Maximus (MMS) director Gayathri Rajan adds to holdings through dividend reinvestment

Rhea-AI Filing Summary

Maximus, Inc. director Gayathri Rajan reported routine share increases in Maximus common stock. On 11/28/2025, the director acquired 42.301 shares of common stock at $86.112 per share through dividend reinvestment, bringing the directly held position to 14,387.918 shares. On 12/01/2025, an additional 7.594 dividend equivalent rights were credited at $0 cost, tied to previously granted restricted stock units, increasing the directly held total to 14,395.512 shares. Each dividend equivalent right represents the economic equivalent of one share of Maximus common stock and vests proportionately with the related restricted stock units.

Insider Trade Summary

Net Buyer: 42.301 shares ($3,643)

Net Buy 2 txns

Insider RAJAN GAYATHRI

Role Director

Bought 42.301 shs ($4K)

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	7.594	$0.00	--
Purchase	Common Stock	42.301	$86.112	$4K

Holdings After Transaction: Common Stock — 14,395.512 shares (Direct)

Footnotes (1)

1. Shares purchased via dividend reinvestment. Dividend equivalent rights accrued on previously-awarded restricted stock units ("RSU") which vest proportionately with the RSUs to which they relate. Each dividend equivalent right is the economic equivalent of one share of Maximus common stock.

Form 4 Insider Transactions: What Each Field Means →

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^*

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)
11/28/2025

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
Common Stock	11/28/2025		P		42.301(1)	A	$86.112	14,387.918	D
Common Stock	12/01/2025		A		7.594(2)	A	$0	14,395.512	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. Shares purchased via dividend reinvestment.

2. Dividend equivalent rights accrued on previously-awarded restricted stock units ("RSU") which vest proportionately with the RSUs to which they relate. Each dividend equivalent right is the economic equivalent of one share of Maximus common stock.

	/s/ John T Martinez: As Attorney-In-Fact for: Gayathri Rajan	12/02/2025
	** 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 insider transaction did Maximus (MMS) director Gayathri Rajan report?

Director Gayathri Rajan reported acquiring 42.301 shares of Maximus common stock on 11/28/2025 via a purchase coded "P" and additional 7.594 dividend equivalent rights on 12/01/2025.

At what price were the Maximus (MMS) shares acquired in the reported transaction?

The 42.301 Maximus common shares were acquired at a price of $86.112 per share on 11/28/2025, as part of a dividend reinvestment.

How many Maximus (MMS) shares does the director own after these transactions?

Following the reported transactions, director Gayathri Rajan beneficially owns 14,395.512 Maximus common shares in direct ownership.

What are the dividend equivalent rights reported for Maximus (MMS)?

The filing states that 7.594 dividend equivalent rights accrued on previously awarded restricted stock units. Each right is the economic equivalent of one share of Maximus common stock and vests proportionately with the related restricted stock units.

What is the relationship of the reporting person to Maximus (MMS)?

The reporting person, Gayathri Rajan, is identified as a Director of Maximus, Inc. and is filing individually as one reporting person.

Were any derivative securities for Maximus (MMS) reported in this Form 4?

The section for derivative securities is included, but no specific derivative transactions or holdings are listed in the provided excerpt.