[Form 4] MAXIMUS, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Raymond B. Ruddy, a director of MAXIMUS, Inc. (MMS), reported an acquisition on 08/31/2025 of 684.507 dividend equivalent rights tied to previously awarded restricted stock units (RSUs). These dividend equivalent rights are the economic equivalent of one share of MAXIMUS common stock and vest proportionately with the underlying RSUs. After the reported transaction, Mr. Ruddy beneficially owned 315,245.917 shares (or share equivalents). The Form 4 was signed on behalf of Mr. Ruddy by an attorney-in-fact on 09/03/2025.

Positive

• Timely Section 16 disclosure by the reporting person (Form filed and signed by attorney-in-fact)
• Increase in beneficial ownership to 315,245.917 share equivalents via vested dividend equivalents

Negative

• None.

Insights

Financial Analyst

TL;DR: Routine insider acquisition via dividend equivalents increases director's stake; not a material corporate event.

The filing documents a modest, routine increase in beneficial ownership for a company director through dividend equivalent rights on RSUs. The acquired amount (684.507) is small relative to the total reported holding (315,245.917), indicating this is an incremental vesting/event rather than a strategic purchase or disposition. No cash consideration was paid for these dividend equivalents, consistent with grant-related accruals. This disclosure is standard for Section 16 reporting and has limited market impact.

Corporate Governance Expert

TL;DR: Filing reflects standard equity compensation mechanics and timely Section 16 disclosure by a director.

The Form 4 shows compliance with insider reporting requirements for equity compensation. The explanation clarifies these are dividend equivalents tied to RSUs that vest with the awards, which is common practice for executive and director compensation. The form was signed by an attorney-in-fact, with transaction and signature dates provided, indicating procedural completeness. There are no governance flags, such as large unexplained transfers or related-party transactions, in this filing.

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^*

RUDDY RAYMOND B

(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)
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
Common Stock	08/31/2025		A		684.507(1)	A	$0	315,245.917	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. 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: Raymond B Ruddy	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 Raymond B. Ruddy report owning in the Form 4 for MAXIMUS (MMS)?

He reported beneficial ownership of 315,245.917 shares or share equivalents following the transaction.

What was the transaction reported on 08/31/2025 in the MAXIMUS Form 4?

An acquisition of 684.507 dividend equivalent rights tied to previously awarded RSUs, reported as acquired on 08/31/2025.

Did Mr. Ruddy pay cash for the acquired securities in the Form 4?

No cash consideration was reported; the price is listed as $0, consistent with dividend equivalents on RSUs.

What are dividend equivalent rights as described in this Form 4?

The filing states each dividend equivalent right is the economic equivalent of one share of MAXIMUS common stock and vests proportionately with the related RSUs.

Who signed the Form 4 and when?

The Form 4 was signed by John T Martinez as attorney-in-fact for Raymond B. Ruddy on 09/03/2025.