MMS Insider Filing: Michelle Link Receives 97.051 Dividend Equivalent Rights

Rhea-AI Filing Summary

Michelle Link, Chief of Human Resources and officer of MAXIMUS, Inc. (MMS), received 97.051 shares as dividend equivalent rights related to previously awarded restricted stock units and performance share units. These dividend equivalent rights are the economic equivalent of one share of MAXIMUS common stock each and vest proportionately with the underlying RSUs and vested PSUs where performance criteria were met. After the reported accrual, Ms. Link beneficially owns 28,539.482 shares of MAXIMUS common stock, held directly.

Positive

• Timely disclosure of the accrual under Section 16(a) maintains regulatory transparency
• Dividend equivalent rights vested indicate performance criteria were met for certain PSUs

Negative

• None.

Insights

Corporate Governance Expert

TL;DR: Routine Form 4 disclosure of dividend equivalent rights accruing on equity awards for an officer; no cash transaction or sale reported.

This filing reports an accrual of 97.051 dividend equivalent rights that convert economically to common shares and vest with the related RSUs/PSUs. The report reflects an acquisition code A with $0 price, consistent with dividend equivalents rather than a market purchase. The reporting person now beneficially owns 28,539.482 shares directly. There is no indication of sales, pledges, or derivative exercises in this filing. The filing was signed by an attorney-in-fact on behalf of the reporting person.

Securities Analyst

TL;DR: Small equity accrual to an executive; immaterial to company capitalization but important for insider holdings transparency.

The transaction size (97.051 shares) is minor relative to total insider holdings and market capitalization, indicating routine compensation mechanics rather than a material event. The use of dividend equivalent rights that vest with RSUs/PSUs is consistent with common equity compensation practices. Reporting is timely and follows Section 16 requirements.

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^*

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)
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		97.051		(1)	(1)	Common Stock	97.051	$0	28,539.482	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: Michelle Link	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 Michelle Link report on the Form 4 for MAXIMUS (MMS)?

The Form 4 reports an acquisition of 97.051 dividend equivalent rights related to previously-awarded RSUs and certain PSUs, and shows 28,539.482 shares beneficially owned following the transaction.

What is the economic nature of the reported dividend equivalent rights?

Each dividend equivalent right is the economic equivalent of one share of MAXIMUS common stock and vests proportionately with the related RSUs and vested PSUs.

Was there any cash paid for the shares reported on this Form 4?

No. The transaction is reported with a $0 price, reflecting accrual of dividend equivalent rights rather than a purchase.

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

The filing shows the reporting person beneficially owns 28,539.482 shares following the reported accrual.

When was the transaction dated on the Form 4?

The transaction date reported is 08/31/2025.