered a member
        of the Administrator to the extent required to comply with Rule 16b-3 of the Exchange Act.

       

      “Adoption Date” means the date the Plan is adopted by the Board.

       

      “Affiliate” means any entity, whether now or hereafter existing, which controls, is controlled by, or is under common control with, IBEX or any successor to IBEX.  For this
        purpose, “control” (including the correlative meanings of the terms “controlled by” and “under common control with”) shall mean ownership, directly or indirectly, of 50% or more of the total combined voting power of all classes of voting securities
        issued by such entity, or the possession, directly or indirectly, of the power to direct the management and policies of such entity, by contract or otherwise.

       

       “Award” means any share option, share appreciation right, share award, share unit, Performance Share, Performance Unit, and/or Other Share-Based Award, granted under this Plan
        (or the 2018 Plan as applicable).

       

      
        17

        
          

      

      “Award Agreement” means the written document(s), including an electronic writing acceptable to the Administrator, and any notice, addendum or supplement thereto, memorializing
        the terms and conditions of an Award granted pursuant to the Plan and which shall incorporate the terms of the Plan.

       

       “Board” means the Board of Directors of IBEX.

       

      “Cause” means, with respect to a Participant, except as otherwise provided in the relevant Award Agreement (i) the Participant’s plea of guilty or nolo contendere to, or conviction of, (A) a felony (or its equivalent in a non-United States jurisdiction) or (B) other conduct of a criminal nature that has or is likely to have a material adverse effect on the reputation or
        standing in the community of IBEX, any of its Affiliates or a successor to IBEX or an Affiliate, as determined by the Administrator in its sole discretion, or that legally prohibits the Participant from working for IBEX, any of its Subsidiaries or
        a successor to IBEX or a Subsidiary; (ii) a breach by the Participant of a regulatory rule that adversely affects the Participant’s ability to perform the Participant’s employment duties to IBEX, any of its Subsidiaries or a successor to IBEX or a
        Subsidiary, in any material respect; or (iii) the Participant’s failure, in any material respect, to (A) perform the Participant’s employment duties, (B) comply with the applicable policies of IBEX, or of its Subsidiaries, or a successor to IBEX or
        a Subsidiary, or (C)  comply with covenants contained in any contract or Award Agreement to which the Participant is a party; provided, however, that the Participant shall be provided a written notice
        describing in reasonable detail the facts which are considered to give rise to a breach described in this clause (iii) and the Participant shall have 30 days following receipt of such written notice (the “Cure
          Period”) during which the Participant may remedy the condition and, if so remedied, no Cause for Termination of Service shall exist.

       

       “Change in Control” means the first of the following to occur: (i) a Change in Ownership of IBEX, (ii) a Change in Effective Control of IBEX, or (iii) a Change in the Ownership
        of Assets of IBEX, as described herein and construed in accordance with Code Section 409A.

       

      (i)           A “Change in Ownership of IBEX” shall occur on the date that any one Person acquires, or Persons Acting as a Group acquire, ownership of the capital stock of IBEX that, together with the shares held by
        such Person or Group, constitutes more than 50% of the total fair market value or total voting power of the capital stock of IBEX.  However, if any one Person is, or Persons Acting as a Group are, considered to own more than 50%, on a fully diluted
        basis, of the total fair market value or total voting power of the capital stock of IBEX, the acquisition of additional shares by the same Person or Persons Acting as a Group is not considered to cause a Change in Ownership of IBEX or to cause a
        Change in Effective Control of IBEX (as described below).  An increase in the percentage of capital stock owned by any one Person, or Persons Acting as a Group, as a result of a transaction in which IBEX acquires its shares in exchange for property
        will be treated as an acquisition of shares.

       

      (ii)          A “Change in Effective Control of IBEX” shall occur on the date either (A) a majority of members of IBEX’s Board is replaced during any 12-month period by directors whose appointment or election is not
        endorsed by a majority of the members of IBEX’s Board before the date of the appointment or election, or (B) any one Person, or Persons Acting as a Group, acquires (or has acquired during the 12-month period ending on the date of the most recent
        acquisition by such Person or Persons) ownership of shares of IBEX possessing 50% or more of the total voting power of the shares of IBEX.

       

      (iii)         A “Change in the Ownership of Assets of IBEX” shall occur on the date that any one Person acquires, or Persons Acting as a Group acquire (or has or have acquired during the 12-month period ending on the
        date of the most recent acquisition by such Person or Persons), assets from IBEX that have a total gross fair market value equal to or more than 50% of the total gross fair market value of all of the assets of IBEX immediately before such
        acquisition or acquisitions.  For this purpose, gross fair market value means the value of the assets of IBEX, or the value of the assets being disposed of, determined without regard to any liabilities associated with such assets.

