MAXIMUS director granted 3,215 RSUs

Madsen Jan reported acquisition or exercise transactions in this Form 4 filing.

Rhea-AI Filing Summary

Madsen Jan reported acquisition or exercise transactions in this Form 4 filing.

MAXIMUS, INC. director Jan Madsen received an equity grant of 3,215 shares of Common Stock in the form of restricted stock units on March 10, 2026. These RSUs vest one year from the grant date, reflecting routine director compensation rather than an open-market purchase.

Madsen elected to defer receipt of the underlying common stock until service on the board ends. Following this grant, direct holdings reported in Common Stock total 21,536.822 shares, which include 65.219 dividend-equivalent rights accrued on previously awarded RSUs.

Insider Trade Summary

Grant/Award: 3,215 shares

Grant/Award 1 txn

Insider Madsen Jan

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	3,215	$0.00	$0.00

Holdings After Transaction: Common Stock — 21,536.822 shares (Direct)

Footnotes (2)

1. F1. Represents a grant of restricted stock units ("RSUs") that vest one year from the date of grant. The reporting person elected to defer the receipt of common stock until the termination of service as a member of the issuer's board of directors.
2. F2. Includes 65.219 dividend equivalent rights accrued on previously-awarded RSUs that vest proportionately with the RSUs to which they relate.

FAQ

What insider transaction did MAXIMUS (MMS) director Jan Madsen report?

Jan Madsen reported an acquisition of 3,215 shares of MAXIMUS Common Stock through a grant of restricted stock units. The award is part of director compensation and was not an open-market stock purchase or sale.

How many MAXIMUS (MMS) shares does Jan Madsen hold after this RSU grant?

After the grant, Jan Madsen is reported as directly holding 21,536.822 shares of MAXIMUS Common Stock. This figure includes 65.219 dividend-equivalent rights that accrued on previously granted restricted stock units and vest along with those awards.

What are the vesting terms of Jan Madsen’s 3,215 MAXIMUS (MMS) RSUs?

The 3,215 restricted stock units granted to Jan Madsen vest one year from the grant date. Vesting means the units convert into the right to receive common shares, subject to the award’s service conditions remaining satisfied over that period.

Did Jan Madsen buy MAXIMUS (MMS) stock on the open market?

No. The Form 4 shows a grant coded as an acquisition from the company, not an open-market purchase. The 3,215 shares were awarded as restricted stock units at a stated price of $0.00 per share, indicating compensation rather than a trade.

When will Jan Madsen receive the MAXIMUS (MMS) shares from this RSU grant?

Although the RSUs vest one year after grant, Madsen elected to defer receiving the underlying MAXIMUS common shares. The shares will be delivered only upon termination of service as a member of the company’s board of directors.

What are the dividend-equivalent rights reported for MAXIMUS (MMS) director Jan Madsen?

The filing notes 65.219 dividend-equivalent rights accrued on previously awarded RSUs. These rights track dividends as if shares were held and vest proportionately with the related RSUs, increasing the total share-based compensation reported.

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Accepted by SEC EDGAR 03/12/2026 - 04:36 PM Learn about SEC filing dates

SEC Form 4

FORM 4

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

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

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

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

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

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

1. Name and Address of Reporting Person^*

Madsen Jan

(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		3,215(1)	A	$0	21,536.822(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. The reporting person elected to defer the receipt of common stock until the termination of service as a member of the issuer's board of directors.

2. Includes 65.219 dividend equivalent rights accrued on previously-awarded RSUs that vest proportionately with the RSUs to which they relate.

Remarks:

Exhibit List Exhibit 24-Power of Attorney

	/s/ Jason Frank: As Attorney-In-Fact for: Jan Madsen	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).
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