[Form 4] MAXIMUS, INC. Insider Trading Activity

Rhea-AI Filing Summary

MAXIMUS, INC. director Gayathri Rajan received an equity award of 2,246 shares of common stock in the form of restricted stock units that vest one year from the March 10, 2026 grant date. Following this grant, Rajan directly holds a total of 16,704.698 common shares, including dividend-equivalent rights and shares acquired through dividend reinvestment.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

RAJAN GAYATHRI

(Last) (First) (Middle)

C/O MAXIMUS INC.

1600 TYSONS BLVD, STE 1400

(Street)

MCLEAN VA 22102

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
MAXIMUS, INC. [ MMS ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
03/10/2026

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

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

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

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	03/10/2026		A		2,246(1)	A	$0	16,704.698(2)	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Represents a grant of restricted stock units ("RSUs") that vest one year from the date of grant.

2. Includes (i) 9.878 dividend equivalent rights accrued on previously-awarded RSUs that vest proportionately with the RSUs to which they relate and (ii) 53.308 shares acquired via dividend reinvestment.

Remarks:

Exhibit List Exhibit 24-Power of Attorney

	/s/ Jason Frank: As Attorney-In-Fact for: Gayathri Rajan	03/12/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What insider transaction did MAXIMUS (MMS) director Gayathri Rajan report?

Director Gayathri Rajan reported receiving an equity grant of 2,246 MAXIMUS common shares as restricted stock units. These units constitute a compensation-related award rather than an open-market purchase, and they increase her direct equity stake in the company.

When do Gayathri Rajan’s newly granted MAXIMUS (MMS) RSUs vest?

The newly granted restricted stock units for 2,246 MAXIMUS shares vest one year from the grant date of March 10, 2026. Vesting over time helps align director compensation with long-term company performance and encourages continued board service during that period.

How many MAXIMUS (MMS) shares does Gayathri Rajan hold after this Form 4?

After this grant, Gayathri Rajan directly holds 16,704.698 MAXIMUS common shares. This figure includes previously awarded RSUs with dividend-equivalent rights and 53.308 shares accumulated via dividend reinvestment, providing a clearer picture of her total equity exposure.

Are Gayathri Rajan’s Form 4 MAXIMUS (MMS) transactions open-market buys or sales?

The reported Form 4 shows no open-market buys or sales by Gayathri Rajan. It reflects a grant of restricted stock units as compensation, with no purchase price and therefore no direct cash transaction in the market for these awarded shares.

What do the dividend-equivalent rights mean in Gayathri Rajan’s MAXIMUS (MMS) holdings?

Her total holdings include 9.878 dividend-equivalent rights tied to earlier RSU awards. These rights accrue value in line with dividends on underlying shares and vest proportionately with the related RSUs, modestly increasing her effective economic interest over time.

Did dividend reinvestment affect Gayathri Rajan’s MAXIMUS (MMS) share count?

Yes. Her reported 16,704.698 MAXIMUS shares include 53.308 shares acquired via dividend reinvestment. Reinvested dividends gradually increase her share count, compounding her equity position alongside compensation-related grants such as the newly reported restricted stock units.