[Form 4] MAXIMUS, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Ilene Baylinson, General Manager - Health & Human at MAXIMUS, Inc. (MMS), received dividend equivalent rights on 08/31/2025 that converted to the economic equivalent of 129.906 shares of MAXIMUS common stock. These rights accrue alongside previously awarded restricted stock units and certain performance share units where performance criteria were met. Following the reported accrual, Ms. Baylinson beneficially owns 38,201.195 shares, held directly. The Form 4 was signed by an attorney-in-fact on 09/03/2025. The filing discloses a routine equity accrual tied to awards rather than an open-market trade or option exercise.

Positive

• Transparent disclosure of dividend-equivalent rights accrual and resulting direct beneficial ownership
• Alignment with compensation structure through dividend equivalents tied to RSUs and vested PSUs

Negative

• None.

Insights

Financial Analyst

TL;DR: Routine accrual of dividend-equivalent rights increased direct holdings by 129.906 shares; immaterial market impact.

The filing documents a common, non-market transaction where dividend equivalent rights tied to RSUs and vested PSUs were credited to the reporting person. The incremental 129.906 shares raise direct beneficial ownership to 38,201.195 shares. This is an administrative equity accrual reflecting compensation mechanics, not an active purchase or sale. For investors, the transaction signals ongoing equity-based compensation alignment with management but provides no new information on operating performance or capital allocation.

Corporate Governance Expert

TL;DR: Disclosure is standard and consistent with executive compensation practices; no governance red flags.

The Form 4 properly discloses the nature and amount of dividend equivalent rights and ties them to existing RSUs/PSUs, indicating compliance with Section 16 reporting. The use of an attorney-in-fact to file is acceptable and dated 09/03/2025. There is no indication of unusual timing or related-party transactions in the filing text provided.

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

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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^*

Baylinson Ilene R.

(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)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	General Mgr - Health & Human

3. Date of Earliest Transaction (Month/Day/Year)
08/31/2025

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

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

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

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

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
Dividend Equivalent Rights	(1)	08/31/2025		A		129.906		(1)	(1)	Common Stock	129.906	$0	38,201.195	D

Explanation of Responses:

1. Dividend equivalent rights accrued on previously-awarded restricted stock units ("RSU") which vest proportionately with RSUs to which they relate and on certain performance share units ("PSUs") where the performance criteria of such PSUs have been met. Each dividend equivalent right is the economic equivalent of one share of Maximus Common stock.

	/s/ John T Martinez: As Attorney-In-Fact for: Ilene Baylinson	09/03/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did Ilene Baylinson report on the MAXIMUS (MMS) Form 4?

The Form 4 reports that Ms. Baylinson received 129.906 dividend-equivalent rights on 08/31/2025, increasing her direct beneficial ownership to 38,201.195 shares.

Were the reported shares from a market trade or compensation?

The shares are the economic equivalent of dividend equivalent rights tied to previously awarded RSUs and certain PSUs, indicating compensation-related accrual, not an open-market trade.

What is the reporting person's role at MAXIMUS?

The reporting person is listed as General Manager - Health & Human, and the Form 4 indicates she is an officer and director-level reporting person.

When was the Form 4 filed and who signed it?

The underlying transaction date is 08/31/2025 and the Form 4 was signed by an attorney-in-fact on 09/03/2025.