       

      The following rules of construction apply in interpreting the definition of Change in Control:

       

      (A)         A “Person” means any individual, entity or group within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as amended, other than
        employee benefit plans sponsored or maintained by IBEX and by entities controlled by IBEX or an underwriter, initial purchaser or placement agent temporarily holding the shares of IBEX pursuant to a registered public offering.

       

      
        18

        
          

      

      (B)         Persons will be considered to be Persons Acting as a Group (or Group) if they are owners of a corporation that enters into a merger, consolidation, purchase or acquisition of shares, or similar business
        transaction with the corporation.  If a Person owns shares in both corporations that enter into a merger, consolidation, purchase or acquisition of shares, or similar transaction, such shareholder is considered to be acting as a Group with other
        shareholders only with respect to the ownership in that corporation before the transaction giving rise to the change and not with respect to the ownership interest in the other corporation.  Persons will not be considered to be acting as a Group
        solely because they purchase assets of the same corporation at the same time or purchase or own shares of the same corporation at the same time, or as a result of the same public offering.

       

      (C)         A Change in Control shall not include a transfer to a related person as described in Code Section 409A or a public offering of share capital of IBEX.

       

      (D)         For purposes of the definition of Change in Control, Section 318(a) of the Code applies to determine share ownership.  Shares underlying a vested option are considered owned by the individual who holds the
        vested option (and the shares underlying an unvested option are not considered owned by the individual who holds the unvested option).  For purposes of the preceding sentence, however, if a vested option is exercisable for shares that are not
        substantially vested (as defined by Treasury Regulation §1.83-3(b) and (j)), the shares underlying the option are not treated as owned by the individual who holds the option.

       

      “Code” means the Internal Revenue Code of 1986, as amended from time to time, and any successor thereto, the Treasury Regulations thereunder and other relevant interpretive
        guidance issued by the Internal Revenue Service or the Treasury Department.  Reference to any specific section of the Code shall be deemed to include such regulations and guidance, as well as any successor section, regulations and guidance.

       

      “Common Shares” means Class B Common Shares of IBEX, par value $0.000111650536 per share, and any capital securities into which they are converted and “Common Share” shall be interpreted accordingly.

       

      “Company” means IBEX and its Subsidiaries, except where the context otherwise requires.  For purposes of determining whether a Change in Control has occurred, Company shall mean
        only IBEX.

       

      “Director Limits” shall have the meaning ascribed to it in Section 5(e) of the Plan.

       

      “Dividend Equivalent” means a right, granted to a Participant, to receive cash, Common Share, share Units or other property equal in value to dividends paid with respect to a
        specified number of Common Shares.

       

      “Eligible Individuals” means (i) officers and employees of, and other individuals, including non-employee directors, who are natural
        persons providing bona fide services to or for, IBEX or any of its Subsidiaries, provided that such services are not in connection with the offer or sale of securities in a capital-raising transaction and
        do not directly or indirectly promote or maintain a market for IBEX’s securities, and (ii) prospective officers, employees and service providers who have accepted offers of employment or other service relationship from IBEX or a Subsidiary.

       

      “Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time, and any successor thereto.  Reference to any specific section of the Exchange Act shall
        be deemed to include such regulations and guidance issued thereunder, as well as any successor section, regulations and guidance.

       

      “Fair Market Value” means, on a per share basis as of any date, unless otherwise determined by the Administrator:

       

      (i)          if the principal market for the Common Shares (as determined by the Administrator if the Common Shares are listed or admitted to trading on more than one exchange or market) is a national securities
        exchange or an established securities market, unless otherwise determined by the Administrator, the official closing price per Common Share for the regular market session on that date on the principal exchange or market on which the Common Shares
        are then listed or admitted to trading or, if no sale is reported for that date, on the last preceding day on which a sale was reported, all as reported by such source as the Administrator may select;

       

      
        19

        
          

      

      (ii)         if the principal market for the Common Shares is not a national securities exchange or an established securities market, but the Common Shares are quoted by a national quotation system, the average of the
        highest bid and lowest asked prices for the Common Shares on that date as reported on a national quotation system or, if no prices are reported for that date, on the last preceding day on which prices were reported, all as reported by such source
        as the Administrator may select; or

       

      (iii)        if the Common Shares are neither listed or admitted to trading on a national securities exchange or an established securities market, nor quoted by a national quotation system, the value determined by the
        Administrator in good faith by the reasonable application of a reasonable valuation method, which method may, but need not, include taking into account an appraisal of the fair market value of the Common Shares conducted by a nationally recognized
        appraisal firm selected by the Administrator.

