[Form 4] MAXIMUS, INC. Insider Trading Activity

Rhea-AI Filing Summary

Michelle Link, Chief of Human Resources at MAXIMUS, Inc. (MMS), reported changes in beneficial ownership on a Form 4. On 09/30/2025 she surrendered 2,255.654 shares to satisfy withholding taxes from vested restricted stock units at a price of $91.37, leaving 15,118.065 shares reported immediately after that transaction. On 10/01/2025 she sold 1,610 shares at $90.86, reducing her reported beneficial ownership to 13,508.065 shares. The filing notes prior RSU awards representing 8,551.266 RSUs with dividend equivalents previously reported and that the sales on 10/01/2025 were executed under a 10b5-1 trading plan adopted on 12/06/2024. The Form is signed by an attorney-in-fact on behalf of the reporting person on 10/02/2025.

Positive

• Timely disclosure of surrender and sale on Form 4 filed and signed by attorney-in-fact on 10/02/2025
• Sale executed under a 10b5-1 plan adopted on 12/06/2024, indicating a pre-arranged disposition
• RSU tax withholding clearly disclosed: 2,255.654 shares surrendered at $91.37

Negative

• Decrease in beneficial ownership from prior holdings to 13,508.065 shares after transactions
• Insider sold 1,610 shares on 10/01/2025 at $90.86, representing a realized disposition of company stock

Insights

Corporate Governance Analyst

Insider executed tax-withholding and a planned sale under a 10b5-1 plan.

The filing shows a tax-related surrender of 2,255.654 shares upon RSU vesting and a subsequent sale of 1,610 shares at $90.86. Both actions are disclosed on Form 4, which supports transparency around executive compensation settlements and dispositions.

The presence of a 10b5-1 plan adopted on 12/06/2024 indicates the sale was pre-arranged rather than ad hoc; this detail is a clear, monitorable datum for governance review.

Equity Markets Analyst

Reported sales modestly reduced reported insider holdings to 13,508.065 shares.

The net effect after the withholding surrender and sale is a decrease to 13,508.065 shares beneficially owned. The reported sale price of $90.86 and the withheld-price reference of $91.37 provide explicit transaction prices for market impact assessment.

Because the sale was made under a documented 10b5-1 plan, the transaction is less likely to signal undisclosed company-specific information according to standard market interpretation.

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).

1. Name and Address of Reporting Person^*

Link Michelle F.

(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)
	Chief of Human Resources

3. Date of Earliest Transaction (Month/Day/Year)
09/30/2025

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	09/30/2025		F		2,255.654(1)	D	$91.37	15,118.065(2)	D
Common Stock	10/01/2025		S(3)		1,610	D	$90.86	13,508.065	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. These shares were surrendered to satisfy the withholding tax due in connection with the vesting of restricted stock units ("RSUs").

2. The reporting person has reported prior awards of RSUs in Table II of Form 4. The total reported in Column 5 includes 8,551.266 RSUs and associated accrued dividend equivalent rights with varying distribution schedules previously reported in Table II.

3. These sales were completed pursuant to a 10b5-1 trading plan adopted by the reporting person on December 6, 2024.

	/s/ John T Martinez: As Attorney-In-Fact for: Michelle Link	10/02/2025
	** 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.
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FAQ

What did Michelle Link report on the Form 4 for MAXIMUS (MMS)?

She reported surrendering 2,255.654 shares for RSU tax withholding and selling 1,610 shares, leaving 13,508.065 shares beneficially owned.

Were the share sales part of a pre-arranged trading plan?

Yes. The Form states the sales on 10/01/2025 were completed under a 10b5-1 trading plan adopted on 12/06/2024.

At what prices were the transactions reported?

The RSU withholding surrender is reported at $91.37 per share and the sale on 10/01/2025 at $90.86 per share.

How many RSUs were previously reported and referenced in this filing?

The filing references 8,551.266 RSUs and associated accrued dividend equivalent rights previously reported in Table II.

When was the Form 4 signed and filed?

The signature by attorney-in-fact is dated 10/02/2025.