[Form 4] MAXIMUS, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Theresa D. Golinvaux, Principal Accounting Officer of MAXIMUS, Inc. (MMS), reported a non‑derivative acquisition tied to dividend equivalent rights on 08/31/2025. The filing shows 33.091 dividend-equivalent shares were added (priced at $0) that relate to previously awarded restricted stock units and certain performance share units whose performance criteria were met. After this accrual, the reporting person beneficially owns 9,731.152 shares of MAXIMUS common stock. The transaction reflects compensation-related equity accruals rather than open-market trading.

Positive

• Equity compensation recognized through dividend-equivalent rights indicates performance conditions on related PSUs were met
• Beneficial ownership increased by 33.091 shares to a total of 9,731.152 shares, reflecting alignment with shareholder incentives

Negative

• None.

Insights

Securities Compliance Analyst

TL;DR: Routine compensation accrual; no market purchase or sale.

This Form 4 documents the conversion of accrued dividend equivalents into the economic equivalent of 33.091 shares tied to previously granted RSUs and PSUs, increasing beneficial ownership to 9,731.152 shares. From a compliance perspective, the filing properly records an officer-level equity accrual and indicates the transaction code aligns with compensation vesting mechanics rather than a trading event. There are no prices paid and no derivative exercise cash flows reported.

Compensation & Equity Plan Specialist

TL;DR: Equity-based pay settled via dividend equivalents; immaterial to dilution.

The entry describes dividend-equivalent rights that vest alongside RSUs/PSUs and are settled in the economic equivalent of common stock (33.091 shares). Such accruals are typical under long-term incentive plans when performance metrics are satisfied. The reported increase to 9,731.152 shares is small relative to typical public company floats, suggesting limited investor impact.

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^*

GOLINVAUX THERESA D

(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)
	Principal Accounting Officer

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		33.091		(1)	(1)	Common Stock	33.091	$0	9,731.152	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: Theresa D Golinvaux	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 transaction did Theresa D. Golinvaux report on Form 4 for MMS?

The report records the accrual/settlement of 33.091 dividend-equivalent shares tied to previously awarded RSUs and PSUs.

How many MAXIMUS shares does the reporting person own after the transaction?

The filing shows beneficial ownership of 9,731.152 shares following the reported transaction.

Was cash paid for the reported shares in the Form 4?

No cash was paid; the price is reported as $0, reflecting dividend-equivalent settlement rather than a purchase.

What was the transaction date reported on the Form 4?

The transaction date listed in the filing is 08/31/2025.

Does the Form 4 indicate this was an open-market trade?

No; the filing characterizes the shares as accrued dividend equivalents attached to RSUs/PSUs, not an open-market trade.