       

      Notwithstanding the preceding, for foreign, federal, state and local income tax reporting purposes and for such other purposes as the Administrator deems appropriate, the Fair Market Value shall be determined by the
        Administrator in accordance with uniform and nondiscriminatory standards adopted by it from time to time.

       

      “Full Value Award” means an Award that results in IBEX transferring the full value of a Common Share under the Award, whether or not an actual share is issued.  Full Value
        Awards shall include, but are not limited to, share awards, share units, Performance Shares, Performance Units that are payable in Common Shares, and Other Share-Based Awards for which IBEX transfers the full value of Common Shares under the Award,
        but shall not include Dividend Equivalents.

       

      “Incentive Share Option” means any share option that is designated, in the applicable Award Agreement or the resolutions of the Administrator under which the share option is
        granted, as an “incentive stock option” within the meaning of Section 422 of the Code and otherwise meets the requirements to be an “incentive stock option” set forth in Section 422 of the Code.

       

      “IPO Date” means the date of the underwriting agreement between the Company and the underwriter(s) managing the initial public offering of the Common Share, pursuant to which
        the Common Share is priced for the initial public offering.

       

      “IBEX” means IBEX Limited, an exempted company incorporated in Bermuda.

       

       “Non-Employee Director” means a member of the Board who is not an employee of IBEX or any of its Affiliates.

       

      “Nonqualified Option” means any share option that is not an Incentive Share Option.

       

      “Other Share-Based Award” means an Award of Common Shares or any other Award that is valued in whole or in part by reference to, or is otherwise based upon, Common Shares,
        including without limitation Dividend Equivalents and convertible debentures.

       

       “Participant” means an Eligible Individual to whom one or more Awards are or have been granted pursuant to the Plan and have not been fully settled or cancelled and, following
        the death of any such person, his successors, heirs, executors and administrators, as the case may be.

       

      “Performance Award” means a Full Value Award, the grant, vesting, lapse of restrictions or settlement of which is conditioned upon the achievement of performance objectives over
        a specified Performance Period and includes, without limitation, Performance Shares and Performance Units.

       

      “Performance Goals” means the performance goals established by the Administrator in connection with the grant of Awards based on Performance Metrics or other performance
        criteria selected by the Administrator.

       

      
        20

        
          

      

      “Performance Period” means that period established by the Administrator during which any Performance Goals specified by the Administrator with respect to such Award are to be
        measured.

       

      “Performance Metrics” means criteria established by the Administrator relating to any of the following, as it may apply to an individual, one or more business units, divisions,
        or Affiliates, or on a company-wide basis, and in absolute terms, relative to a base period, or relative to the performance of one or more comparable companies, peer groups, or an index covering multiple companies:

       

      (i)          Earnings or Profitability Metrics: any derivative of revenue; earnings/loss (gross, operating, net, or adjusted); earnings/loss before interest
        and taxes (“EBIT”); earnings/loss before interest, taxes, depreciation and amortization (“EBITDA”); profit margins; operating margins; expense levels or ratios; provided that any of the foregoing metrics
        may be adjusted to eliminate the effect of any one or more of the following:  interest expense, asset impairments or investment losses, early extinguishment of debt or share-based compensation expense;

       

      (ii)         Return Metrics: any derivative of return on investment, assets, equity or capital (total or invested);

       

      (iii)        Investment Metrics: relative risk-adjusted investment performance; investment performance of assets under management;

       

      (iv)        Cash Flow Metrics: any derivative of operating cash flow; cash flow sufficient to achieve financial ratios or a specified cash balance; free cash
        flow; cash flow return on capital; net cash provided by operating activities; cash flow per share; working capital;

       

      (v)         Liquidity Metrics: any derivative of debt leverage (including debt to capital, net debt-to-capital, debt-to-EBITDA or other liquidity ratios);
        and/or

       

      (vi)        Share Price and Equity Metrics: any derivative of return on shareholders’ equity; total shareholder return; share price; share price
        appreciation; market capitalization; earnings/loss per share (basic or diluted) (before or after taxes).

       

      “Performance Shares” means a grant of share or share Units the issuance, vesting or payment of which is contingent on performance as measured against predetermined objectives
        over a specified Performance Period.

       

      “Performance Units” means a grant of dollar-denominated Units the value, vesting or payment of which is contingent on performance against predetermined objectives over a
        specified Performance Period.

       

      “Plan” means this IBEX Limited 2020 Long-Term Incentive Plan, as set forth herein and as it may be amended from time to time.

       

      “Compensation Committee” means the Compensation Committee of the Board.

