[Form 4] MAXIMUS, Inc. Insider Trading Activity

Rhea-AI Filing Summary

David Mutryn, Chief Financial Officer of MAXIMUS, Inc. (MMS), reported that on 08/31/2025 he acquired 178.911 dividend equivalent rights that are the economic equivalent of common stock and accrue with previously awarded restricted stock units (RSUs) and certain performance share units (PSUs) whose performance criteria have been met. The reported transaction shows 52,611.789 shares of common stock beneficially owned following the transaction. The filing was signed by an attorney-in-fact on 09/03/2025.

Positive

• 178.911 dividend equivalent rights accrued and recorded, reflecting vesting/performance achievement
• Beneficial ownership increased to 52,611.789 shares, showing insider stake maintained

Negative

• None.

Insights

Financial Analyst

TL;DR: Insider ownership modestly increased via dividend equivalent rights tied to vested RSUs/PSUs, raising beneficial holdings to 52,611.789 shares.

The Form 4 documents a non-cash accrual of 178.911 dividend equivalent rights on previously awarded equity awards that vest with RSUs and certain PSUs where performance targets were met. These rights are recorded as the economic equivalent of one share each and result in reported beneficial ownership of 52,611.789 shares. The transaction is coded as an acquisition with a price of $0, consistent with dividend-equivalent accruals rather than a market purchase. The filing contains no additional cash transactions, option exercises, or dispositions.

Corporate Governance Expert

TL;DR: Routine equity accrual tied to vested awards; disclosure meets Section 16 reporting requirements with attorney-in-fact signature.

The report indicates compliance with disclosure obligations under Section 16, showing an accrual of dividend-equivalent rights associated with equity awards. The explanatory note clarifies these rights vest proportionately with RSUs and applicable PSUs whose performance criteria have been satisfied. The form is executed by an attorney-in-fact and does not indicate any late reporting exceptions or amendments beyond the single reported transaction. No governance concerns or departures are disclosed 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

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^*

Mutryn David

(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 Financial 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		178.911		(1)	(1)	Common Stock	178.911	$0	52,611.789	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: David Mutryn	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 MAXIMUS CFO David Mutryn report on Form 4 (MMS)?

He reported an acquisition of 178.911 dividend equivalent rights on 08/31/2025, increasing beneficial ownership to 52,611.789 shares.

What are dividend equivalent rights in this Form 4 filing?

The filing states dividend equivalent rights are the economic equivalent of one share of Maximus common stock and accrue with RSUs and certain PSUs.

Was there any cash paid for the reported transaction?

No. The transaction price is reported as $0, consistent with an accrual of dividend equivalents rather than a cash purchase.

When was the Form 4 signed and by whom?

The Form 4 was signed by John T Martinez as Attorney-In-Fact for David Mutryn on 09/03/2025.

Does the filing indicate performance conditions were met for any awards?

Yes. The explanatory note states dividend equivalents accrued on certain PSUs where the performance criteria have been met.