       

      “Restricted Share” means an Award of Common Shares to a Participant that may be subject to certain transferability and other restrictions and to a risk of forfeiture (including
        by reason of not satisfying certain Performance Goals).

       

      “Restricted Share Unit” means a right granted to a Participant to receive Common Shares or cash at the end of a specified deferral period, which right may be conditioned on the
        satisfaction of certain requirements (including the satisfaction of certain Performance Goals).

       

      “Restriction Period” means, with respect to Full Value Awards, the period commencing on the date
        of grant of such Award to which vesting or transferability and other restrictions and a risk of forfeiture apply and ending upon the expiration of the applicable vesting conditions, transferability and other restrictions and lapse of risk of
        forfeiture and/or the achievement of the applicable Performance Goals (it being understood that the Administrator may provide that vesting shall occur and/or restrictions shall lapse with respect to portions of the applicable Award during the
        Restriction Period.

       

      
        21

        
          

      

      “Subsidiary” means any corporation or other entity in an unbroken chain of companies, corporations or other entities beginning with IBEX if each of the companies, corporations
        or other entities, or group of commonly controlled companies, corporations or other entities, other than the last company, corporation or other entity in the unbroken chain then owns shares, stock or other equity interests possessing 50% or more of
        the total combined voting power of all classes of shares, stock or other equity interests in one of the other companies, corporations or other entities in such chain or otherwise has the power to direct the management and policies of the entity by
        contract or by means of appointing a majority of the members of the board or other body that controls the affairs of the entity; provided, however, that solely for purposes of determining whether a
        Participant has a Termination of Service that is a “separation from service” within the meaning of Section 409A of the Code or whether an Eligible Individual is eligible to be granted an Award that in the hands of such Eligible Individual would
        constitute a “nonqualified deferred compensation plan” within the meaning of Section 409A of the Code , a “Subsidiary” of a corporation or other entity means all other entities with which such company, corporation or other entity would be
        considered a single employer under Sections 414(b) or 414(c) of the Code.

       

      “Tax Withholding Obligation” means any federal, state, local or foreign (non-United States) income, employment or other tax or social insurance contribution required by
        applicable law to be withheld in respect of Awards.

       

      “Termination of Service” means the termination of the Participant’s employment, or performance of services for, IBEX and its Subsidiaries.  Temporary absences from employment
        because of illness, vacation or leave of absence and transfers among IBEX and its Subsidiaries shall not be considered Terminations of Service.  With respect to any Award that constitutes a “nonqualified deferred compensation plan” within the
        meaning of Section 409A of the Code, “Termination of Service” shall mean a “separation from service” as defined under Section 409A of the Code to the extent required by Section 409A of the Code to avoid the imposition of any tax or interest or the
        inclusion of any amount in income pursuant to Section 409A of the Code.  A Participant has a separation from service within the meaning of Section 409A of the Code if the Participant terminates employment with IBEX and all Subsidiaries for any
        reason.  A Participant will generally be treated as having terminated employment with IBEX and all Subsidiaries as of a certain date if the Participant and the entity that employs the Participant reasonably anticipate that the Participant will
        perform no further services for IBEX or any Subsidiary after such date or that the level of bona fide services that the Participant will perform after such date (whether as an employee or an independent contractor) will permanently decrease to no
        more than 20 percent (20%) of the average level of bona fide services performed (whether as an employee or an independent contractor) over the immediately preceding 36-month period (or the full period of services if the Participant has been
        providing services for fewer than 36 months); provided, however, that the employment relationship is treated as continuing while the Participant is on military leave, sick leave or other bona fide leave of
        absence if the period of leave does not exceed six months or, if longer, so long as the Participant retains the right to reemployment with IBEX or any Subsidiary.

       

      “Total and Permanent Disability” means, with respect to a Participant, except as otherwise provided in the
        relevant Award Agreement, that a Participant is (i) unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to last until the Participant’s death or result in
        death, or (ii) determined to be totally disabled by the Social Security Administration or other governmental or quasi-governmental body that administers a comparable social insurance program outside of the United States in which the Participant
        participates and which conditions the right to receive benefits under such program on the Participant being unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be
        expected to last until the Participant’s death or result in death.  The Administrator shall have sole authority to determine whether a Participant has suffered a Total and Permanent Disability and may require such medical or other evidence as it
        deems necessary to judge the nature and permanency of the Participant’s condition.

       

      “Unit” means a bookkeeping entry used by IBEX to record and account for the grant of the following types of Awards until such time as the Award is paid, cancelled, forfeited or
        terminated, as the case may be: share units, Restricted Share Units, Performance Units, and Performance Shares that are expressed in terms of Common Shares.

      

      

      {end of document}

      

      

      

      

      22

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